The Business You Are In
Knowing the business you are in is equally important as knowing the business you are NOT in. So, how can you bring clarity to this important distinction?
It is Very Important to Define your Business Clearly
To define your business, think about the effect your products and services have on the life or work of the people, systems, and organizations that access what you do or sell. For example, previously I was in the business of helping people recover from motor vehicle accidents. We provided occupational therapy, and only occupational therapy, to be part of the client’s recovery journey. This impacted the client, their family and support network, the insurance, legal and healthcare systems.
What Does the Future Hold?
Then, consider the future. What will your business look like if you continue on the path you are on? Where will you be in one, three, or five years? Is that an intelligent strategy? Does it align with your vision for your company? In my previous practice I saw the rise in insurer denials and the increasing requests to provide services under a delayed payment model. I decided I was NOT in the business of financing rehabilitation programs, and a pivot was required.
Exploring Potential Business Opportunities
After analyzing the current, think bigger. What business could you be in? If you changed your knowledge, skills, products or services, industries, or markets, where could your business be? Do you want to take it there? Before selling my practice, we looked a other strategies. Diversify into other professional offerings? Provide services to other segments? Get into selling products that align with our work? We had options and considered them all.
Identifying the Ideal Business
After the “could” think about the “should.” What business should you be in? To determine the business you should be in, look at yourself, your talents, your abilities, your ambitions, your energies and especially your heart’s desire. Also, rigorously assess the market. What changes would you have to make today to create the ideal business of the future? What changes will you have to make personally to become the kind of person who can live the life and do the work you would really like to be doing? In my own practice I did this analysis and realized that to live the life I wanted, a merger and partnership with another firm was the most effective strategy. This strategy was so effective, I did it twice!
Want to learn more? Reach out.
Adapted from “Clarity 1.5 Defining Your Business” by FocalPoint Coaching and Training Excellence, Copyright 2018, by Brian Tracy and Campbell Fraser. Reprinted with permission.
