In my business, I have business growth goals. I have a number of services that I perform as follows:
- Strategic Planning and Execution
- Strategic Tax Planning
- Tax Preparation
This summer I made the decision that I would only work on growing the Strategic Planning and Execution and Strategic Tax Planning service lines. These are the two areas of service that I excel at and that are the most valuable to my clients.
Once I decided that I would focus on Strategic Planning and Execution and Strategic Tax Planning, I also made the decision that I was going to limit the growth of Tax Preparation, Accounting and Payroll. The reason why I decided to limit the growth on Tax Preparation, Accounting and Payroll is because I want to focus my energies and resources on the service lines that I deem to be the best growth areas of my business.
One of the fundamental principles of economics is that we have limited resources. We have limited finances. We have limited time. I still have yet to meet one person who has more than 168 hours a week. Because I have limited resources, I have to prioritize the use of those resources. I want to make sure I am using my resources to provide the most good for the investment of those resources. I want to receive the highest return on investment for every hour and dollar I invest.
This is where focus becomes a force multiplier. A force multiplier is a military term. A force multiplier is something that amplifies your efforts to produce more output. Tools are force multipliers. A screw driver enables me to insert a screw into a piece of wood. An electric drill also enables me to insert a screw into a piece of wood. If I have a choice to use a screwdriver or an electric drill to insert a screw into a piece of wood I will choose the electric drill every time. The electric drill is a better force multiplier than the screwdriver. By using the electric drill I will spend less time on inserting screws into a piece of wood than if I use the screwdriver.
Here is a simple question. Am I going to focus on my business goals or am I going to be unfocused on my business goals. With focus, I make the decision that I will do certain things. I also make the decision that I will not do certain things. When I get a phone call from someone who wants me to do a personal tax return, I have to look at my question. Am I going to be focused or unfocused. I’ve made the decision to be focused. This means I have to tell the person that personal tax returns are a service I’m not taking new clients for.
I can’t be all things to all people. I have to choose to be focused.