Your business is being successful and growing which is terrific but how do you keep the company in the right direction. With growth comes the ability to move your company in many different directions. One question asked all the time is at what point should a company consider diversifying by adding additional products and services. If your company is at this point, consider the adage:
Jack of All Trades and Master of None
It is extremely important to understand where the niche your company operates in to create more value for your company. Being specialized in your industry creates value for the customer and your company. The difference in specialization is seen by the difference between a general doctor and a brain surgeon. Sure they are both doctors and have medical degrees but specialization between the two is vastly different. With the specialization brain surgeons have created value because lets be honest how many people do you want operating on one of the most important parts of the body. The specialization creates the value because they are a respected expert they on average make 10 times the amount of the general doctor. Wouldn’t it be nice to work the same amount but get paid more for it?
It is important to take a look at your company or practice and review your business and strategic plans. Taking a step back to will help you see where the value is within your company and industry and find that niche. The consultants and Novilex Consulting Group can assist in providing guidance to find where your specialization (or finding one) can create more value.