New entrepreneurs who start up a small business have an enormous task at hand. One of the biggest tasks is simply getting the small business off the ground and going with some momentum. Unfortunately, for many new small business owners and entrepreneurs, their new business takes longer than anticipated to acquire that forward momentum. Much of that failing is due to a lack of business focus.
We live in a world where everything is “instant”. We have On Demand television so we can watch our favorite shows anytime, rather than at the scheduled broadcast time. People want to drive a new car off the lot the same day through an instant loan application and decision. And, of course, we want our meals instantly via fast-food chain restaurants.
However, our desire for instant gratification does not necessarily apply to growing a business. Most small businesses are not successful overnight. In fact, it may take years to even become profitable. Even Ray Kroc, McDonald’s founder, said, “I was an overnight success alright, but 30 years is a long, long night.”
With that said, a small business owner needs a particular laser-like focus to steer the businesses toward his or her goals.
But what do you need to know to keep a small business focused like a laser beam and on track for success?
Keep in Mind the 3 Ways of Business Expansion
A new small business owner has three options for growth:
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Continued marketing expansion and growing customer base of current product or service offering. – This is simply the growth of a business through new customers, wider distribution, and expanded manufacturing of current business products.
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Adding companion products – A small business can also grow through the addition of similar or complementary products to those already offered.
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New product line – A small business can also expand and grow by developing a completely new line of products or services to offer customers.
In normal business evolution, an entrepreneur will continue growing a business through the original business product line. However, in these days of instant gratification, many impatient entrepreneurs will likely want to try “new things” to kick start or jump start a business into success.
These efforts rarely succeed, and in fact, usually have devastating consequences to the original business. It is best to apply focus, as well as a healthy dose of patience, to an existing business product line before expanding through new business lines or additional products. You want to ensure that you have enough cash flow and quality control in your original product lines before diluting your efforts with new ones.
5 Laser Focus Strategies
Once you have ascertained the best ways to grow your business, there are five ways you can apply smart focus to helping your company thrive.
- Set goals – How will you know if your business is growing unless you have something to work toward? Set goals for your business. It could be financial goals, customer base goals, production goals – whatever you feel would help your business grow.
- Set regular review periods – Small business growth doesn’t just happen by osmosis. You need to set regular review intervals to check how well you are progressing toward your goals. This allows you to make adjustments as necessary.
- Question new opportunities – A new business opportunity may seem like a good deal at first glance. It could be a joint venture, a modification request to a current product, etc. However, remember that you are trying to meet a goal already set. Seriously question whether it is the right time for a new opportunity for your small business.
- Know your strengths (and weaknesses) – You must know what you are good at, as well as areas that need improvement. Your business growth will more easily happen when you focus on where to excel and where to improve.
- Learn to say no – As mentioned, it is easy for a new entrepreneur or small business owner to want to try different things. Learn to say “no” when an opportunity takes away focus from your goals.
You can avoid the common downfalls of most small business owners. Avoid becoming a failed business statistic. Learn to focus your business on growth by setting goals, knowing what you’re good at, saying “no,” and regularly review your progress. In the end, you are likely to be a more successful business and entrepreneur.
