Yes, it’s still cold in Minnesota…despite the desperate prayers of many, many local folks who have had quite enough of old man winter 2011. Even though it was snowing this morning, I decided to head out for a jog along the shore of (frozen) Lake Minnetonka near where I live and serve clients as a Part Time CFO in Minneapolis.
While I was jogging, I was struck by a conversation I had with a young business owner last week. I asked him if he had ever considered expanding his business beyond the main product line he had been successful with to accelerate growth. His answer was no. He stated that he was satisfied with the consecutive years of double digit growth he had achieved in a difficult economy. To summarize the rest of his answer, he has been very focused on execution of his strategy for the core product line. As a result of this focus, the company has gone from nothing in 2007 to a growing, thriving, profitable business he is planning to sell for a multiple seven digit sum in the next five years.
Simply stated, I was very impressed with this young man’s success largely driven by his commitment to stick with what he was good at. Despite his relative youth, there is a lesson here for all of us in business. Focus, focus, focus on the core business and do not chase every seeming opportunity that presents itself along the journey.