Entrepreneurs and small business owners who follow the 3 tips below often enjoy success regardless of what business challenges are thrown at them. Those business owners who embrace these principles thrive during major economic downturns. And although these 3 tips may seem counter-intuitive at first sight, try them out and see how your results change:
1) Focus vs. Diversification
Most of us have heard that diversifying our interests offers security against loss. But in many cases the opposite is true. For example, if your competitor is giving 100% toward achieving a goal and you are only giving 50% to try and beat them because you’re focusing on other areas too, it’s pretty obvious that you’re going to lose almost every time. That’s why most people major in one subject — they want to focus on just one area so they can become an expert.
The same is true for your business and your finances. Security usually comes from focusing on what you do best, enjoy most, and where you put the most of your energy. Choosing to follow 3, 5, or even 10 different projects as opposed to concentrating in 1 or 2 will more than likely cause you to do those things badly.
2) Thinking Ahead Is Powerful
When times get hard, we sometimes stick to our survival instincts. So you stop looking to the future and only see what is immediately in front of you. The problem is that there is no leverage in tunnel vision. With your eyes on the horizon, your intention becomes clearer and distractions fall by the wayside.
3) With Happiness, Comes Success
Happiness is the number one thing that successful business owners have in common. If you are passionate and excited and you share that enthusiasm with your customers and employees — the sky is the limit. On the other hand, if you are bringing people down in your dealings with them, your future doesn’t look to bright.
Happiness and enthusiasm for what you do creates energy which translates into results on the page. When you are full of energy and excitement, you are doing the maximum for your team and your customers rather than just enough to get by. And you will be rewarded with maximum results in return. This “going the extra mile” translates into higher retention, greater repeat customer rates, more referrals and a larger bottom line — not to mention a greater overall sense of purpose.
Don’t let business challenges weigh you down. Push ahead. Even in the roughest of times, remember people need the services you office. And your ability to be at your best when people need you the most will make all the difference in helping you achieve what you want.
Having a trusted CPA and business advice professional like Scott A. Kunkel, CPA PC can help you overcome many small business challenges that come your way. Call us today in North Richland Hills at 817-498-1040.
To connect with us to receive updates throughout the business week, please follow us on Twitter or LinkedIn or Like us on Facebook.