Are new services the answer to your growth ambitions?
In every engagement I have with consulting or agency CEOs, we always hit the question of “Should we start to offer xyz service?” when we talk strategy or growth.
It could be to break through a plateau, to grow faster, or in response to an opportunity. But with every engagement, at some point we’re going to go there.
It’s a complex one to answer. And there’s a lot more nuance than can be captured in a LinkedIn post. But here goes nothing.
Growth comes first from retaining and growing existing clients. Second from winning new clients for the things you’re good at, and innovating better / more impactful ways to do what you already do as you go.
But the entrepreneurial mind is restless. It always wants to do new things.
Warning! Don’t let the adrenalin of dreaming up new things mask the reality – which is that they’re either more likely to fail, or will take A LOT more of your limited time than you think they will.
Or in MOST instances, both.
Ask me how I know, and I’ll show you pictures of me with bruises and scars that would have me arrested for sharing.
Revenue AND MARGIN growth will come from the things you already do (unless the market for it is collapsing – but that’s another discussion). Portfolio growth – i.e. new things – come best from doing them with existing clients who know and trust you. Be open with them about it, and MAKE SURE you deliver the value you’ve committed to delivering. In the process, you’ll find it the better environment to develop new offerings.
That way, it starts its journey to “things we already do” and you can decide whether to offer it to other existing or new clients, of that actually it was folly to have ever thought about doing it.
And if it’s the latter, you’ll find out before you’ve posted 1000 LinkedIn posts about it and given it pride of place on your homepage.
You avoid the path I’ve termed the “land of failure, rejection and untold pain”, but can still get to a place where you offer new services to clients who aren’t with you today.
And I know. It’s not very “chest thumpy” or sexy. But it’s true.
I guess it kind of depends whether you want to be swashbuckling or successful.
(Yeah, yeah – I know you want both. Join the queue…)
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