Many years ago, when JKL Associates launched we were more than pleased when revenues exceeded expenses. It sounds simple but at the beginning without sales then no real business actually existed. To ensure survival the option existed to add multiple sources of income to the portfolio. In other words, take any opportunity which adds revenue to the finances. Fortunately for JKL Associates, we were far more strategic in our approach to adding a multitude of products and services to our offering. This long and narrow focus was not easy as we passed on some revenue opportunities by staying true to our core purpose and expertise. 30+ years later we work with organizations which deal with this same challenge. There is always the next shiny object, product, service, or capability to leverage in the marketplace to add dollars to the income line on the Profit and Loss statement.
Without having a strategy which holds the decision-making process to a purpose, core values and planned deliverables a business leader can become distracted to chase any number of income generating opportunities even if they are not in solid alignment to the organization’s overall objectives. These distractions can be very costly.
Costs of not only entry into the product or service area but also the exit cost to pull back on the misaligned opportunity for the organization. While in the distraction, not only is leadership putting financial resources into the effort but all those in the organization tasked with bringing this into a mainstream offering are spending time and energy to achieve a defined objective.
As leaders it is critical that you have a framework or business model that identifies what does or does not fit into your organization purpose and the profitable delivery on that purpose.
The past couple of years have forced small business leaders to be creative, to pivot, to take on different tracks in order to survive the global impact of the shutdowns etc. This should not be a green light to opening up anything and everything as viable for the good of the business. Those organizations which JKL Associates has had the honor and privilege of working with during these changing times have all stayed true to their overall guidance system when making their difficult decisions. As a result, they have all not only sustained but have positioned themselves for positive growth moving forward.
Your business is already full of numerous distractions which you have far less input or influence over such as supply chain challenges or both talent and customer challenges. By staying aligned with your purpose, core values and defined vision of the organization you immediately narrow down the potential distractions allowing you to prioritize more effectively what gets your time and the time and energy of your team.
Looking to make 2023 a year of focus and profitability? Give JKL Associates a call and speak to a Promise Guide about your next steps to level up! We can be reached at FL (407) 984-7246 or MI (313) 527-7945