“Jack of all trades but master of none”.
A simple phrase with many applications but especially in business. When someeone asks you what ýou do or what your business does, are you able to answer specifically? Can you summarize it in 10 words or less? Could you sum up your business in 30 seconds?
Your husiness aim is to become an expert in your given industry. As the saying goes, Having too many items on your menu can lead you to become an expert in nothing. Many businesses have the impression that covering more bases encourage moee people to walk through the doors but this is not always the case. The retail space is possibly the exception here. One perfect example is restaurants. If you wanted fish for dinner, would you go to a steakhouse or a speciality fish restaurant? To me the answer is pretty obvious.
An expert will always have a field in which he is an expert. BC Accounting Services are experts in accounting, payroll and tax. We do not branch into other areas such as HR. We can offer the help of a recommended expert in that field through a strong business network.
The go to guy.
Just because you don’t offer expertise in an area, it does not mean you cannot help people in that area. Here is an example. A plumber is called in for a bathroom revamp. This revamp includes electrical work for the lights and for hair dryer plug socket. Being a plumber, he can design and do everything exepcting the electrical part. What does he do? Correct, he calls an electrician that he can trust to do the job. Instead of the client getting another bill from the electrician, it is included in the initial quote. The client only needs one contact. If soemething goes amiss, they phone the plumber who then sorts out the problem.
You are the expert.
You need to be an expert in your industry. Offering more services, simply dilutes that expertise to the point that you and your client do not know who is the expert in what. Having a certain amount of offerings, inceeases your expertise in those areas and sets you apart from your competition. This raises the exclusivity of you and your business. This attracts more clients, believe or not. This however, can take time to occur.