I recently had two separate discussions with entrepreneurs asking for advice on their company's business strategy. After listening to them talk about their current challenges, it became clear that each company is trying to do too much. In order to overcome the obstacles and achieve growth, they need to trim their product and service offerings. It's sounds funny - and a little counterintuitive in business - probably because it's human nature to want to be all things to all people. But running leaner can really work.
One of the best strategic moves we've ever made at Tribridge was in 2003 when we decided to provide fewer services and commit to being the best at delivering them. Not just the best in Tampa, but the best anywhere. It was pretty bold, but it made us focus on really determining what we were great at - and what we were just good at. The company grew 10X from 2004 to 2009 as a result of a much skinnier set of product and services.
We all want to provide great service and make our clients happy. Sometimes our best customers ask us to help them with a project because they trust us, not because we are the best in a specific area. And while most of the time we can deliver, it doesn't mean we need to add the experience to the list of products and services we offer. In fact, pruning the tree will help it grow.