We all spend a lot of time and energy building our clients and our business. Have you ever worked on a project and it ended up not going forward? Or, do you or your staff to tasks associated with your service but there is no perceived marketability for these ancillary tasks/products?
Let me give you an example. Everyone knows who Henry Ford is. Ford systemized a process in building a car so affordable to the masses that he went on to sell over 15 Million of them between 1908 and 1927. What you may not know is that each Model T needed 100 Board Feet of wood for parts.
Since Ford is most recognized not just for the car but the PROCESS or SYSTEM of firing out roughly 800,000 Model T’s a year, he looked to systemize everything. Knowing he needed a steady supply of wood he purchased thousands of acres of timberland and built a mill to process it. As with any sawmill, the major by-product of creating lumber is sawdust which was considered a waste product. Most sawmills in the past just burned the “waste.”
Not Ford. He looked at the volume of what was being produced daily and found a way to turn it into a revenue stream. He repurposed the sawdust and turned it into charcoal briquets. For every ton of lumber his mill produce, it now produced 610 pounds of charcoal. Ford then named them Ford Charcoal and sold them through the Ford dealership network already established. You may not know it, but you’ve actually purchased a bag at some point in your life if you enjoy barbequing, you just didn’t know it.
The reason you didn’t know it is the name was later changed to Kingsford Charcoal and is still sold to this day over 100 years later as a by-product of the process of building his empire.
As you look at your own business and processes look at it with a fresh perspective. Is there something you already produce as a by-product whether it be a physical item, a video, content, it doesn’t matter; that you can repurpose into extra revenue? You may have a few hidden opportunities that have been dormant for you hadn’t looked at that time asset, knowledge asset or physical asset from a value perspective.
Perhaps you don’t but if not, from this day forth look at repetitive processes from the perspective of can it be systemized, or can you monetize a part of what is already being done within your business. Who knows, you may have the next Kingsford Charcoal opportunity hidden within your current business model.
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