I feel like i am on a roll with these quote, today i bring you another business smart quote of my own making. I was even surprised nothing similar existed on the internet (or at least nothing i have managed to find).
Let’s start things with some business logic. Obviously you are not supposed or expected to offer everything in your specific industry. A gas station will not offer a garage service. However there are sometimes few services that can be complementary and do add a lot to the business. They would make customers more loyal or even acquire new customers. For example, in the previous example, if a gas station has a car wash, that’s some extra loyal customers. If a gas station offer coffee, snacks and even some quick fast food item, that’s definitely some more loyal customers. Sooner or later competition catches up, and they will all have more or less similar offers. Especially when it comes to corporate world.
For small businesses, it’s a bit different. Revenue optimisation, might not be as advanced as in the corporate world. But know that as a small business, the things you decide not to do, even if they integrate nicely with you business, will not be ignored by competitors.
I am in no way advising business owners to diversify services, sometimes it’ better for business to just specialise in a couple services/products. But, know that competitors, will grab what is left on the table, and it might be a competitive advantage, and beneficial for their businesses.