The power of re-defining your business

Who are you? What business are you ***REALLY*** in? This is THE single most fundamental question you could ask if you seriously want to take your business to the next level.

Too many businesses define themselves narrowly by what they do (eg., consultant, restaurant, dentist) rather than by what they know (core competencies) and by what they іownІ (strategic assets).

For example, Disney does NOT define their business as іtheme parksІ (as most people might think), but rather as іthree dimensional entertainmentІ.

Do you see the major difference between these two business definitions!!? The first is highly restrictive, while the second is expansive and opens many new doors in terms of profit-generating opportunities.

That is why Disney№s success is everywhere!! Theme cruise ships, Broadway shows, mini-parks, retail stores and a host of other business ventures.

Let№s look at another example ... one you know very well. Mac Donalds.

What business do you think they are in? Big Macs? Nope.

The hamburger business?? Not even close. (They would never survive if they defined themselves as a hamburger business!!! Ugh!!)

Give up?? MacDonalds is in the business of ---- real estate ---- (they are experts in picking the best locations) and ---- operational systems ---- (experts at highly perfected franchise systems).

So how does all this relate to your business? Alot!!!!

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Just like we only use about 10% of our brain power,
business owners only use 10% of their business power.
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As a business owner, you always bring alot more to the table - in terms of core strengths, resources, tangible and intangible assets - than are ever being tapped and utilized in your business.

If you are defining your business by your roles, activities or services/products, you are currently under performing and seriously restricting your business№ profit potential.

Re-define your business not by what you do, but by what core strenghs and assets are. When you do, you will - guaranteed - break the boundaries that bind you.

= ACTION STEP:
Take 30-60 minutes during the next week and seriously assess your core competencies and assets. Ask at least 5 business associates what they see as your 3 greatest strengths and assets. How can you expand the scope and the profitability of your business, by integrating more of your competencies and assets into your business focus?

About the Author

Denise Corcoran is a Master Business Coach, Strategic Consultant and Breakthrough Catalyst. Ready to take your business to the next level? Then subscribe to our monthly ezine - THE EMPOWERED BUSINESS (TM) - and learn the mindset, strategy and performance principles of today№s superior businesses. Send blank email to: Empowered_Biz-subscribe@topica.com.

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