I went to visit with a business owner the other day and she mentioned that she was going to start ‘tucking in.’ What exactly was tucking in? Does she have young ones or a sick parent at home? What I learned…
In this case the business was a printing company. The printing industry does have some issues these days. They are competing with non-print communication of teleconferences and e-commerce, as examples. This business owner was considering how to stay viable in a shrinking industry. Remember, if we are growing we are dying.
There is little found on the Internet, at least in the first pages of a search for ‘tuck in business expansion’ that addresses the topic. But, I find examples all around the business world that might give further enlightenment:
Our printing company owner said ‘I am buying up small companies that are selling or perhaps planning to close and adding their clients to my location and equipment capacity, closing their location.’
My high-end clothing accessory friend is ‘getting rid of unnecessary administrative space and adding new accessory lines.’
A CPA firm is adding another professional within the existing space.
A business coach is adding online services for coaching clients to use – capturing more revenue from the same clientele.
These are each forms of tucking in. Not opening a new location or set of clientele but doing more within, tucking in additional revenue sources without expanding on some core expenses such as rent or marketing.
What can you tuck into your business?