Consulting.com Newsletter - Focus

Outline - https://docs.google.com/document/d/1Gbgm3j54w-16sLKjIwMijTsAGq95gHyFfrvLdG7FC0Q/edit?usp=sharing Subject Line: Focus Beats Hustle Subject Line: SOS Killing Your Business? Subject Line: Be More Like Apple Preview Line: This = your greatest asset %FIRSTNAME%, There have never been more opportunities to create success than right now. This is why the idea of limiting yourself to a single path can feel counterintuitive. Yet, I can tell you with absolute certainty that focusing on just one lane and sticking to it IS the best strategy for building a company with massive revenues and profits. I’m not just speaking from my own experience… If you speak to almost any high-level business owner they will tell you that their greatest superpower is focus. Entrepreneurs are typically driven by a desire to innovate, to solve problems, and to seize new opportunities as they arise. While this innovative spirit is a key driver of success, it absolutely can be a double-edged sword. When we split our focus and resources between multiple objectives or businesses, we end up only seeing incremental progress in each area… Instead of seeing EXPONENTIAL progress in a singular area. Many people know what "Shiny Object Syndrome" is, but I’d like to show you how it comes about… To go from a business idea/concept to a successful thriving company that’s filled with happy customers, the process looks like this: We start with high levels of excitement and motivation… And usually what happens is we start to encounter increasing levels of resistance which lead us to the “Valley of Despair” Quite literally, this is where you feel like you’ve tried everything but nothing seems to be working. This is where shiny object syndrome kicks in: Rather than continue to focus on our original idea… We start to hear and see other ideas that are more appealing, and we lose our focus and go chase another new object. The cycle usually happens more than once and this plagues so many business owners until they make a conscious decision to break free from this. The reason people fall into this trap is because of something called: Optimism Bias This is the belief that the new venture you’re thinking about will be successful despite not having objective evidence to support that belief. It appeals to us emotionally, but if we were to sit and examine it logically, we would realize that we’re just thinking the grass is greener on the other side, which isn’t true… The grass is greener where you water it. Here’s a quick side tangent to help you see a real-world example of this concept… When Steve Jobs returned to Apple in 1997, one of his first moves was to slash the number of projects from several dozen to just a few. The company chose to concentrate on producing a limited line of consumer electronics. This single-minded focus led to iconic products like the iPhone and Macbook, which fundamentally changed the tech landscape and catapulted Apple to astronomical success. When you pick one lane and stick to it, you’re able to hone your expertise, develop deep customer relationships, and perfect your operational processes. And another benefit of utilizing laser-sharp focus is that it becomes easier to set long-term strategies and make coherent decisions that bring you closer to your goals. The only time you ever want to diversify your business is when it’s a strategic move made from a position of strength… Not a reaction to early signs of success or the fear of missing out on perceived opportunities. So how do you know when it’s time to diversify or expand into another business? If you can say YES to all three of these points… 1. Market Leadership: You’ve solidified your position in your original market and have a majority of the market share. 2. Financial Health: You have more than enough capital and resources to take on a new venture without damaging your existing business. 3. Strategic Alignment: You can leverage your existing competencies or customer base with your new venture. Only then should you entertain the idea of diversification. Even if all three of those check out for you, I would still be hesitant to move into another venture. Building a successful company doesn't necessarily require reinventing the wheel. Often, it just takes a commitment to doing one thing exceedingly well for extremely long periods of time. In my personal opinion, sticking to one lane is the "best, simplest, safest formula for success." Rooting For You, Rian Doris