by Denise Corcoran Who are you? What business are you ***REALLY*** in? This is THE single most fundamental question you could ask if you ...
Who are you? What business are you ***REALLY*** in?
This is THE single most fundamental question you could
ask if you seriously want to take your business to the
next level.
Too many businesses define themselves narrowly by
what they do (eg., consultant, restaurant, dentist) rather
than by what they know (core competencies) and by what
they “own” (strategic assets).
For example, Disney does NOT define their business as
“theme parks” (as most people might think), but rather
as “three dimensional entertainment”.
Do you see the major difference between these two
business definitions!!? The first is highly restrictive,
while the second is expansive and opens many new doors
in terms of profit-generating opportunities.
That is why Disney’s success is everywhere!! Theme
cruise ships, Broadway shows, mini-parks, retail stores
and a host of other business ventures.
Let’s look at another example ... one you know very well.
Mac Donalds.
What business do you think they are in? Big Macs?
Nope.
The hamburger business?? Not even close. (They would
never survive if they defined themselves as a hamburger
business!!! Ugh!!)
Give up?? MacDonalds is in the business of ---- real
estate ---- (they are experts in picking the best
locations) and ---- operational systems ---- (experts
at highly perfected franchise systems).
So how does all this relate to your business? Alot!!!!
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Just like we only use about 10% of our brain power,
business owners only use 10% of their business power.
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As a business owner, you always bring alot more to the
table - in terms of core strengths, resources, tangible
and intangible assets - than are ever being tapped and
utilized in your business.
If you are defining your business by your roles, activities
or services/products, you are currently under performing
and seriously restricting your business’ profit potential.
Re-define your business not by what you do, but by what
core strenghs and assets are. When you do, you will -
guaranteed - break the boundaries that bind you.
=>> COACH'S RECOMMENDED ACTION:
Take 30-60 minutes during the next week and seriously
assess your core competencies and assets. Ask at least
5 business associates what they see as your 3 greatest
strengths and assets. How can you expand the scope and
the profitability of your business
, by integrating more ofyour competencies and assets into your business focus?
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