When Less Is More in Small Business: Is Your Generosity Killing Your Business?

Are you familiar with the expression, “a confused mind says no?”

A Confused Mind Says NO!

Have you noticed that many businesses these days (and possibly yours) are trying hard to be all things to all people by offering more and more choices of both product and services? There is no one size fits all and with all the customization we have become accustomed to, we expect more. But, there is a point of diminishing returns in this more is more world. You may be overwhelming your clients with too many options so that they are exercising that old adage of “a confused mind says no.”

In working with a diversity of business owners with online and offline clients, I’ve found that many of you keep adding to your services (and products) without determining which of your offerings are a) genuinely and reliably profitable and b)truly what you love to do.

You see, there are two reasons to be in business for yourself. The first is to do something that you love with people that you love to serve (clients/customers). The second is to build your business in a way that it serves and supports the whole of your life and it doesn’t swallow you whole (this is the profitable piece.) Are you spreading yourself too thin while trying to please absolutely every possible client? Get over it and get clear on who your ideal HOT & BUYING target market is.  The narrower the niche is, the easier it will be for you to clearly establish your value.

You’d be surprised at just how narrow you can go. Check the list out below as examples:

• Iguana Lovers and Owners (This applies to every breed of pet imaginable)
• Catholic Mompreneurs (or any other mompreneur by religious preference)
• Stay at Home Moms Who Are Widowed With Young Children to Raise (Widows is a much larger market and much harder to target.)
• Estate and Family Planning Attorneys (Get specific by specialty inside any given industry.)
• Academics Seeking Grants (Niche by the specifics of what a market is looking for, go deep.)
• Fitness for Women Who Don’t Have Time for Fitness (Contrarian works!)

Why Less is More in Business

Once you nail down your niche market of hot and buying customers, take a very close look at what you will offer. More is not necessarily better, you run the real risk of overwhelming them with too many choices and locking them up in indecision, or worse a clear “no.”

I know, you are good at everything you offer. That isn’t in question, get over yourself. It’s far more important that you offer what they want, what you will enjoy, and what you will profit from. If all three criteria aren’t being met, go back to the drawing board and explore new services and products that will meet all three criteria. Your business is a lot like a three legged stool in this case and it won’t stand for any length of time if you aren’t meeting all three qualifications.

You may also fall into that trap of thinking you are being generous by offering so many services (and products). FALSE! In fact, you are being selfish by not honing the selection to the best of the best for your clients and forcing them to attempt to do that work for you.

In this age where we all have ADHD cubed, we no longer read, we skim instead, and our attention span is that of a gnat on speed, you’ve got to present a tight, targeted selection that is clear, concise and focused to your clients needs (and wants).Here are four simple ways to stay on top.

1. Survey your customers on a regular basis. (The size of your list or database isn’t important, you can survey 20-20K.)
2. Beta test new services (and products) before doing a big launch or putting something into production.
3. Create a loyalty program so you know who your VIP clients are and can access them as a focus group at any time.
4. Tweak and improve your current services (and products) based on the feedback you get. You may not need to dump or add,  just polish.

How you design your business is up to you. The simplest and most profitable way is to know clearly who your hot and buying target market is and to deliver a well crafted limited selection of service (and product) so they can easily and quickly choose the best for them and come back for more.  Stop giving them everything you are good at, and focus on what you are best at and what you love to do.

Oh and by the way, CHARGE THE MOST FOR WHAT IS EASIEST FOR YOU! I know that goes counter to what you are doing, do it anyway. You’ll thank me!

LEAVE YOUR COMMENTS BELOW. I genuinely want to know if you have fallen into the trap of being too generous in your business and overwhelming your clients (and prospects) with so much that they have said “no.”