Thoughtful Thursdays - Oh look, another shiny coin...

I agree with what Mark Evans recently wrote in the Toronto Globe and Mail about turning down work if you cannot deliver. He talked from personal experience and suggested that by being selective in the work you take on, it will allow you to focus on what you do best.

New businesses are often so eager to achieve sales they will take on almost anything, even if it takes them outside the scope of the original business plan. Not that this is bad, but you need to be aware of possible consequences. In many cases new business owners must do this to make ends meet.

Chasing all the shiny coins can dilute your product or service offering to the point where your business is no longer the best at anything. A Jack of all trades is not necessarily a bad position, but consider this. Will your business be more successful doing many things just okay or one or two things incredibly well?

This will also relate to the profitability of your enterprise. The 'sell to anybody' businesses normally operate at lower margins an in a more competitive market place than the specialized, targeted shops. Both options can be successful. 

If you are operating a small business, can you afford to be everything to everybody. Going back to Mark Evans article, it is often a better choice to be selective, take on what you know and excel at it. By focusing on what you do best it puts you in a stronger position to accept or decline business outside the scope of your normal offering and keeps you in control. You can choose to add to your business when the time is right for your business.

It is acceptable say no.

Good selling,
Richard