Stop chasing new customers (do this instead)
Ever had that feeling there's money hiding in plain sight in your business? You're right.
Most business owners are sitting on untapped value without even realising it. And I'm not talking about working harder or chasing new customers – I'm talking about resources you already have.
Why This Matters to You
If you're like most business owners I work with, you're constantly looking outward for growth – new markets, new customers, new products.
But what if the easiest growth opportunities are already inside your business?
Most businesses use only a fraction of their available assets. Your existing customers, intellectual property, systems, and team skills all have hidden potential waiting to be unlocked. This untapped value could be your fastest path to increased profits without the cost and risk of building something from scratch.
Why Most People Struggle With This
The biggest reason business owners miss these opportunities is simple: familiarity blindness. You look at your business every day, so you stop seeing the valuable assets right in front of you.
Another common trap is focusing too much on what your business lacks rather than making the most of what you already have.
You think, "If only we had more customers" instead of "How could we serve our existing customers better?"
Finally, most of us get caught in day-to-day operations and rarely step back to see the bigger picture. You're so busy delivering your core services that you don't notice the valuable by-products and knowledge your business creates.
Finding Your Hidden Value
Start by looking at your business with fresh eyes. Imagine you're a buyer considering purchasing your business – what would you see as untapped opportunities?
Your customer base is often your most valuable hidden asset. These people already know and trust you.
Could you offer them additional services? Different price points? Complementary products? The cost of selling more to existing customers is usually far less than acquiring new ones.
Next, look at your expertise. What knowledge have you built up that others might pay for? I'm aware of a plumbing company that was sitting on 15 years of pricing data. They turned this into a subscription service for other plumbers who wanted accurate job costing – creating a whole new revenue stream with virtually no extra costs.
Your processes and systems have value too. That checklist you created for your team? The project management approach you refined over years? These could be packaged and sold to others in your industry.
Turning Resources into Revenue
Once you've identified these hidden assets, the next step is turning them into revenue.
Here are three approaches that work well:
1. Bundling is the simplest way to start. Take two existing offerings and package them together at a slight discount. This increases your average transaction value without creating anything new. Consider a restaurant owner who adds a simple drink-and-dessert bundle that boosts average order values.
2. Tiered pricing lets you capture more customer value. Instead of one-size-fits-all, create good-better-best options. Some clients want the premium experience and are happy to pay for it. Without tiers, you're leaving that money on the table.
3. Subscription models transform one-time sales into recurring revenue. The stability of monthly income makes your business more valuable and easier to run. Look for parts of your service that clients need regularly, then make it easy and attractive for them to subscribe.
Making This Work in Practice
I read a story recently about a landscaping business which found hidden value in several places. They created a premium "Property Guardian" subscription that included regular maintenance plus priority emergency service. They packaged their equipment expertise into training for DIY gardeners. And they turned job waste into compost they now sell to local nurseries.
None of these required major investment. They simply found value in resources they already had.
And another similar story involved a marketing agency who realised they had developed a unique client onboarding system. They packaged this as a template for other agencies, creating a five-figure passive income stream that required minimal ongoing work.
Takeaways for Unlocking Hidden Value
Before looking outside your business for growth:
- Audit your existing customer relationships for upsell opportunities
- Identify knowledge and data you've collected that others might value
- Look for by-products of your work that could become revenue streams
- Consider how your main offerings could be bundled differently
- Explore subscription options for services clients need repeatedly
Most importantly, schedule time to step back and look at your business with fresh eyes. The value hiding in plain sight could be your easiest path to growth.
What's one untapped asset in your business you could start maximising this week?