Are you looking for value opportunities? This past week a colleague and I had dinner in Cleveland at Mitchell’s Fish Market. During dinner I snapped a few photos.
Mitchell’s is a franchise with nearly two dozen locations across the United States. What set’s them apart from their competition is their business model. Specializing in serving freshly prepared seafood, Mitchell’s also offers a wide variety of fresh seafood for sale to both restaurant patrons and the general public. They have built upon the standard “restaurant” business model to provide additional value to patrons and the general public resulting in increased sales opportunities.
By building a scalable business model that bucks the norm for their industry, Mitchell’s now has the opportunity to improve upon a “restaurant experience” by offering direct sales of other products including fresh produce, poultry and meats. As a result, the sky is the limit.
Is your business scalable? Is your business offering additional products and services that are complementary and offer additional value to customers and clients?
Most businesses are built with a single product or service offering in mind. This is a limiting and risky model. To thrive, build a business on what customers value both today and tomorrow.
So, consider these questions relative to your business to identify additional and complementary value opportunities:
1. What new products or services might your existing customers value?
2. What existing products or services might new customers value?
3. What new products or services might your past customers value?
Building a successful business like Mitchell’s for instance requires a scalable business model and ongoing consideration of customer value. How are you identifying additional and complementary value opportunities?
Would you like to learn more about how to align your team, wow your customers and grow your business, all while increasing your freedom from your business? If so I can help.
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