Stick to Your Knitting
Most of us are familiar with the phrase, "Stick to your knitting." It is commonly defined as continuing to do something you are experienced at rather than venturing into something you know very little about.
Determining whether a new idea can be built with your knitting needles or requires a crochet hook you do not know how to use is not always obvious. So how do you decide? I suggest a simple three-step approach.
Start with Your Customers
Before pursuing any new product or service, begin by asking a simple question: Is this something our customers need or want?
The key is to avoid making assumptions. What you think customers need may be very different from what they are willing to buy. Do not fall into the trap of investing valuable resources before figuring out if your customers will pay for it.
The best way to gather this information is to ask. Customer surveys, focus groups, and one-on-one conversations with existing customers can provide valuable insight. These conversations often reveal unmet needs and opportunities that may not be obvious from inside the organization.
When I launched Seven Stones, my original plan was to focus primarily on life coaching services, with the possibility of expanding my offerings over time. That plan changed quickly when a prospective client approached me about business coaching.
This individual knew my background, experience, and capabilities. While the subject matter shifted from life coaching to business coaching, the core skills I was using remained the same. Coaching, finance, and operational knowledge were already part of my expertise. I was still using my knitting needles, just on a different project.
Determine Whether You Can Deliver
Once you understand what customers want, the next question becomes, "Can we do this?" Do you have the expertise and resources necessary to deliver the new product or service successfully?
Sometimes the answer is yes. For example, imagine you own a bicycle shop. You sell bikes and related equipment, but you discover that many potential customers are hesitant to purchase a bike before they know whether cycling is a hobby they will enjoy. A bike rental program could address that need. Your existing staff likely already understands bike maintenance and can help customers select the right equipment. The new service builds naturally on capabilities you already possess.
In other cases, you may need a partner. One of my clients was developing a comprehensive leadership development program. As a business and emotional intelligence coach, I could provide a portion of the content. However, the client needed expertise in areas outside my specialty. Rather than trying to become an overnight expert, I partnered with an experienced HR professional. Together, we were able to provide a stronger solution than either of us could have delivered independently.
Make Sure It Makes Business Sense
Even if customers want it and you can deliver it, there is one final question to answer: Will it contribute positively to the business?
New products and services require time, resources, and attention. They should generate profit that is additive to the organization, not simply create more work. Growth opportunities that distract from your strengths or dilute your value proposition can ultimately do more harm than good.
Sticking to your knitting does not mean becoming stagnant. It means growing in ways that leverage your strengths, serve your customers, and support your business's long-term success. Success is often found not in abandoning your knitting, but in discovering new patterns you can create with the skills you already have.