5 Ways to Keep Your Eye on the Prize as a Business Owner

Owning and operating a successful business is a marathon. While you may perform sprints to complete certain important projects, they’re just one part of the (hopefully) long business journey. It’s necessary to see things that way to enjoy a proper sense of perspective. Balance is required to maintain a steadfast focus on the prize as a business owner. With that said, there are other factors at play too. So, here are 5 ways to not get distracted and remain focused on your business goals.

1.      Ensure the Goal or Prize is Meaningful

While increasing the revenue by 5% might look good on the numbers, it’s hardly inspiring. Employees and you as the owner will struggle to feel motivated. In which case, if the goal cannot be changed, at least change the angle. What do we mean by this?We’d suggest digging into the individual parts of what will drive the 5% growth. What must go right and what must be avoided with potential setbacks along the journey to achieve it? Break the goal down into smaller milestones to knock off one by one. Drive those results home and the uninteresting but still valuable goal won’t deter you. Alternatively, set a new goal that is motivational!

2.      Don’t Get Distracted by Background Noise

Avoid getting distracted by background noise. It depends on the business as to what that noise might be. Focus on the core business activities and outsource the tasks that are necessary but don’t relate directly to them. Some tasks are important but aren’t core activities. Nevertheless, they cannot be skipped. For example, a building must be well maintained,otherwise it will go into disrepair. There are disadvantages of no insulation in a building’s attic, especially when it’s a home with a private office. It’ll cost more to heat and it’s harder to retain cooling too. This could distract you on days when you’re working from home to be nearer to the kids. So, still do tend to important necessary details, but hire them out to people skilled in that area. That applies whether you work from a home office or lease an office in the downtown area.

3.      Avoid Comparing the Business to Others

Making comparisons will only make you unhappy. There will always be larger competitors, people that outbid you, beat you to market, or something else. Be realistic about the current capabilities of your business to not expect more than can be reasonably expected of it.

4.      Check the Data Regularly (But Not Too Much)

Monthly financial reports are too slow for some fast-growing businesses. And when you’re an eager small business owner, you need updated information. On the flip side, don’t overly obsess with the date. Appreciate that overly short date ranges with data collection may provide meaningless information. A website’s traffic, for example, maybe analyzable over a weekly or monthly basis, but it can exhibit too much variance on a daily basis to draw any meaningful conclusions on traffic trends. Find the sweet spot for when data provides useful information and only check it that often.

5.      Have a Life Outside of the Business

Being obsessed is all very well, but it can lead to a one-sided life. While for the early months of a business that may be true, it’s necessary to have a life outside of work. Even when you love what you do, both your mind and body need a rest. Adifferent stimulation like sports or meeting up with friends helps to avoid burnout.

Find balance in your pursuit of a worthy business goal. It makes it more enjoyable and likelier that you’ll succeed too.

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About the Author: Mike