What is FOCUS in business?
Many of my business friends (including myself) had a wrong perception when we started our business. I personally think that I will be the ‘BOSS’ when I owned a business.
At that time, what was told to me, being a ‘BOSS’ is having lots of extra cash, drive big car, own big house and act like one!
Later, I found that the reality in business, it is tough. You are actually working 24-hour a day and 365 days in a year. Not physically…but mentally, emotionally and spiritually!
The most crucial part is to balance the account every month and ensure staff’s salary is paid in full on time.
In other word, we need to FOCUS. Focus on how to grow the business without the need to loan additional money from others. Though we can always grow our business using other people’s money (OPM) we should always try to minimise our liabilities.
These liabilities should be able to be turned into assets too!
Other source on how to generate revenue should already be in our business plan as you prepared them to start our business right? (read my earlier post on business plan).
Well, this is the time when you need to go through your business plan and review them again.
FOCUS in the business will enable you to formulate and generate new idea to add value to your current business which will later generate more revenue for you.
When you FOCUS in your business, you will know when is the right time for you to expand and to venture into other business.