• June 24, 2021

The Secret To Sustaining A Successful Business

By Jude Obuseh

Conserve your energy and resources by keeping them concentrated at their strongest points – Robert Green

It is the smallest bit of action (and inaction) that separates a successful businessman from a failed one. The difference between the winner of a gold medal and those that come second and third is measured in seconds.

What really makes this difference? What quality does the successful have that the unsuccessful don’t? Why do some succeed while others fail? The difference between these sets of individuals is single-minded focus.

The businessman, who learns to focus on his business, will ultimately master and succeed in it.  Focus on your business and master it. This is one of the surest routes to a successful entrepreneurship.

Once your business starts growing, there is always the temptation to veer into other profit-making ventures. This has the tendency of harming your core business as you are likely to loose focus and no longer be able to deliver satisfactory services to your customers.

After the takeover of the McKesson Corporation by foremost in 1967, to form a company of two unrelated businesses with no clear-cut strategy and direction, the company’s income shrunk. This was a logical consequence of the faceless and directionless posture of the new business.

This is characteristic of most startups. This largely stems from too much greed on the part of owners of these businesses who are usually in a hurry for too much profit. As soon as they start making some profit from their business, they venture into other seeming profitable ones. Thus, you find a single person packaging water, selling building materials, importing electronic gadgets, operating super market and manufacturing paint. How can these jumbled-up, unrelated businesses succeed?

A serous-minded business man must not wander from business to business, or be distracted from the stated mission, vision and objectives of his enterprise. He must learn to concentrate and stay connected to growing his business. Loosing focus and dissipating his energies in other ventures outside his own is a sure route to collapse, for whatever becomes bloated beyond its scope inevitably crumbles. Successful entrepreneurship is measured in terms of intensity, not extensity; quality, not quantity.

When you allow yourself to be distracted by other concerns outside your immediate one, you loose focus, which might be detrimental to the overall success and growth of your business.  Concentrate on your business, and wrestle it to submission.

The practical truth is that you cannot hit two targets with just one arrow. Once you stray from the stated objectives of your business, your business is in soup. You must stay focused. It is quite unfortunate that many entrepreneurs attempt to have their fingers in all pies and inevitably get burnt in the process. Focusing on your business gives it direction; a smooth path to success.

You may also have to assess aspects of your business that are making you loose money. Is the cost of production commensurate with your profit? Are you spending too much in transportation and marketing? If there are aspects of your business that are draining your resources, it is advisable to work on them and concentrate your resources on more profitable ones.

This route was followed in 1976 by the McKesson Corporation. Due to a change of guards that brought in Neil Harlan as President, in 1983, some surgery was carried out on the organization to shore up its profitability. This took the form of selling off 11 of its underperforming subsidiaries to make profit. By focusing on its core business― healthcare wholesale distribution― the company is now more able to meet the healthcare needs of its customers, consequently becoming the 15th largest company in the world.

Just like the McKesson Group and other thriving global brands, small and medium-scale enterprises can become successful by concentrating on their strongest points. They should avoid the temptation of branching of into other businesses for the mere sake of it.

Note: Although it is advisable to focus on only profitable businesses, there are times when dispersion is necessary, especially when opportunities to reduce your cost of production rear their heads. For instance a poultry farmer operating in the real sector of the economy can significantly reduce his cost of production and generate extra income by going into the production of poultry feeds and other related agro-allied products. Wise as dispersion is, it should not be carried out to the extreme, but should be done only when necessary.

Until next week, stay focused on all your objectives, resisting the temptation to overstretch yourself.

*** Jude Obuseh is a Nigerian-based Peace Researcher, Journalist, Scholar, Publisher, Life Coach and Entrepreneur He can be reached on: Tel – +2348168580211 or via E-mail at syncado2006@gmail.com

*** You can also read up the following posts by Jude Obuseh on this platform:

  1. Building Synergy For Business Success
  2. How To Gain A Competitive Edge Over Your Business Rivals
  3. How To Win And Maintain The Loyalty Of Your Customers
  4. The Ultimate Law Of Business Success
  5. The Main Key To Business Success
  6. 5 Tips On Staying Informed, while Working In Isolation Or Quarantine
  7. Five Strategies For Financial Solvency During A Pandemic
  8. How To Make Your Business Stand Out
  9. How To Make Your Employees Get You The Moon

Agenda Watchdog

Read Previous

Oil Infrastructure: BUA Partners Axens on 200,000/bpd Akwa Ibom Integrated Refinery

Read Next

Edo Guber Poll: There Will Be No Room For Violence – Pastor Ize-Iyamu