The Top Five Minority Business Mistakes And How To Avoid Them (Part I - Continued)

Mistake Number One: Failure to Focus (Continued)

The Robert Frost poem, The Road Less Traveled says “Two roads diverged in a wood, and I – I took the one less traveled by, and that has made all the difference.” Everything changed when I stopped and assessed the roads before me. On the one hand, I could continue on the path of “networking” at multiple events and driving myself batty with little result or I could take the road less traveled – the road of reflection.

On the road of reflection, a business owner must cease from his efforts, reflect on his purpose, direction, strategies and results to see if it is working. If it is, then wonderful! That business owner should just continue to build on that solid foundation. But if not, as it was in my case, the business owner has to have the courage to make needed changes.

When I realized the dead end of involving myself in multiple organizations with little result – that is, spreading myself too thin – I made two key decisions that you should also consider. I immediately cut the ten or so organizations that I was involved in to two organizations that I would focus upon for business-building. Second, I decided that I would put in meaningful time, financial resources and service with those organizations in order to build relationships and to serve others.

Thus, I went cold-turkey on all of the evening business mixers, luncheons, match-making events and others and began to focus on the two organizations that I felt I could best build upon, substituting quantity for quality. As the quote from the Frost poem above states, this made all of the difference. In a short period of time, I had built significant relationships within each organization and I leveraged those relationships into a business that went up like a rocket.

Sometimes our business relationships are a mile wide but an inch deep. I would suggest narrowing your focus to your best prospects and deepening those relationships. A few quality relationships will yield a much greater harvest than several superficial ones. Ultimately, you are the benefactor of this strategy on many levels.

You will develop business relationships that last a lifetime – the kind that keeps on giving – year in and year out. You will cut down on your “busy time” and increase your quality time; and you will develop actual business much faster because you will build rapport and trust with your targets. People like to do business with people they know and trust.

Perhaps you are making Mistake Number one right now. You are spread too thin, looking for leads and business in too many places. This may be your time to stop and assess your business and your strategy. If you have fallen victim to this deadly mistake, then you can reverse your direction right now. Take a few hours aside and think this through. It will make all the difference!