Identify the Full Scope of your Business

Sometimes businesses fail to identify the full potential scope of their operations, when considered in a context of the generic category of their business. For example, book publishers are in the information business, soap companies are in the cleaning business, and trucking firms are in the transportation business. Defining the business in a clear and complete manner can lead to the identification of additional business opportunities. For example, soap companies can expand their product lines to include other items that can clean.

Some Examples

1. The publisher of a community newspaper realized he was in the information business and began to publish a newsletter as well.

2. A firm of chartered accountants realized they were in the business of financial control tools. They expanded their regular accounting activities by hiring a financial controller who serves several small companies on a fee-for-service basis. Their "rent-a-controller" service is a success.

3. Managers of a neighbourhood food store recognized that they were in the convenience business. They began to provide other "convenience" products, services and features, such as delivery service, 24-hour opening, easy parking, hot snacks and even video rentals.

How To Do It

1. Ask yourself what general type of business you are operating.

2. Look at the services and products you provide to identify which general categories they fit.

3. Examine the identified general categories. Then think of other types of products or services in those categories which you are not providing, and consider whether you could expand your operation to offer these additional items.

4. Talk to potential customers to find out whether there is a demand for the additional products or services.

Key Questions

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