Establish meaningful dialogue with customers. Discuss exactly how you can help them, how well your competitors are serving them, and what you can do to fill in the gaps.
Do your homework. Find out what market opportunities you’re missing out on and which ones would be most compatible with your existing business model. A distributor of welding supplies, for example, might consider adding a welding machine repair service for customers.
Don’t give up on your core business. The key to success, says Joanne Sujansky, Ph.D., CSP, and CEO of business consulting firm Key Group in Pittsburgh, is to stick to your core business while keeping an ear to the ground for new opportunities.
Tap resources. Among them is the Small Business Administration “Managing Your Business” Website: www.sba.gov/managing/index.html.