You may have heard the phrase, “Jack of all trades, master of nothing.” This phrase, which refers to something does a few things competently without doing one thing exceptionally, also applies to successful businesses. Many new business rush into the market intending to offer every solution to every customer, and, as a consequence, never offer that one exceptional thing worth paying for. Instead of doing one thing great, the business sabotages its own chances for success by wasting cash flow on a variety of weaker offerings. As a small business owner, the best chance of turning your passion into tangible revenue is if you offer one consistent, exceptional product or service.
As 4WT Media founder and CEO John Trefry explains below, one of his business’ biggest mistakes early on was offering too many services. Rather than continue to try and be all things to all people, John eventually realized the importance of focusing on his team’s strengths in order to optimize their workflow. In this case, that strength was video production. As a result, 4WT is now known as a multi-faceted production company that works with brands and advertisers to deliver high impact video content. Specializing in the production of high-quality content allowed 4WT to build cash flow and grow to its current level of success.
As John and 4WT learned, being really good at one specific thing is more lucrative than being simply “good enough” at many things. Having a stable flow of cash means not having to make impulsive decisions about the future of your business. It also helps you determine whether or not your future plans really require raising capital or incurring any debt. The sooner you know your strengths, the sooner you can capitalize on them and make your business thrive.