Women's Business Blog

3 Reasons For Women Entrepreneurs To Be Laser Focused

Posted by Vicki Donlan on Mon, Jan 21, 2013 @ 08:01 AM

The fact is women are terrific at multi-tasking. There is no question that women can and do juggle multiple tasks throughout the day much better than men. I know this because over the years I've juggled my way through home, work, motherhood and community activism. My husband - well, he seems to juggle finding his keys and his cell phone - but when it comes to work his eyes and head are totally focused.

As a business coach, I tell my women in business clients, particularly startup clients, that just because you can muti-task doesn't mean you should. I learned from starting, growing and eventually exiting my own business that it required a laser focused approach in order to get where I wanted to go. Multi-tasking may be valuable at home while making dinner, watching over the kids homework, and making a list for the following day's meetings, but at work multi-tasking is a business killer! 

Startup businesses, particularly, need a solid plan and someone who is determined to put one foot in front of the other consistently regardless of what is happening while doing it. Every business takes time to gel or, better said, time to find its niche in the marketplace. A well thought out business plan should have a reasonable timeline that forecasts how long it will take the new business to start generating revenues. I recommend to most of my women entrepreneur clients to look at that timeline and add 3 to 6 months before throwing up yours hands and jumping ship on the plan. Obviously, there are times when the orginal concept may need tweaking or even a complete overhaul, but in most cases a startup will take longer than expected to generate revenues to reach the break-even point.

Some of the most laser focused business people prove the importance of this skill: Oprah Winfrey is the first to come to mind. (In this example, I am referring to HARPO Productions where Oprah used laser focus to build a brand - not OWN where she admits to listening to much to others). One only has to look at how she built her brand over decades to become a woman of influence. Her Favorite Things and her Book Club sell more product than any other person on the planet.

Steve Jobs was another laser focused business person whose personality, although eccentric, and drive clearly did more to build a successful business, Apple, than any other person in modern history. Take time to read Steve Jobs by Walter Isaacson to learn just how focused and determined Jobs was in everything he did. However, I am not recommending you go off the deep-end to the extent Jobs did, but he is a mentor for those who find it difficult to stay focused.

So, here are my 3 reasons to be laser focused in your business:

(1) Hiring Talent - Your business plan should clearly map out the talents and skills required for each responsibility needed to operate the venture. When hiring you must fill those roles with the people that can execute the work. Each person on the team should add value for their expertise which in turn strengthens the business model for the future. Hiring people from your family because they need the work, or people from your past work experience just because they follow your direction does not take your business to the next level. Seek out people who will challenge you to be your best while they do their best. Oprah is a perfect example as she surrounded herself with people who were the best at what they did while she focused on doing the best she could.

(2) Creating Product/Service - Your business plan should make the case for exactly what your product/service will look like and why it fills a need in the marketplace. You MUST be able to hold your ground as the naysayers tell you that because they have never seen something like "it" before it won't work. REALLY? I heard that regularly about my newpaper, back in 1998, when I launched a women's business newspaper with a full page photo of a businesswoman on the cover. I was told, "It doesn't look like other business newspapers", "It won't work because people want to see something that looks like the Wall Street Journal." I help my ground. I knew that in order to entice people to pick up my newspaper they would have to be intrigued by the cover. Well, they were. Every issue brought calls from business men and women wanting to know how to contact the businesswoman on the cover - for a board position, for a speaking engagement, for a meeting or just to congratulate her. As Steve Jobs said, "People don't know what they want until you give it to them." He's right! If you have a unique concept for a product or service and you can make a strong case for why people will want it - Go for it! Don't lose focus when every well-intentioned person you know tells you why it won't work. If you keep changing it along the way you'll never know for sure that your original concept was wrong. Believe in yourself.

(3) Money - Your business plan should have reasonable assumptions on how much money it will take to launch the business and get to break-even. As I said earlier, always be prepared for the process to take longer than expected. Make sure that you are spending your money in ways that move the business forward. A laser focused approach on how you expend your financial resources is the most important area for women entrepreneurs. It is easy to lose focus on expenses when you are offered something that promises you faster success for money upfront. I could say, there is no free lunch in business or no get rich quick scheme that will get you where you want to go faster than plain hard work and time. For example, over the years I have heard from my women business clients, "It's only $5,000 a month to hire a PR consultant." The question is have you calculated how many months it will take to get you noticed and build a brand. Coke, Pepsi and yes, Apple, have spent $Ms on PR over the years. PR is not something that is a quick hit and your done. This does not mean not to plan for PR services. It means don't alter your plan when the going gets tough if you can't afford a complete new direction.

Whether you are just starting a business or building a business how you plan to spend your money must be given laser focus. The more attention you give to your financial resources the more you'll have at the end of the year. I prove this to each of my clients every year.

So, if you find yourself multi-tasking at work - STOP for a moment, take a deep BREATH and force yourself to take on one assignment at a time. You'll discover that your decision-making process will become clearer and that your staff will follow your example.

Doing one thing at a time may not seem like a time saver, but in the end there are a lot less messes to clean up.

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Topics: women entrepreneurs, women in business, women