There are all sorts of different things that go into making a business successful – with many of these variables being highly industry specific and nuanced, and many of them having to do with fairly common-sense things such as consistency, the ability to work hard, and so on.
One of the principles which is most consistently promoted by successful business owners, however, is the need to emphasise a degree of simplicity. In the words of Warren Buffett, “the difference between really successful people and everyone else is that really successful people say no to almost everything.”
The simpler you can keep things, the more you’ll be able to focus your limited time, energy, and resources on the most essential tasks at any given moment.
So, here are a few simplicity principles that can help your business.
Be willing to absorb costs in exchange for enhanced efficiency, reduced micromanaging, and more available time and awareness
Many entrepreneurs naturally fall into the trap of trying to do just about everything in-house, at least initially, as a cost-saving and bootstrapping strategy.
The bottom line, though, is that it’s often a much better idea to be willing to absorb certain costs upfront in exchange for enhanced efficiency, reduced micromanaging, and more available time and awareness. In other words, it’s worth paying for simplicity.
Something as simple as using the services of a professional Machine Tool Repair Company, or outsourcing your businesses computing solutions, can mean that you not only get higher quality work done on those dimensions of your business, but that you also have more resources freed up for working on your USPs.
If the project you’re working on doesn’t motivate you, there’s a good chance you should drop it
It’s a simple truism of life, and business, that we will all sometimes have to grind through on tasks that we don’t much enjoy, and that we would rather not have to deal with.
Chores are unavoidable – but if you notice that there is a major project or initiative you’re working on in your business that simply doesn’t motivate you, there’s a good chance that the best approach for you might actually be to drop that project or initiative upfront, and focus your energies on something that does motivate you.
In business, you need to be able to create products and services that will inspire your prospective customers and clients and fill them with enthusiasm. If what you’re working on doesn’t even fill you with enthusiasm, that doesn’t bode well.
Focus on doing a few things well, rather than doing everything decently
In business, there is always the temptation to try and do more, and more, and more – across a broader range of dimensions – in order to try and “cover all the bases” and appeal to as many prospective customers as possible.
Ultimately, though, trying to do too much simply leads to chaos, excessive complexity, squandered resources, and a good deal of stress. It also tends to lead to you becoming a “jack of all trades and master of none.”
Instead, focus on doing a few things well, rather than doing everything to a decent – or mediocre – standard.
Identify your USPs, filter out as much of the rest as possible, and work consistently.
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