Selling the Soul of the Business
Successful businesses usually get that way by doing something well. Really successful businesses get that way by doing something well and documenting, duplicating, and training associates on how to do it using a system.
A killer innovation strategy in these cases is to look at what you do well and determine how to turn it into a product of service and sell it.
There are countless examples in every industry of an individual business that creates a successful way of doing something and sells that success system to others in the industry. In some cases, this work becomes far more rewarding that what the business actually did in the first place.
What part of making it, fixing it, packaging it, and shipping it could you do for another market segment? Who else could you teach how to do what you do?
How could you turn what is now a necessary expense or cost of production into a product or service that turns a profit? Is there an element of research, acquisition, project management, or process that you do to make a better product, but could actually become something you sell. Is there anything that your current clients do that they would gladly offload to you? Is there a software or application that you rock at using that others would pay you to teach?
Innovation of this sort is embedded in the walls – it’s the soul of your business really – and selling it just might re-energize the way you think about business entirely.