It is true that being focused on your main goal can be helpful for your business to grow. The focus is the art of limiting the scope of your services to a particular audience you want to target. Lack of focus has even been shown to hurt business development efforts (as written on Forbes)
Entrepreneurs are hard-working individuals; they fight to boost their sales by introducing new features to their products and services. They think that new features will be appealing to their customers. But in reality, adding too many features to your products can render them less effective or even useless for many people.
How lack of focus hurts you, and how to manage it well:
Here are some reasons why lack of focus can hurt your business and what you should do to avoid these mistakes.
Not focusing on the main product:
Trying to focus on too many things and diversifying a premature business can distract you from your main goal and decrease your potential outcome. All you need to do is just to focus on your main offering and outsource rest of the work. Do not work hard, work smart.
“The main thing is to keep the main thing the main thing” – Stephen R. Covey, The Seven Habits of Highly Effective People
Not considering the profitability of your business and sticking to long-term plans with no outcome can fail you badly. Set short-term goals, like how much revenue you want to generate in the next year, and try to hit that target. This will help you focus on revenue. Cash is always king and wins forgives sins. You have to sell in order to succeed. And remember, as any good accountant or CFO will tell you, profitability does not equal healthy cash flow (which you can learn more about from the great people at profitbooks.com).
Failure to set goals:
Inability to set useful long or short-term goals can hurt you badly. So, set a definite and realistic goal and follow it. Once you reach that goal; assess your results, point out the flaws and try to improve them next time because that’s how big businesses grow bigger. And above all, eliminate the excuses in your life as to why goals cannot be achieved. In multiple time management and goal management studies, simply not allowing excuses in our lives would lead to more successful goal obtainment. Use S.M.A.R.T. Goals, as well as The BIG 3 (from Michael Hyatt), to help stay focused.
SMART Goals (Specific, Measurable, Attainable, Relevant, and Time Based)
Experts might help:
These steps seem very simple, but it is tough for new entrepreneurs to stick to the basics when everyone is just trying to skyrocket their sales and do a million things at once. Luckily for new entrepreneurs, there are many refined professionals out there who can help them with this. As New York Times best-selling author and coach, Jen Sincero says, you need to surround yourself with people who will help hold you accountable to your own mistakes so you can stay focused and driving forward. Sometimes this means getting new friends, sometimes this means investing in the right executive coach.
Either way, there is help out there so you can that become that incredible and focused entrepreneur you want to be.