“Business without profit is madness!” My professor said as he stroked his grey beards while he slowly paced back and forth in the classroom. This would be the first unforgettable lesson in microeconomics. In the same vein, I think motion without impact is madness. Most people have a long list of activities they were involved in the previous year, yet their businesses seem unchanged. How did others make an impact with half the energy, task and time expended?
Become efficentric, a word I used to describe an addiction to efficiency which focuses on the value of the output produced and the impact created rather than the amount of time and resources invested. This covers everything including your relationships, meetings and budgets.
Making impact is a science because it requires strategic thinking and planning and it is equally an art because it takes creativity to execute.
Most businesses use the wrong formula to attempt to make an impact. As with most mathematical equations, when you use an imprecise formula the results will be erroneous.
Here is the defective formula for average entrepreneurs:
Let me set this straight, you can be passionate about a business, have knowledge about the business, spend energy and work all night and still not make an impact! The explanation is shown below.
Passion is not enough to create impact. Have you ever seen a bird trying to escape a room and it pecks vehemently on the glass window without even creating a crack? Similarly, many entrepreneurs have fallen into the trap of passion, where they are so eager to build a business around an idea, that, they cannot see that the rest of the market does not care about their product.
You need to step away from the glass window to realize that you are wasting energy on something that has no demand. This may involve changing your strategy, location, customers and model.
Does the client really care how much energy the event planner put into creating an event, but if the event did not turn out successfully, it was not worth anything to the client. I observe that the poor focus on the amount of energy expended on an activity and the more energy they put in, the less they earned. They make statements like hard work brings success. they hardly use leverage, technology or the right relationships to grow their business. This often leads to poor health and as their energy depletes their businesses suffer because they did not focus on building self-sustaining systems. How much impact does every ounce of energy you expend make on the business? Do not knock yourself out trying to do so much at the same time.
Average entrepreneurs are always concerned with input, the amount of effort they make appears to them to be the measure of how much they should earn, but the wealthy are always concerned with output – how much value can be created. The number of activities invested is irrelevant. If MOTION>IMPACT then you are inefficient. A more efficient condition would be MOTION=IMPACT or MOTION<IMPACT.
Create value! Do not just spend time. Our world doesn’t care about the time you put into anything, only how much value you create and share. The less time you spend shows the efficiency of your work. Laziness has inspired some of the world’s greatest invention. For instance, the remote control invention, someone got too lazy to keep standing up to change the TV channel, the air conditioner or use the manual key to unlock his car. Less time spent and a more efficient way of getting the same things done.
“We can be highly motivated to change, but if we keep doing the same things, running the same inappropriate patterns, our lives are not going to change and all we’ll experience is more pain and frustration,” Anthony Robbins.
Why do two entrepreneurs start a business with the same capital and resources then within a couple of years one expands globally, while the other remains in the same circle for a decade? Let us add three more corrective variables into our formula to making an impact.
I suppose a lot of new entrepreneurs make the mistake of chasing too many ideas and targets because they try to earn revenue from multiple streams too early. They jump at every idea, fail to delegate or outsource what they are not good at and spend too much time starting up new businesses that they do not have the capacity to execute flawlessly. Focus is your strongest arsenal. You need to calculate how much energy and time each new idea or business will take and think of how this will negatively and positively affect other areas of your business. We know how hard it can be to stay afloat with just one source of revenue especially if you start out as a freelancer, but if you are really going to make an impact, you have to become focused and resist the temptation to get involved in every idea that seems lucrative. If you have 24 hours a day and you have to spread those hours between four ideas, each idea will be apportioned a smaller amount of time, energy, thinking, strategy and resources.
Focus on what matters, delegate or scrap the rest.
NO TOLERANCE FOR MEDIOCRITY
A common trait of successful businesses is the intolerance for mediocrity, inefficiency and waste.
If it can be done better, it should be done better.
In Most developing Countries, mediocrity has become a citizen because people accept a lot of substandard products that would be rejected anywhere else in the world. A lot of business owners tolerate staff who do not execute tasks assigned to them or even neglect their work. You should consider continuous improvement in your business and focus on creating new ways to satisfy customers.
Have you ever wondered why those who have knowledge end up working for those who know people? You need to meet people who can make an impact in your business, introduce you to other successful people or have a high net worth that can affect your business more than 300 hours of work can ever achieve. Invest in building a rich network. Remember, using powerful language in ordinary conversation is the ticket to success for many millionaires – never catch your tongue off-guard. Expressing yourself in social, every-day and seemingly unimportant occasions, is as critical to your progress as the opening speech. Each of us needs to make the best of the current circumstances and social settings we find ourselves. Be bigger than your environment.
Ima Isip has been writing since she was young and when she discovered motivational and business books at a young age. She is enthusiastic about personal development and helping other people build successful businesses. She is the CEO of outsourceries.com, an online outsourcing outfit. She has also authored several books and currently writes for nigerianbusinessguide.com.