Focusing our business on solving a specific problem for a specific group of people (e.g., “Accounting and financial operations for brewery owners.”) makes growing a business so much easier.
- We know who to talk to.
- We know how to find them.
- We know issues that are common among them.
- We gain expertise in solving those issues because we get many chances to try things!
- …and over time, we become the go-to solution.
But at the beginning, everything about this process feels wrong!
- We’re focusing on a smaller market.
- We don’t yet know what to say.
- We’re an outsider, an unknown.
- There’s so much to figure out!
It can feel like we’re going backward. Imposter syndrome is everywhere, and your gut tells you the right move is to retreat to safety.
But remember, there’s a reason you wanted to move away from being a generalist firm.
Growing a specialist firm is an exponential growth curve.
The growth looks flat for the first few years (yes, I said “years”). There’s a lot to learn, relationships to establish, skills to build, and mistakes to make!
It’s discouraging; you aren’t seeing growth. Is anything even happening here?
If you can keep going, you might start to see some growth. Things that were hard before will begin to seem easier. People will recognize you and start to think you might know some things. But it takes time!
Charlie Munger says,
“I think people who multitask pay a huge price. They think they’re being extra productive, and I think when you multitask so much you don’t have time to think about anything deeply, you are giving the world an advantage you shouldn’t do, and practically everybody is drifting into that mistake.”
Your focus is building a competitive advantage for you and your business. The time spent second-guessing your decision, looking over your shoulder, or chasing ghosts of other market positions slows your growth!
How do you continue through the slow growth period to reap the exponential rewards?