Here are seven reasons to stop being a jack-of-all-trades and start specializing in doing one thing better than anyone else.
IT WILL INCREASE THE VALUE OF YOUR BUSINESS
When you sell one thing, you can differentiate yourself by pouring all of your marketing dollars into setting your one product apart, which will boost your company’s value.
IT WILL MAKE YOU REFERABLE
It’s easy to refer a company that does one thing better than anyone else. With a generic supplier, you end up grasping for squishy descriptors which are vague and utterly forgettable endorsements.
YOU CAN CREATE A BRAND
It’s hard enough for a start-up to build one household name and virtually impossible to create two without gobs of equity-diluting outside money.
YOU’LL BE FINDABLE ON GOOGLE
When you Google “helmet camera,” GoPro is featured in just about every listing despite the fact that there are hundreds of video camera manufacturers.
NOBODY CHEERED FOR GOLIATH
Small companies with the courage to make a single bet get a bump in popularity because we’re naturally inclined to want the underdog – willing to bet it all – to win.
IT WILL MAKE YOU IRRESISTIBLE TO AN ACQUIRER
The more you specialize in a single product, the more you will be attractive to an acquirer when the time comes to sell your business. Acquirers buy things they cannot easily replicate themselves.
Want to maximize the value of your enterprises? HartmannRhodes provides value advisory services, like the Value Builder System, to grow business value. If your business has sales between $1M-$25M per year, we can help.