20 May 1 Simple Secret For Small Business Success
“If you chase two rabbits you will not catch either one.” -Russian Proverb
That is the secret to extraordinary growth for your small business. Focus. One thing. Feeling a little disappointed? Stick with me… there is more to this story.
As a small business owner, and entrepreneur, this can be one of the most difficult things to do. Everyday new ideas come up that you want to pursue. Inspiration comes easy to you. Because lets face it, if it didn’t you probably wouldn’t be an entrepreneur. Not to mention the To-Do lists that are pages deep and maybe even indexed or colored coded for different parts of your business.
However the secret to going up in life is to start going small in what you do on a daily basis. Our brains like to trick us into thinking success is this extremely complicated equation with hundreds of different variables and possible outcomes. The reality is success in any field is quite simple. There is a big distinction here between simple and easy. It’s definitely NOT easy but it IS simple.
Let me share with you an example of how this might look. When I was a sales representative I used to think that I needed to master all these different areas of the business in order to be successful. Yet some weeks there were reps on my team who had absolutely no idea what they were doing yet they out performed me. How is that possible? Well those reps focused their efforts on the ONE thing that actually mattered. Making phone calls and getting in front of prospects. Making that distinction that the ONE thing I needed to be doing was making calls is what led me to extraordinary results in my sales career.
“But Spencer I don’t know how to make sales calls!” Okay then your ONE thing would be to go and learn how to make those sales calls. After you learn how guess what your new one thing should be? Make those calls.
How Do I Find My ONE Thing? The Pareto Principle
The Pareto Principle states that 80% of the output will come from 20% of the input. So for example, if you plant 10 pea plants in your garden, 2 of the pea plants will produce 80% of the peas that you harvest from that plot of land.
The Pareto Principle was discovered by an Italian Economist by the name of Vilfredo Pareto. Not only is it evident in nature but it shows up in our personal lives and business lives.
To find your one thing is simple. Just take the 80/20 out of the 80/20. Keeping with our sales example, if I were to break down the 20% of tasks that I did in order to generate sales it would probably be: making sales calls, calling past customers, sending out email marketing, brainstorming more effective email marketing, and writing thank you cards to past clients to strengthen our relationship. Now to find my ONE thing I can take that list and find the 80/20 out of that. The ONE thing that generated 80%+ of my sales would have to be making sales calls. Poof! Just like that now I know what I need to be doing.
Exponential Growth – The Domino Effect
When you consistently focus on the ONE thing, the most important thing for you to be doing at any given moment, you are able to start taking advantage of something called “The Dominoe Effect”
“In 1983, Lorne Whitehead wrote in the American Journal of Physics that he’d discovered that domino falls could not only topple many things, they could also topple bigger things. He described how a single domino is capable of bringing down another domino that is actually 50% larger”
So what does this mean for you and your business? Well if you topple the most important domino for the day then next day your able to topple over a domino a little bit bigger. Each day your able to tackle a bigger domino to the point were your results are off the charts.
If you were to start with a domino two inches tall and each domino knocked over afterwards was 50% bigger by the 30th domino it would be bigger than Mt. Everest. By the 57th domino it would reach the moon.
So as business professionals we need to learn to stop chasing two rabbits and instead go catch the first one.
Resources: The One Thing by Gary Keller & Jay Papasan
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