When running a business it’s easy to get carried away feeling like you need to be offering everything under the sun so as not to miss sales opportunities. When you’re feeling overwhelmed, ask yourself these three simple questions to streamline your services without losing out.
We’ve written before about the 80/20 rule and how it suggests that, in business, the amount of effort that we put into certain processes is often disproportionate to the results that we get from them. The rule suggests that it’s often only 20% of our products and services that make 80% of our profit. That being said, it’s rare that we’re spending 80% of our time on those top sellers. Often we’re still distracted by fulfilling the other 80% of products and services that we have on offer, even though they’re making us minimal profit.
Does this rule apply anywhere in your business? Maybe your biggest booking are event styling but you feel you should offer single balloon delivery too to bag small orders? If the percentage of business time you spend purchasing, prepping, packing and marketing these isn’t proportional to the percentage of profit they bring in, it’s time to make a change. Would those hours be better spent drumming up more decorating jobs? Consider how this rule applies to your marketing too. Do you advertise all of your services evenly across social media even though some are far more profitable than others? Perhaps it makes more sense to highlight the services that are the most valuable to your business first and foremost.
What Are You Good At?
We’ve all heard the old adage ‘Jack of all trades, master of none’. Another drawback of spreading ourselves too thin in business is that it often means that we don’t get the time to develop our skills in any particular area. It may seem that being able to offer ‘a little bit of everything’ is best for attracting potential customers but let’s think about it; are you more likely to recommend someone who offers a wide range services and does ‘an alright job’ on each, or someone who did one particular service and did ‘an exquisite job!’?
Becoming known for excelling at one particular service is much more likely to get you recommendations and word of mouth advertising can be instrumental in standing out in a competitive marketing. Particularly when consumers have a lot of choice and just aren’t sure who to go with. Take a look at your service list and ask yourself which services you can let go of in order to spend more time finessing others so that they sell themselves. The BAPIA Training Calendar is already filling up with classes for the new year and spaces go quickly so remember to check it periodically and if you see a class you like, don’t hang about.
What Brings You Joy?
Sometimes in business we forget how much our happiness can affect productivity. Many of us got into the balloon and party business for the sheer joy it. But what’s the use of turning your passion into your paycheck if you then lose that passion again by only focusing on building your business rather than retaining the joy that made you so good at the job in the first place?
It may seem to be the sensible thing to do to forgo the ‘fun jobs’ in favour of the biggest money makers but this isn’t always the best business move. Mental fatigue and burnout can be real threats to your business when you’re pushing yourself too hard. It’s when you’re most fulfilled at work that you tend to show up in the best way, work the most efficiently and may even be more responsive to tackling issues like problem solving because of your positive mindset. You’ll likely find that when you cut out the services that weigh you down mentally, that extra spring in your step leads to less procrastination, increased creativity and a willingness to input more hours’ of high-quality work - all of which can lead to financial reward and better mental health overall and as the saying goes - your health is your wealth!