From the course: Small Business Secrets

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Dropping your least valuable service or product

Dropping your least valuable service or product

From the course: Small Business Secrets

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Dropping your least valuable service or product

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So if you completed the worksheet on your most valuable line of products and services, you'll have a list of all the different products and services that you sell. What do we do about the lower ranked items, the least valuable lines? Should we start getting rid of them? Well in most cases the answer is yes. It comes down to a little term in economics called opportunity cost. It simply means that when we devote time and attention to selling these LVLs, it takes away from our opportunity to sell more of the things that we really should be selling. Remember, a most valuable line is something that brings the most profit to your business and is most aligned with your values. And is what you most enjoy. So, what is the next step to removing that least valuable line? Simply ask yourself that question. Look at the bottom thing on that list and ask yourself, what's the next step. And whatever comes to mind, take that step. We don't need to drop everything all at once, just start with the…

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