Even if you are specialized and focused i.e. you work in a specific industry and know what your core business is, it is not always wise to do all the work. At Inchoo we specialize in Magento consulting, design and development. However, this doesn’t mean we want to take on every project we run into.
Specialization in business is good, but focus is great
There are a number of factors we take into account when deciding whether will we delve deeper into a story and try to make a project out of it. You might think – not everyone is in position to choose between projects. True story, especially if you are a company in a developing country like Croatia. But here is where the right specialization and focus are even more important. You will never stand out if you go too wide in business. There is just too much information to process, too many groups to satisfy, too much responsibility to handle, too much investment to transform… So, find out what your core competency is and then delve deeper into it – focus. We are in eCommerce business, focused on Magento development, and know just the type of projects we prefer for our teams.
Don’t do all the work that is out there
When you find that place where you feel “like home”, work hard, maintain that focus and think long-term. Learn how to say no to things that are out of your focus, but make sure you and your people know why you do this, and that this is in line with your real business flow. Sometimes we can’t take on new work because of timeframe our potential clients have, but sometimes it is simply not our preference. This means that we won’t take on new work where there is a slight chance we won’t be able to show and grow our expertise. And because of our teams’ engagement, we rarely have time for too small Magento tweaks, so we prefer not to take on this work even if there are some occasional opportunities for doing so. We also keep our standard hourly rates at the same level – we know when we offer discounted rates and how much and why they go down.
We work really hard so that we don’t have to lower our working criteria. Of course, this is a two way process – we also need to keep our inner processes high, so we can develop business this way. We need to work on our teams’ development, Magento certification, delivery and maintenance of top quality solutions, quality content creation and blog posting… It’s not just the talk that does this. You must have results and continuous investment in this kind of business development.
What is your byservice?
So when a business is developing this way so you can filter your business opportunities, you can still have a proper business solution for some of the quality leads you encounter, but can’t work with. Think of your own byproduct or “byservice” you can offer, that goes well with your core business but doesn’t distract you in your key competencies. Inchoo has a Referral Network. Here we engage other quality Magento companies and forward some of our leads we can’t take on to them, according to their business preferences. This doesn’t involve our key strengths, but helps our business to have it’s structure, communication flow, reputation and quality standards.
A good byproduct or byservice should be aimed at creating extra value from what comes as “leftover” from your business focus. It should not be a new business activity which will take over too much of your time or distract your primary business focus and main quality delivery.
Here is a quick reminder for all:
1. Focus on your core competencies
2. Don’t take on every project and know why is this so
3. Develop your own byproduct which won’t distract your key quality delivery
And good luck in not doing all the work 🙂