Oct 29, 2019
Protect Your Shelf Space
What is that new business idea or shiny object costing you in terms of focus?
Stores like Coles and Woolworths only have a certain number of shelves. Every single item placed on their shelves is sharply judged based on performance.
If a product doesn’t do well, it’s removed from the shelf to make room for a better option. They are protective of their shelf space.
But in consulting or the service industry, it’s harder to see this principle in action. Our products are intangible or digital. Our shelf space is between our ears, in our minds.
Podcast Transcript
Protect Your Shelf Space
What is that new business idea or shiny object costing you in terms of focus?
Stores like Coles and Woolworths only have a certain number of shelves. Every single item placed on their shelves is sharply judged based on performance.
If a product doesn’t do well, it’s removed from the shelf to make room for a better option. They are protective of their shelf space.
But in consulting or the service industry, it’s harder to see this principle in action. Our products are intangible or digital. Our shelf space is between our ears, in our minds.
There came a point in my company when I realised how having my hands in all these business ventures was limiting my ability to grow my business. I had to protect my shelf space and let go of a lot of projects to keep it clear for what I wanted to grow.
The hard part for us entrepreneurs is we have so many good ideas, it’s hard to see them as unworthy. They aren’t bad at all! But in a sea of ideas, the merely good ideas become true enemies of the great.
We have to be ruthless with our mental shelf space and remember that whatever we focus on, that’s what will grow.
Take inventory in your store, and clear away anything that isn’t a top performer.