Do You Know Your Core Product?

By: Admin

Do you do too much in your business?

I don’t mean do you personally take on too much in the business, but does your business try to offer too many things to too many people? It’s a common theme in small business, and it’s something I see as a business coach every week.

These are businesses that start out, make a success of it, get more customers and make more money as they grow. Then, they start to look around and try new things, offering more and more products and services, instead of concentrating on what they are good at.

Sometimes that happens for no other reason than the business owner getting bored with the same product and wanting to add something new. And there’s nothing wrong with adding to your inventory, so long as you don’t lose sight of what made your business successful in the first place.

What is your cash cow? What is your core product? This product is the one that your business does well, efficiently, is well-known for, and you know that every time you make a sale or complete a job for a customer, you will make money on it. Contrast that with newer products or services which might be sold less often, be harder to deliver, take up more staff time, and you may not always come away with a profit.

Go back to that steady performer and make sure it’s getting the attention in the business it needs to keep generating great results. Then, carefully look at what the costs and benefits are to adding each new product to your business. Decide which ones are worth your time and trouble for the result they will give you.

About ActionCOACH

Brad Sugars founded the brand Action International in 1993 when he realized there was a disconnect between business advice and implementation. The answer was Action! Brad Sugars created a business coaching company so that business owners throughout the world can realize their goals in business. Today the company is known as ActionCOACH. To learn more about business, visit Brad Sugars Review blog

Reason #1: Different styles and methods of business coaching don't work for everyone

It's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.

Every individual brings their own experiences and values to the coaching dynamic, so results will vary. Additionally, some individuals might need more than just a coach. They might also need specialised knowledge or communication strategies specific to their industry or target audience. Below are a few key factors to consider:

Reason #2: There is no clear focus or vision (talk about time dedication here too)

cIt's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.

Business coaching is an effective tool for developing a clearer focus and vision for growing your business. A good coach will help you to take a comprehensive look at your strengths, weaknesses, and available resources that can be used to reach those goals. They will also help you draw up action plans with step-by-step instructions to get there.

By providing honest feedback and being patient throughout the process, a business coach can make sure that you’re on the right track. This will enable you to set realistic milestones and tasks.

These tasks may need dedicated time outside of coaching sessions. For example, a coach might help a client develop a marketing strategy or implement new systems for managing employees. However, if the client does not have enough time to devote to these tasks outside of coaching sessions, progress will likely stall.

Both the coach and the client must have enough time available to reflect on past experiences, brainstorm new solutions, and test out different strategies. If either party is rushed or distracted during coaching sessions due to other commitments or obligations, they may struggle to fully engage in this process.

Effective business coaching also requires a commitment to regular meetings and ongoing communication. If either the coach or the client does not have enough time to dedicate to these meetings, progress may be slow or nonexistent.

It's important to recognise that business coaching is an ongoing process that takes time to yield results. While some clients may see improvements after just a few sessions with their coach. Others may need months or even years of consistent effort before they begin seeing real changes in their businesses.

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