A Successful Growth Focus is a “Fanatical Focus”
This one phrase is so compelling for start-up entrepreneurs because, beyond running out of money, the lack of ‘absolute focus’ is the reason many new ventures (and some who have been around a while) are destined to fail. The reason companies run out of cash is caused by so often attempting to do battle on too many fronts at once. “Fanatical focus” should be the mantra of every start-up entrepreneur!
“Fanatical focus” for a start-up means getting your basic service or product into the hands of as many clients / customers as is humanly possible and in as short a time as possible with as much accuracy as possible. Anything else reduces results and is inefficient.
Let’s be clear, this focused behaviour is not normal, virtually every start up entrepreneur has numerous ideas, the attention span of a small rodent and is so desperate for rapid success that they find concentrating on the only thing that really matters almost impossible.
We can attempt to bring some order to this hectic world by acknowledging four basic guidelines.
Don’t let expanding the features and benefits ruin a good product.
Life will simpler, easier and far more successful if the product or service meets one basic need or solves one single problem. The tendency to design products that meet the needs of every conceivable customer is a common point of failure. Create a product that has specific well understood customers and keep it simple.
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Concentrate on delivery and quality of product, get the basics right and don’t just add features.
The next feature you add to a basic product will inevitably be in response to a customer “nice to have” or to add sex and glitz. Spend the money and time on making the basic product more successful.
Successful Growth Thinking: Market to specific targets and not widely.
Product development should come second to delivery development.
Very simply put there is no point getting orders or attracting customers that you fail to service, optimise the delivery and the customer experience before adding more product features.
As the business moves on there are further options for the fanatically focussed entrepreneur to achieve successful growth.
Trade initial profit margin for more customers or more revenue.
It really is worth growing a customer base early on at virtually any price to prove the concept, test the product and build credibility. It is far less expensive than marketing campaigns based on insufficient knowledge. Obviously it is important not to price too low, but there are numerous ways of making pricing an attractive apart from the headline.
Listen to customer feedback, they will help you build your offer.
This is how the business person builds successful growth and value into their price. Customers willing to provide feedback will suggest how to improve your service or product. Seek their feedback, early and often. You will always gain as a company who engages with their customer! Always provided of course is it the right customer and the one you are fanatically focussed on!
Any ordinary business leader can have ordinary focus. “Fanatical focus” is what successful entrepreneurs need, it’s what sets them apart from the ordinary and what makes them remarkable. If you’re lacking your fanatical focus then seek professional help from proven growth experts who can guide you.
Yorkshire Powerhouse thinking about Successful Growth
You’ve read our guide on Successful Growth – have you any questions?
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