Limit The Services You Offer – And Make More Money
By VICKY BROWN
But if I limit my services, I’ll get less money. After all, the more I sell, the more I make – right?
So many entrepreneurs fall into that trap. I have a service that I can sell, so if I have more services, I can sell more. And oh, that client just asked about this thing – so I’ll add that to our services too. And this client asked about that thing, so we’ll start doing that too. It’s an endless merry go round. Trying to do and be everything for everyone is a guaranteed path to failure.
First of all, you can’t be an expert at everything. You know that saying, “jack of all trades, master of none”. Well, in order to be excellent, you have to be focused on a limited number of services. Don’t be average at a lot of things, be an expert at a few things.
And, as an added benefit, a specialist can actually charge more – because, well because they’re a specialist – with deep knowledge of the subject. It also means you can more effectively address that client’s pain point. Because your expertise is focused on something specific, and that will become what you are known for – your brand.
And you’ll get more targeted clients that way as well. Once you become known for something “oh, that’s the company that specializes in accounting for start up companies”, then you’ll begin to attract that target client. The word of mouth referral machine will identify you as an expert in that area – so if someone needs that service -you’re the one to call.
Endlessly customizing your services is a bottomless pit. When you have an ever expanding slate of services because you are customizing this and adding on to that, it will eat up your time and resources. You can’t create a template and just use it again for the next client, or put your sales on any type of autopilot, because everything requires your hands on.
If you’ve been with the channel for a while, you know I’m a big fan of process and standard operating procedures. Well, that can’t work if your services can’t be standardized. Everything becomes a one off.
Now I’m not saying a full on concierge service is bad – it could be amazing. But if that’s what you’re going to do – be clear about it in your own mind. Set up your service delivery system so it can handle it. Grow the team that can support that model. And above all, charge appropriately.
And by that I mean, charge a LOT. Because everything is going to take you a lot longer to create and deliver. And you won’t be able to use it again for the next client because it will be so specific to that particular client.
“… many times we entrepreneurs use expansion as a smokescreen, instead of addressing the real underlying issue. Our sales process is broken, or our delivery process isn’t up to par, or we are targeting the wrong type of client. Whatever it is, fix that first..“
So, when can you expand your offerings? Well, once you’ve established your core services; your sales process is producing consistent revenue; and you truly have deep knowledge of what you are doing – well then you can think about expansion.
But if you’re in the situation where you have a service, it’s selling OK but not great, and you suddenly think – “I know, I’ll add on to it or expand it – that will help sales”. Well then you are usually going after the wrong side of the problem. Get your sales in order first – before you think about selling something different. If your sales machine isn’t working now, it’s most likely not going to work when you add more weight to it.
Unfortunately, many times we entrepreneurs use expansion as a smokescreen, instead of addressing the real underlying issue. Our sales process is broken, or our delivery process isn’t up to par, or we are targeting the wrong type of client. Whatever it is, fix that first – because if you don’t, you won’t be building on a solid foundation.
Don’t waste another minute trying to figure out how to get your business going and what should come next.
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Oh, and one quick note about that “can you just” client. You know the one, “can you just do it this way” or “can you just provide that info that way” or “can I just send you the data in eMail?”. Run.
OK, sorry for being a little flip. It’s just that I want you to be careful with this type of client. What’s really happening here is they are trying to bend how you do what you do, into a different shape. And that generally doesn’t work.
Actually, it’s not their fault. They’re just trying to get through their day as easily as they can – and you are too. So it’s no one’s fault, it’s just that it probably isn’t a fit. You’re trying to put a block in a circle – it’s not a good idea. And, in fact, both you and the client will be a lot happier, and more effective, if they work with a service more aligned with their needs.
Listen, one of the most valuable muscles you can grow as an entrepreneur is to know when you aren’t the right solution. Again, there’s nothing wrong with that – it’s just a fact. As I said at the beginning, you can’t be everything to everyone. So be exceptional to the few, and leave the rest to someone else.