Tow Professional is a comprehensive publication for the towing and recovery market. It is mailed directly to more than 29,000 decision makers including owners, presidents, CEO's and principals of towing companies throughout the United States.
Issue link: https://towprofessional.epubxp.com/i/469006
H ave you ever considered develop- ing additional streams of income in your business using your exist- ing equipment and staff? Additional streams of revenue create much needed security and stability in a business as it faces changing economic conditions, increased costs, decreased profits, and seasonal fluctuations. One of the best ways to grow your business is through diversification. Diversifying can be risky but does not have to be. To avoid becoming another overextended small business story, you simply need a tool to help evaluate the legitimacy and potential of your diversifi- cation options. Every worthwhile diversification option must pass the "3 P's" test: People, Process, and Product. People: Mary Kay Ash is quoted as saying, "People are definitely a company's greatest asset. It doesn't make any differ- ence whether the product is cars or cos- metics. A company is only as good as the people it keeps." The "right" people make you profitable, the wrong generally don't. Evaluation Question: When diversify- ing, does your diversification opportunity possess the right people to execute your potential product with excellence? Process: Success on any scale is all about the process. The process starts with the product and then advances the company as it defines and streamlines the hiring of employees, marketing, accounting, expansion, etc. Evaluation Question: Does your potential diversification opportunity have clearly defined processes to execute the product as advertised with consistency? Product: The product must be equally excellent and relevant. Products that out- perform their peers have three differentia- tors: they inspire, they possess the poten- tial to be the leader in the market, and they create trust with their customers. Evaluation Question: Does your potential diversification opportunity have a product that excites you and also has the ability to stand out in the market? With a passionate and determined focus on these "3 P's", Snappy Box has created a new way for Tow Operators who already have rollback trucks, drivers, and extra space on a secure lot to diversi- fy by adding portable storage to their existing business. Owning and renting portable storage containers allows Tow Operators to tap into a $3 billion industry. The Portable Storage industry was creat- ed to provide a more convenient option for customers with self-storage needs. The portable storage container is brought to the customer's home or business where it is packed. Once packed, it can be 50 Tow Professional | Volume 4 • Issue 1 | www.towprofessional.com 50 | Volume 4 • Issue 2 | www.towprofessional.com The Three P's (People, Process, Product) of Successful Business Growth