Focus On Your OWN Race
When I was in high school I was running in the 1,500m race. I was in front and running at my pace, i.e. running my race. As I was about to cross the line for the penultimate time I glanced over my shoulder to check out the competition….. I was shocked to see that I had about a 200m advantage of 2nd place. At this point I stop focusing on my race, I deliberately slowed down because I wanted a crosser race, I wanted to fight it out in a sprint finish.
The result was that I was overtaken within 100m, but because I’d stopped focusing on my race, I lost momentum! So instead of the 200m plus win, or even a sprint finish…. I lost by almost 100m!!!!! All because I stopped focusing on me and my race.
Run At Your Own Pace
It’s important to run at your own pace. If you focus on your competition and try to match their pace, it could be disastrous for you and your business.
If I looked at the competition, even on a local scale, it would mess with my head and focus. There’s a fairly large firm not too far away, it would be foolish to try and compare the two businesses. They have been trading a lot longer, they have a lot more resources (people, etc) – we can’t compete on a like-for-like basis with them.
So, I don’t compete with them. I don’t even attempt to compete.
What’s Your Speciality?
It’s important to focus on what you are good at, not what the competition are good at.
So, for example here at Honey Bee Accountancy we have a real passion for sports. I’m obviously past my prime to be a sportsman but I can still work with sports teams to help them with their accounts and building a strong, sustainable business.
We are also very strong in the use of technology, cloud based apps and the like. So, we focus on working with businesses like Web Designers, App Designers and Social Media Agencies because they understand and embrace our way of working.
Don’t try to compete with your competition, instead create your own niche and become the go-to person in that area.
What’s Your Distance?
In running there are multiple distance disciplines. I’m not a sprinter and never have been! I find that my favourite distance is 10km, it’s perfect to train for and I enjoy running that distance. I tried the half marathon a few times, it’s a struggle.
So, look at your business and find your personal distance, find your discipline that works for you.
Here at Honey Bee Accountancy we specialise in the use of Xero and also Quickbooks. We love working with business owners on their monthly, quarterly and annual management accounts. We then turn those accounts in annual financial accounts to be filed with Companies House and HMRC.
Our discipline isn’t audit, so we don’t do it. We focus on our “distance” and partner up (collaborate) with other accountancy firms that do provide the services outside of our “distance”.
So, look at your business and decide what your specialist distance is. Are you a Usain Bolt or a Mo Farah?
Don’t Chase Squirrels!
Once you’ve chosen your speciality (your niche market) and your distance (discipline) then stay focused on that. Don’t get distracted and start chasing squirrels and shiny objects.
Mo Farah used to run “shorter” distances, 5km and 10km, but switched from track to marathon distances – half and full. His focus is laser sharp and as a result he has now won the Great North Run (Half Marathon) a record 4 times in a row. Furthermore, in 2018 he set a new British marathon record of 2hr 06 mins at the London Marathon – a record that had stood for 23 years!
Mo knows his speciality, he knows his discipline and he’s focused. Are you?
Honey Bee Accountancy