So what do you usually do?
For most of us the natural thing to do when we are faced with making a decision of some significance to our business is to go and find the specialist, the expert in that particular field. You could go to a generalist. A generalist will have some knowledge in a lot of areas. The expert will have in-depth knowledge in a specific area.
Experts don't become expert overnight. They become expert because of the time they have spent working in that particular area.
And because of the time they have spent in that area, they have found all the tricks and traps. They have probably made all the mistakes, and learnt from them, the mistakes that you are likely to make venturing into the area for the first time.
When you have a specific need, who are you more likely to go to? If it is a simple problem it is quite likely that the generalist can help. But if your requirement is complex and/or expensive then the specialist, the expert is the one you will turn to.
There is another factor to consider here. As the range of choices you face expands, businesses start to specialise more and more in specific areas to give themselves an advantage. Niches get narrower and narrower as people seek that point of difference that will make them stand out as the expert, as the ‘ones to go to".
Which leads me to my final point. What does this mean to you? Have you established recognition as the specialist, the expert, the business to turn to in your market? And if not, why not, and what do you have to do to become so?
Some profit losses are pretty obvious - so you fix them.
BUT, what if you don't know profits are leaking, cash out the door?
Possible leaks could be anywhere.
Are there some clues or symptoms that are tell-tales?