“Keep the F-word in mind – focus,” a director at MIT’s entrepreneurship center recently told the New York Times. “The No. 1 reason new businesses fail is lack of focus.” Liz Ward, principal of Thought Partners, agrees, saying it can make or break your business.
“I see this all the time,” says Ward. “Fast growth business owners find themselves distracted by ‘act-now opportunities’ that promise revenue and don’t seem to take a lot of resources.” Too often, says Ward, owners find their attention pulled away from the main task at hand, to the detriment of their core business. “One of my colleagues calls it ‘CEO ADD.’”
As consummate multi-taskers, women owners especially run the risk of getting sidetracked. Small and midsize businesses are often tempted to take on new
projects for cash. But “opportunities” outside their main focus can end up hurting them in the long run. Ward warns against saying “yes” to projects that take resources away from the firm’s core mission, especially during tough times.
She suggests determining whether the company can still deliver on its most crucial product or service 100 percent despite this other opportunity. If the answer is ‘no’, then Ward says to turn it down. “It’s not intelligent risk-taking.”
Other strategists say making conscious decisions to be “single-minded” about what to focus on and ignoring outside distractions leads to better concentration and positive results.
Bonus PINK Link: Check out more tips on the importance of staying focused in our online exclusive.
By Cynthia Good
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