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The risk of losing focus

One of the greatest risks in running your own business is that you can lose focus. Business can become a routine and you can follow the wrong opportunities if you do not maintain careful focus on what matters.

Here are a few reality checks for you to make sure you are focusing on the right things. As a business owner you must:

  1. Know what your sales figures are at all times. Have them dissected accurately so you know what your ‘losing to sale’ ratio is.
  2. Never confuse turnover or sales with profit. Profit is what allows you to prosper after the bills have been paid. Remember, cash flow is vital.
  3. Know what status your business is in at anyone time. If I asked you at any time what your immediate and long-term plans for growth are, would you be able to answer?
  4. Keep good accounting records. Do you know what your strengths and weaknesses are, or what you need to do to reach your profit targets?
  5. Attack small problems quickly and extinguish them so they don’t have the opportunity to grow into bigger problems.
  6. Learn to hate waste. Turn problems into procedures so that you don’t waste money on unnecessary expense. Don’t waste an opportunity by letting a sales lead grow cold.
  7. You may not always be able to compete on price, but you can outdo people on service and quality.
  8. Identify the time distractions that can drag you away from the ‘main game’. The ‘main game’ is business success and growth, as well as allowing your profitable business to better people’s lives.
  9. Ensure you have structured your processes, service and marketing to ensure repeat business and referrals.
  10. Know what where your industry is headed and what the future opportunities and threats will be and adjust accordingly.

It is certainly not easy to remain focused on the important aspects of your business strategy and growth when as owners we are also involved in the day-to-day running of our businesses. However, for your business to achieve long-term success and growth that outlives external changes, it is necessary for you to regularly check your focus on the bigger picture.

How do you maintain focus and encourage momentum in your business growth? Do you find it easy to do?

What do you think?

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Rick Mapperson

Rick Mapperson

Rick Mapperson is the founder and managing director of Rick Mapperson and Associates ( http://sydneyinsurancebroker.com.au/), a personal insurance brokerage. Rick has been insuring people, particularly small business owners, for twenty years. Rick combines his skills as a licensed Financial Planner and his understanding as the co-founder of an Australian charity focused on families, to understand the best interests of his clients. You can follow Rick on twitter @RickMapperson

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