Let me introduce you to the really useful tool the Boston Matrix or Boston Box.
It is often used incorrectly but the Boston Box is a great way to look at your business idea and market. The first time I used it was actually with a group of farmers.
It proved an interesting exercise. When I asked what the Cash Cow – the regular money earner – was they all replied milk (that was a good few years ago). When I asked what the Wild Cat product – the one that goes up and down – was they all replied goats and or venison. Products that had promised so much but never really delivered. Then they did. Then they didn’t. The Dog ( you know it. It’s the product or service that you work hard at for very little) was undoubtedly sheep. No money in sheep. Then came the clincher. What in farming was the Star product ? The product or service that gave you a really great margin and was none too competitive. Silence. Even more silence. Then a voice piped up. “Well its no farming that’s for sure”. The others joined in. “It has to be land based.” “It might be tourism but we have to start thinking differently.” And that is why doing the Boston Box is so effective. It makes you look at what you do in a different light.