Do one thing and do it well. Do it better than anyone in the area. Do it better than anyone in your county. Do it better than anyone in the state, or even the nation. Most business owners make the mistake of being in too many different businesses at once, and for most of the 1990s I was one of them.
It’s amazing how easy it becomes to justify buying a $10,000 copy machine to cut down on your print-shop bills when the payments are just $89 a month. Or to expand the line of products you sell to your existing client base beyond the areas of your core business. While clients may trust you with their billing, they may not trust you with their office supplies or vice versa. Focus on being known for one concept and build your business around that core value.
Once a series of solutions has been generated, the next step is to prioritize each possible solution based on vital factors, such as time, money, effort required, and resources available. Cunningly Clever Entrepreneurs have a unique ability to identify which idea will make the greatest possible difference, in the shortest possible time, using the least amount of resources, both financial and human.
Before making a final decision, ask the question “What’s the worst thing that can happen if I make this decision?” Once satisfied that the rewards of your decision outweigh the risks, take ACTION! Do not procrastinate on making a decision; procrastination is very often the enemy. Few problems grow better with time, most grow in size and complexity.
There are lots of concrete things business owners can do to measure the performance of their businesses. You can measure profit and loss, the number of clients you have, your market share, or the number of widgets that you can produce in a day.
These are all important measures that can be seen in black-and white reports, but there are other less tangible items that should be also be measured.
Other than the very obvious problems of stretching themselves too thin, both from a cash flow and talent point of view, the number-one reason that causes second locations to fail is simply the lack of business systems. When an owner opens up a second store, he or she naturally assumes that the second store will be run just like the first. The only problem is they forget that you can’t be in two places at once.
Business methods and protocol that the owner takes for granted are not followed at the second store, or if the owner opens the second store, they soon go by the wayside at the first location. With systems, this cannot happen.
The number-one reason many companies fail is not what you think it is. It’s not poorly thought-out campaigns, the wrong media, poor strategy, or lack of funds. It’s EGO! That’s right, ego. Pure and simple human ego destroys more companies, loses more battles, and kills more marketing campaigns than any other factor!
When people make business or marketing decisions that are based on ego rather than a proven plan for the orchestrated accomplishment of clear financial goals, they make poor decisions.
They make decisions based on what they like, not what works!
Double your income in 60 seconds! Sounds ridiculous right? I mean, if increasing business was that easy you’d already have thought of it and EVERYONE would be doing it, right? Actually, no. In fact, you’d be astonished at how easy it is to increase income. It’s so simple that no one ever seems to do it! Before I give you the answer, let me share one old and a couple of recent experiences with you.
Several years ago I toured a very high-end Florida real-estate community with my wife. During the 45-minute tour the salesman on four occasions told us what he thought of “rich” people. (Apparently, as we told him we were looking for only a million dollar house, he did not think us one of the evil rich people!) He trashed the president (Bush), which I know was a popular sport back then, but he should have found out which way I learned before doing it. To top it all off, at the end of the presentation, he said, “That’s it, no high-pressure sales here!” FINE, and there are no sales happening there either!