When times get tough, sometimes the best response is to simplify your business. By having less to worry about and deal with, you can effectively concentrate on the more important aspects of your business, such as focusing on your moneymaking strengths.
What do I mean by simplify? I mean you should start to reorganize and re-evaluate what you’re doing, and how you can effectively make it easier. So let’s say that you run a multi-faceted business, but only really make money from one or two areas. If you decide to cease operations in certain areas of your business, it may end up benefiting you in a couple of ways. First off, it will mean there is less on your plate, so you’ll be awarded more time to generate new business for your more successful departments, while focusing your skills on what you’re best at.
For example, a friend of mine ran a golf business where he made custom-fit golf clubs and sold golf balls at discount prices online and out of a retail location. Although the golf ball business was making him some good money, he decided he could probably be more successful by getting rid of the golf ball business and focusing all his efforts on the custom club building side. So far, it’s worked out quite nicely for him -- not to mention, his overhead costs have dropped drastically.
By getting rid of the ball business, he was able to beef up his marketing efforts for the club business, in addition to being able to commit 100% of his skills to building top-quality golf clubs for customers.
Another way you can simplify your business is to go through your relationships, business cards and other people who are involved in your business in some way -- as either suppliers or customers. Evaluate which of them are causing you more harm than good. Therefore, you can get rid of anyone who is generally a headache to deal with because of their demands, payment issues or the fact that they are just seemingly dead weight. There is no point in maintaining the relationships that are getting you nowhere. Use the extra time to improve your good relationships and seek out new business.
By having less to worry about and limiting your wide spectrum, you can focus your efforts on bringing more enjoyment to your life and more success to your business.
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