If you’re going to be successful, and I do mean really successful, as in a great leader in your industry . . . you are going to have to fire up your business. You’re going to have to grow, and growing involves getting a team together. All of the most successful people have supporters. You’re going to need supporters too. You’re going to need people that help you get to the next level. Don’t fight economic history. Adam Smith taught us in The Wealth of Nations about specialization and focus, and the fact that some people are going to have economic advantages in certain areas, and other people are going to have economic advantages in different areas.
Focus on Strengths. I don’t need to bore you with a lecture about economics 101. What I do need to say is if we are going to be successful, we’re going to have to focus on what we do well, and spend less time on the things that we aren’t great at or don’t add tremendous value. That’s how we build amazing businesses. That’s how we transform industries. That’s how we make something bigger than ourselves.
For instance, if your focus is like mine – making and helping people build plans that really work and helping people achieve their dreams – you want to spend the majority of your time doing activities that lead to people achieving their dreams. That’s where the economic value is. That’s what people are paying you for. And if that’s your focus, and if that’s your goal, then people really don’t want to pay you to do other activities. You’re not adding as much value when you’re doing bookkeeping, typing, reconciling credit card statements, and emailing your staff. You can quickly see where the economic value is and where it isn’t, and we want to get you focused on your greatest value drivers, not on other ancillary items.
Focus on your Specialization. The first step in this whole process is to focus your attention on what creates value for your business. By building a team that takes care of the things that aren’t your greatest economic drivers, you are able to focus on your own specialized traits. This is what Adam Smith taught us hundreds of years ago.
Our future blog entries will talk about how to specialize, how to delegate and how to target in to your focus. But the first step is start thinking about focus. We need to realize that we deserve to have supporters to help us with our business. If the market is paying you for certain skills and efforts, you need to start thinking about what those are, and hone in on them.
Have you delegated? Have you built your team? Have you kept your focus? How are you getting to the next level? Write some notes on the comments below. We’d love to learn from you.
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Freeimages.com/Katy Smith.
About the Author
R. Shawn McBride — R. Shawn McBride is the Managing Member of The R. Shawn McBride Law Firm, PLLC. Shawn works successful, private business owners in their growth and missions to make a company that stands the test of time. You can reach R. Shawn McBride at [email protected] or 407-517-0064.
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