We do lots of things – sometimes at the same time. I am going to challenge you to think about your business a little differently. Imagine that your business is profitable. Not just a hair into the black, but doing comfortably well. That may be hard to think about right now, but go with me for a minute.
What I want this exercise to do for you and your business, is to identify those areas that are true profit centers. It is easy to keep throwing out products and service offerings to your customer base to see what sticks, but in reality, we all have a small core profit base that if worked better could bring us higher profits.
What area of your business brings you the highest profit? What areas bring you the lowest profit (or none at all)? Take these two areas, and determine the percentage of time you spend on each of these. My hope is that your highest profit area gets the most of your time. If that is not the case, what do you need to STOP doing?
Business owners sometimes have the tendency to tryout new ideas – which is good! I am all for enhancing, evolving and making more efficient processes and products that continue to generate a customer base, and most importantly a profit, for your business. What I see happen over and over again, is those new ideas that stick around for a lot longer than they should. Like an houseguest who has overextended their welcome, these non-profitable and non-productive ideas have to go! Give them a little send off if you have to, but by no means see this as a failure. The best ideas are formed on the back of trying out a lot of so-so ideas.
So I ask you: What can you STOP doing today to give yourself and your business the breathing room to focus on your most profitable area?