If you were forced to pick just one of your products or services and sell just that one thing, how could you do it so that your business would still create the financial result you want?
Interesting question isn’t it?
That question also forms the basis of what I have come to call “The One-Product Thought Challenge”.
The thought challenge is to spend some time working on the answer to that question. Examining your business and coming up with an answer to that question will lead you to some very interesting conclusions.
For example, to even start solving this problem, you would first need to identify WHICH product or service you would pick.
How would you decide?
Well, you would certainly want to do the analysis and pick the one that produced a healthy gross margin for you.
You would also want to analyze the sales cycle for each of your products so you could take into account how long it takes to move a prospect along the process until they purchased from you. After all, if you picked a product with a long sales cycle, you would need to consider how you would manage your cash to keep operating until the sales started coming in.
After that, you?would also need to figure outhow many sales you would need to make to create enough gross profit to cover your overhead, repay loans, pay taxes, and pay yourself an adequate amount of money to let you lead the lifestyle you want.
And once you had identified the number of sales you would need, you could reverse engineer that to determine how many prospects you would need to touch in order to generate those sales. And from the number of prospects you would need, you could determine specific actions, channels, and tactics you would use to create opportunities to talk to that number of prosepects.
And that means, after following this thought challenge through, you would have specific targets for each step of your sales cycle and?specific actions?that you could then go ahead and execute. And as you were doing that, you could compare your actual results to your targets to determine if things were working or not.
If your actions were causing you to hit the targets, you would know WITH COMPLETE CERTAINTY that you would achieve the financial result you had set.If your actions were not achieving your targets, you would know that very quickly, while you still had the opportunity to change your actions and get back on track to create the financial result you wanted.
In other words, you would have CLARITY about the financial results you were creating, as they were being created and you?would BE IN CONTROLof the process.
And the best part of the One-Product Thought Challenge?
After you have narrowed your focus and followed the process for one product, you can do it for your other products and services. And suddenly, you will have mapped out how you will be able to create the financial results you?want , instead of just doing things and HOPING you get the financial result you want.
So do the One-Product Thought Challenge. And then take action from it.
Your financial results, and your business clarity will only be better for having done it.