In Hamlet, Polonius gives his son, Laertes, the sound advice, “To thine own self be true”. That advice is something we can use in business in the sense that we should be aware of our likes, dislikes, and limitations and not try to be all things to all people. Over the years I have seen many businesses get off on the wrong track by trying to offer things that some of our customers want but that we have no expertise to provide. It is important to know what we are good at and try to do those things well rather than trying to do all things. In the short run, it often seems easy to add many different goods and services to our product line as a method of expanding the business. Unfortunately this road often leads to including goods or services that we are not very knowledgeable about, resulting in customers that are not fully satisfied with us. We would be better off doing the hard job of thinking and planning how we can better provide the goods and services we really know well. It often takes looking at your business in new and radical ways because if you limit the selection of services you sell, you must find new ways to sell them.
Running your business well involves lots of planning. Know what your limitations are so that you do not waste valuable time trying to do everything, and end up doing nothing very well.
Loren L McCann, CPA, MS (Tax)