A business survives and thrives on solving customers’ problems.
Customers don’t mind paying money for the solution of their problems. However, the amount they may be willing to pay may depend upon the problem. The size of the problem determines the rewards for the solution. If the problem is bigger, the rewards are bigger, too. Also, if the solution is rare, that, too, will earn better returns.
Hence, one of the strategy for growing a business can be to increase the size of problems it can solve for the customers.
There are many businesses who have scaled up by solving bigger problems.
Some examples:
* A trader of yarns goes into manufactuing of yarns and fabrics and eventually into manufacturing of petrochemicals.
* A movie actor went from simple acting to production and distribution of movies and then to own special effects solutions to many other film production houses.
* A travel agent booking hotel and tickets established a big international tour operating company.
* An architect started with small projects like residential buildings and townships and then graduated to building airports.
* A lady started a small service offering ready-to-eat lunch boxes to some 20-30 office goers in her vicinity and from there built a thriving catering business serving food to thousands of employees at many companies.
Each of them have changed their orbit, moving into the higher orbit from time to time.
On the contrary, businesses which don’t grow, remain stuck with the same set of solutions they can offer.
The same applies to jobs also. The employees who take more responsibility, those who solve bigger problems for the company, outgrow others and get promoted quickly in the company.
So, to grow a business, focus on solvimg bigger problems of the customers.
And to grow in a job, assume bigger responsibility and help solving bigger challenges of the company,
It may ask for scaling up our knowledge and skills. It may also ask for tuning up our attitude and mindset.
But, it is a worthwhile exercise.m
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