Starting a profitable business may seem like a difficult objective that very few people achieve. In reality, however, starting is probably the easiest part. Maintaining success is where one’s abilities will be put to a real test. This is because the entire concept of entrepreneurship revolves around longevity. Businessmen and women aim to create companies that will operate for a long time. After all, almost nobody invests in businesses that are likely to fail in a few years. So, to achieve long-term success, what are some distractions that sole proprietors should ignore? The following are some of the most common sticking points that successful companies like Corbet Design Build have learned to overcome.
As counterintuitive as it may seem, success can be one of the most costly distractions. This is because it often promotes carelessness and relaxation in times when neither is beneficial. For instance, think about a company that had a great quarter. Taking a day or two to celebrate may seem like a reasonable thing to do. And rightly so. The problem, however, is the fact that countless businessmen overextend their celebration of new-found success. Consequently, their achievements slowly get overshadowed by new failures as they are unable to focus on anything besides the recent victories.
The notion of failures taking a role as distractions may seem just as strange. This is because they are quite similar and affects the entrepreneur in an equally negative way. When someone’s venture takes a hit or fails completely, the natural instinct is to quit. This comes from humans’ reflex to get out of the way of something that causes injury. Thus, abandoning the sinking ship or putting a stop to a failed business plan is not uncommon. Sadly, many businessmen focus on their failures to a point where new ideas become nonexistent. Thus, although it is important to learn from failing, one must know when to get rid of the chip on one’s shoulder.
Competition is one of the most critical factors in all markets. It is what drives the prices down, promotes innovation, and forces creativity. Think about the way that companies fight for each customer through better offerings. Nevertheless, competitors should never be one’s primary point of research. Meaning, entrepreneurs should not let themselves get distracted by what another business is doing at all times.
If Bryan Garvey, the CEO of Corbet Design Build, only monitored his construction competitors, per se, Corbet Design Build might never get out ahead. So, the notion of making one’s own way truly takes an important meaning here. It teaches sole proprietors, big companies, and any other organizations about the power of uniqueness.
Undoubtedly, the easiest way to attract a younger audience is to connect one’s company to the current trends. For instance, it could involve marketing campaigns that reference popular happenings in pop culture. This is also where the creativity mentioned above comes in handy. Once again, however, knowing where to draw a line is crucial. If a company is continually playing catch-up with current trends, they could lose customers that they already have. Not to mention that excessive focus on recent happenings does little for valuable ideas and business plans founded in established methodologies.
Ultimately, the notorious enemy of every productive business person is procrastination. For those unfamiliar, this is what takes place when somebody delays the completion of their duties. The part that is very scary about this distraction is how it begins. Contrary to the previous four, procrastination may present itself in the most seamless and unnoticeable ways.
For example, postponing a reply to an e-mail is quite literally the definition of the concept. Eventually, it escalates into much more than an e-mail and can cause serious consequences. To that end, businessmen and women should always keep themselves accountable and minimize any delays or excuses.
Focus and Prioritization
The list of dangerous distractions in business goes on. In fact, there are very few things that cannot be classified as potential distractions. Simply put, everything from politics to social interactions can somehow slow down progress. The easiest solution is to learn how to prioritize and apply selective focus to avoid any issues. It means only focus on the few issues that really matter.