Denise Corcoran

Article Summary:

You can break through your business boundries and expand it by redefining what your business really is.

How To Break Your Business Boundaries

Who are you? What business are you really in? This is the single most fundamental question you could ask if you seriously want to take your business to the next level.

Too many businesses define themselves narrowly by what they do (e.g., consultant, restaurant, dentist) rather than by what they know (core competencies) and by what they "own" (strategic assets).

For example, Disney does NOT define their business as "theme parks" (as most people might think), but rather as "three dimensional entertainment."

Do you see the major difference between these two business definitions!? The first is highly restrictive, while the second is expansive and opens many new doors in terms of profit-generating opportunities.

That is why Disney's success is everywhere: Theme cruise ships, Broadway shows, mini-parks, retail stores and a host of other business ventures.

Let's look at another example ... one you know very well. McDonalds.

What business do you think they are in? Big Macs? Nope.

The hamburger business? Not even close. (They would never survive if they defined themselves as a hamburger business! Ugh.)

Give up? McDonalds is in the business of... a) real estate (they are experts in picking the best locations) and b) operational systems (experts at highly perfected franchise systems).

So how does all this relate to your business?

As a business owner, you always bring a lot more to the table - in terms of core strengths, resources, tangible and intangible assets - than are ever being tapped and utilized in your business. If you are defining your business by your roles, activities or services/products, you are currently under performing and seriously restricting your business' profit potential.

Re-define your business not by what you do, but by what core strengths and assets are. When you do, you will - guaranteed - break the business boundaries that bind you.

Take some time this week and seriously assess your core competencies and assets. Ask at least 5 business associates what they see as your 3 greatest strengths and assets. How can you expand the scope and the profitability of your business, by integrating more of your competencies and assets into your business focus?

Denise Corcoran - CEO, The Empowered Business™ - is a Business and Leadership Coach, Business Strategist, and Master NLP Practitioner. Her latest book is "The Mindset of Greatness: 21 Principles to Unstoppable Success... Oprah Winfrey Style!". Learn the legendary secrets of top business achievers. To subscribe: click here, or for more information visit Empowered

Read all advice by Denise Corcoran; Find more Entrepreneur experts

More advice on Entrepreneur
» Creating Multiple Streams of Income
» Should You Be Changing Your Business Model?
» all Entrepreneur articles