We say it often. It is something we tell our clients and ourselves on a regular basis. You must focus your business and your efforts on what you do uniquely well. It makes logical, common sense.
But it’s not that easy, is it? We know this too.
You have grown your business to offer a variety of services to a variety of customers. You are growing and profitable. Your customers are fairly happy. Your employees are fairly happy. Why would you…how could you risk that?
The truth is, if you want to grow in value and become great you must focus. It is one of the most difficult, courageous things that you will do as a business owner. It takes discipline, rigour, and a shared belief in a vision. And it will take you to greatness.
Here are some pointers to keep you on the focused track to greatness.
1. Focus your business on what you do well, what is different, and what your ideal market needs.
2. Identify your ideal client and stay true to them. Don’t spend a dime marketing to anyone but that ideal client.
3. To truly focus, you will have to say no to clients who don’t fit your ideal.
a. Set three and five-year horizon goals for what percentage of your business will be made of your ideal client and create a scheduled path to get there.
b. Focus new business development on the ideal client and don’t renew with clients that aren’t ideal.
4. Most importantly, remind yourself: what is at risk if I don’t focus? While revenue may be increasing, most likely your efficiency isn’t.
a. You will lose the ability to raise your price point because you don’t have differentiated expertise or value.
b. Your brand will become diluted and inconsistent.
c. Your employees will become frustrated and feel unsupported because they are spread thin, or work in areas they are unfamiliar with.
It’s not an easy path to take, and there are few with the courage to pass up on business they know they’re capable of. But, by focusing on what you do best you add more value to your clients and to your business. That’s where good can turn into great.