We were recently challenged to work with a client who had difficulty deciding which markets and products they wanted to focus on from the leadership level. In reality, it was discovered there was a new untapped market and opportunity that they could fill. However, while related, it was separate enough from their original business and product offering that this made the focus that the leadership wanted to take, well, difficult.
When Hedgeway Group was brought in to work with them, we decided that it was better to split up these opportunities into two separate companies, and brands. We knew this because, from an employee level, there was confusion as to what exactly their job was, and what to focus on day-to-day. There were other signs, of course, but the leadership team agreed that, by separating the new opportunity into a separate brand and having dedicated employees to each side would make things much clearer.
We came up with separate V/TOs (Vision/Traction Organizers) for each company, which led to the employees having clarity on what they could focus on, and let the leadership team focus on growth for each brand separately.
The truth is it’s hard to know exactly how or when to ‘split up’ your company. Sometimes, and many times, companies can offer different products or services and have no trouble at all, but usually in these cases, the products are more related than not. The more you separate the relevance and relation between the two products, the harder it is to tell if it’s worth separating your business into separate brands. But more importantly, the main tell is if employees or even the leadership team is arguing or unclear on which product they should be focused on.
Is your business struggling with this choice or similar issues? Set up a free introductory meeting at www.hedgewaygroup.com/contact-us to see if our services could bring value to your business.
