Corporate short-termism is a frustratingly slippery idea
Firms are increasingly accused of failing to look ahead. That is a misdiagnosis…
Opportunities in Your Online Business
Too many companies start up and find success but soon find their growth stagnating. Why is this? The truth is that there are several reasons why this could be the case. The company might not be attracting enough new clients, they might constantly run out of stock, or they aren’t introducing new products or services fast enough. Or it could be that they have simply stopped trying.
Once you have found success, it can be easy to get in the mindset that “what I’m doing now is working and will work forever.” Wouldn’t it be nice if that were true? However, the technological based world we live in is changing so quickly that in order to stay on top, you have to start finding the hidden opportunities in your business.
Consider the Jelly Belly Company as a great example of finding hidden opportunities in business. In the 1990’s, they introduced a new product called “Belly Flops.” Belly Flops consisted of strangely shaped and off colored jellybeans that appeared in the production line. They are then sold at half the price of what a normal bag would cost. While the company is privately held and doesn’t disclose financial information, the sales have been strong enough that Belly Flops are now sold in retail and online. Where most companies would toss their imperfect products, The Jelly Belly Company saw a hidden opportunity and capitalized on it.
Hidden Opportunities In Your Business
While you may not be able to sell imperfect products at a discounted price, there are likely still hidden opportunities available in your business. Take a look at some of these ideas and see if they can help your company grow.
Do Your Clients Know About All Your Services?
Do your current clients know about all of your services and products? If not, then you are missing out on potential revenue. Convincing customers to use you time and time again for multiple services is one of the biggest hidden opportunities in your business. Even though clients may have had a great experience with one of your products/services, they won’t ask if you offer more. They will simply go to someone else. Don’t let that happen.
Luckily, the fix is simple. It’s your job to make sure that your current and potential customers know about all the services/products you offer. If they have had a good experience with you and you let them know about a new product/service that will help them with another problem, they’ll be more likely to purchase from you again.
Are You Confusing Your Customers?
When you talk to your clients, what type of language do you use? Do you describe your company’s goals, products, services, and processes in business jargon? If you do, then you are probably confusing your customers. The common customer won’t know what industry-specific terms mean. Don’t get sucked into the idea that the more business language you use, the more experienced you seem. Customers don’t care about that. They just want to know how you will solve their problems.
If this is a problem you are dealing with, then simplify your language. Spell out clearly what it is that your company does and how you will help your customer. The easier you are to understand, the better.
Are You Properly Motivating Your Employees?
Knowing how to correctly motivate your employees is another hidden opportunity in your business. Your employees are an important part of determining if your business stays successful or not. That’s pretty obvious but motivating them correctly is what will keep them working hard. For some, money will be their main motivation and for others, it will be something totally different. Once you make it more beneficial to your employees to continue working for you, the harder they will work for you.
Obviously, these are just a few of the many ways to start finding hidden opportunities in your business. The important thing is to keep your eyes and ears open to find the ones specific to your industry and company. Once you find the hidden opportunities in your business, make sure to capitalize on them. Doing so will help you keep your business successful and make it even more so.