What Do You Have That Is Underused?
As we watch the fallout of layoffs and cutbacks in business, I am looking for other profit centers in my clients business and my own that can be capitalized on. In the search for these hidden nuggets I found the results of a survey conducted by the management-consulting firm of Bain & Company. The survey found that a third of the Fortune 500 companies that made a shift in the strategic direction their company used, “secondary assets” of the company to make the change.
What “secondary assets” or underused product or service do you have in your present business that you could use to make more money? While the opportunity may be in a similar arena to what you are currently doing, it may also be in a new direction. You may capitalize on something else you haven’t used yet or previously had the time to explore. Perhaps the opportunity is even outside of your company, such as a joint venture or applying your technology or know how to help someone else capitalize on what they don’t see or are not using to their advantage.
Whenever I think of ‘secondary assets” I always think of Post It Notes and how something can be discovered even by mistake, that can change the face of your company forever. What do you have that is underused?
This economic upheaval is making strange bedfellows. If the big three highly competitive auto makers can join forces to borrow on one of the biggest loans of our time it is clearly a sign that we should all consider our own venture opportunities we may have shunned in the past.