Do you cannibalize your business?

I know you are saying, what? Did I read that correctly? However, I will type it again–do you cannibalize your business?

So then you may be asking, What do you mean by that Teresa?
Well, my husband was telling me about this (he has been in business for himself for over 30 years) and that is the reason for this post.

He said, when you cannibalize your business, you are “chewing it up” and helping create a evolution for your business. You find out what is working in your business and what isn’t working. You are finding those places where you can expand, others were you can streamline a process, tasks you can delegate and others you can totally eliminate.

Sometimes you get in your own way just because you are used to doing the same thing and don’t take the time to be sure that a certain task or connection is really aligned with your goals.

And not only that, but perhaps it is just that you aren’t reaching your target market by spending time in a certain place thus just “spinning your wheels” (or as my hubby would say, chewing on food but isn’t doesn’t taste good).

Also, sometimes it is just a matter of being mindful of the new “flavors” of business to be knowledgeable of —possible new services you may be able to add to your arsenal that is what your target market is looking for from you.

5 ways to canibalize your business:

1) Survey your target market - ask your target market questions about what they are struggling with and what resolutions they are searching for

2) Reach out to your target market in different ways-if you haven’t gone to a local networking group in your industry, make a commitment and go.

3) Create a focus group and ask them to go through your processes (website, newsletter, documents) and provide feedback.

4) Find ways to create process improvements, increase productivity, deliver higher quality customer service.

5) Go back to your past and current clients to ask them the areas in their business you may be able to assist them or give them resources.