Caution: Shiny Objects Ahead

Being a business owner can make you feel caught between childhood and adulthood. In many ways, you’re the most “adult” you could ever be; responsible for other people’s salaries, stakeholders’ investments, and an entire brand. But in other ways, it’s like being a kid in a candy store. There are so many possibilities for driving growth and expanding revenue, and it’s tempting to grab for it all. Why not sneak some extra Skittles into your bag? 

But, focus in business can determine your ultimate success or failure. So even though it’s fun to imagine embracing all the technology, business models, management principles, etc. that pop up and promise big results, one of the best leadership tips I can give you is to define your business vision – and hold on tight. Here’s how. 

Find Your North Star

Every business owner needs to find their North Star and stay focused on it in order to find success. But the problem is that many never even know what theirs is, or even that they need one. Some people talk about the North Star in business solely in terms of metrics. For example, a hotel may consider “rooms booked” to be their North Star metric, while a social media platform might think of theirs as their “daily active users.” But this isn’t what I’m referring to. When I say North Star, I mean your business’ purpose. 

So, what is that? Think beyond simply what your products or services provide, and consider the greater impact you’re aiming toward. Going with the same industry examples above, a hotel’s purpose may be to provide affordable stays that allow people of all income levels to travel in style. A social media platform’s purpose might be to connect family members who live apart. The purpose of your business might not have anything to do with the handcrafted works of art you sell (at least not directly), but everything to do with leaving a legacy for your family. Find your North Star, and be very clear about what is. 

Put On Blinders

This is probably the only area in business in which I would encourage you to put on blinders. Think about all the “shiny objects” that crop up every day and vie for your attention. Whether it’s the latest marketing software, the trendiest new sales techniques or the most elite management training, there’s always something bigger and shinier and faster and stronger and just… more. And this is why the smartest business owners keep a pair of blinders handy. 

Sure, you also need to consider new avenues in order to avoid becoming stagnant and continuing growing your business. But looking at a new marketing approach and evaluating its potential ROI is useful. Chasing down the trendiest instant messaging service for your employees? Probably not. 

So, put on your blinders. If your team communicates well via email, texting and phone calls, great. When you hear about a new ESP-based employee communication system, don’t waste your time checking it out. If your company already gets stellar ratings on customer service, don’t ogle the new AI-driven robot that promises to improve your customer service and serve up waffles for your team… even if your competitor has one. 

Of course, these scenarios sound ridiculous – and they are. But you get my point. If it ain’t broke, don’t fix it. And I’d add… if it ain’t broke, don’t be tempted by all the software tools, popular workshops and other sorcery that promises to fix it for you. You know your business better than anything, and that goes for its weaknesses and strengths. Stay focused, and relentlessly follow your business vision. It’s the only path to success. 

How do you stay focused? I’d love to hear.