Hanging On To Service Offerings Can Drain Your Business
Know When To Say Goodbye
Culling a service is self-care. Whether it’s a pair of jeans that are too small, leftovers, or bad relationships.
It is important in life to know when to let go.
Be honest with yourself – those jeans will never fit you again. Chuck the five-day-old Chinese food in the fridge and walk away from the toxic friendships.
This Also Counts For Your Business.
Continuing to offer certain impractical or outdated service offerings or products can drain your business and become a money trap.
Just like you would prune a tree to promote growth in the right direction, knowing when to cull a service can lead to the right kind of expansion.
Cull A Service: List Your Offerings
Look at what you give your customers and then decide which parts of your business allow for easy fulfilment and organic growth.
Check incoming revenue vs outgoing expenses and assess the risk of keeping stagnant stock on the floor.
Retaining expensive employees who only service a single aspect of your business can also drain your cash flow.
Cull A Service: Set Goals
Set A Short–, Medium-, And Long-Term Goal For Your Business.
Decide in which direction you think the most opportunity lies. A business must be grown consistently to keep up with changing economic times.
Cull A Service: Spot The “Deadwood”
Those parts of the business that overextend your time, cash flow, or employees are not helpful or sustainable when growth is the goal.
Cull A Service: Prune Away!
Cull the services that don’t fit in with your goal setting. Redirect your focus, retrain your staff and re-envision your new growth path.
Cull A Service: Embrace The Streamlined Journey
Once you have successfully pruned your business you might just find that you have a new fount of energy to tap from.
Streamlining doesn’t have to mean total specialization. Your business can still be diverse but keep it diverse on your terms. Only cull a service if it serves you.
Cull A Service: Don’t Feel Forced To Be Everything For Everyone
Customers will respect a business that clearly sets out the parameters of its offerings and delivers what they promise well, rather than hand out half-baked solutions for every little problem.
The best thing you can do for your business growth is to embrace your inner princess Elsa, reach your arms out and boldly: Let it go!
