At a networking session this past week those present were asked to discuss their product/service. Much to my surprise, several of the participants spent 3 to 4 minutes sharing on a multitude of different services and products that they offered. One of the participants asked the questions “What is your primary focus?” The same answer was given indicating that each had a lot of different directions.
A simple exercise will help anyone focus on the most important service/product to deliver.
➊ Make a list of all the different services/products you offer.
➋ Prioritize them in two different sections:
Section one: prioritize them by which of these services you enjoy doing the most.
Section two: prioritize them by which has the greatest profit potential.
As you look at the list you will find that one item will rate closest to the top in both lists. That is where your focus should be. One of the reasons for the high rate of small business failures is a lack of focus.
The job of a small business is to create the maximum profit possible. In other words, focus on what you do best and which contributes the most to your bottom line.
Once a business has stabilized its income and has a substantial reserve, then a careful look may be in order to select the next area for diversification.
Priority Focus works. Make it a part of your everyday plan and you’ll experience dramatic jumps in productivity and income.
Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack
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