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ADDING NEW SERVICES
By Lloyd Merritt Smigel

There are hundreds of potential new add-on services that can be implemented within your company.

There are also hundreds of potential problems that you can incur when adding those services to your company.

What add-on services are right for you and your company is is a tough call. When reviewing an add-on services you have to ask yourself many questions.

Some of those questions could be:

Have I exhausted my present services in the area I cover?

What funding will I need to get this going?

Do I have the manpower to move on this?

Do I have the knowledge on this product or service to sell and service it?

What are the training costs and time lines needed to move forward on this?

Am I organized enough to take on a new venture?

I have been called in to review many new products and/or services that companies I work with are considering. Many of the above questions were not asked. When we review the above (and more) we often find out that we are not doing what we could be with what we already have.

Yes, the grass is always greener on the other side and yes, some of those new add-ons can be quite fruitful, but BEFORE you jump into the water, you might want to test it first.

One company I worked with added on two new services at once. One of the services involved some small construction and after an investment was made the company's licensed construction employee left and started his own company with the new service. The company had no non-compete agreement and no back-up licenses.

Another situation involved getting involved with a franchise within our industry. Some of the franchises in this industry are well worth it and others are not. In this case, the individual signed the papers and within his second year found out that there was little training or support compared to what he was promised (it was not in writing).

Usually my first thought is: "Have we exhausted our present resources?" Many times within our own company we are not taking advantage of talent we already may have or can nurture. Sometimes we can simply expand our business by additional training or expanding our services and territories.

The point is – get some help. Do your homework and look before you leap.

BEFORE we take on a new challenge, we must be ready with funding, training and organizational skills. The ready – fire – aim attitudes rarely work. Creating a PLANNED STRATEGY and working the plan usually works.

Although I must warn you – the plan has to be realistic. Often that is the problem. It's easy to say "I will get four qualified people who will sell x amount of dollars in the first six months and then things will be fine." But where are you getting these four "qualified" reps? Who will hire them? How will they be paid? Who will do the training? Will they be licensed? Will there be a reporting system? Who will they report to? How long will their training be? Who will monitor their follow-ups? Who do you want them to call? What is the pricing structure? Shall I go on, or do you get the point?

Lloyd Smigel is the Keynote Speaker at the 2012 PCOC Expo.


 

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