Where to Focus Your Energy as a Business Owner

Eric Weynand, Founder
business owner

As a business owner, you’re constantly pulled in countless directions. 

You’re the CEO, and, if you’re just starting out, possibly also the head of marketing, strategy, finance, and customer service – all while trying to keep your eye on the bigger picture. It’s a balancing act that can quickly become overwhelming. 

So, where should you focus your energy to maximize your chances of success?

To help us answer this question, Eric Weynand, CPA and founder of PlotPath sat down with Tanner O’Brien of ActionCOACH and shared some insights on where business owners should concentrate their efforts, based on his extensive experience helping businesses master their financial management. See the full interview on YouTube here: RELATIONSHIPS & RESPECT OF OTHERS IS KEY TO BUSINESS SUCCESS | Eric Weynand | The Business Spotlight.

Luckily, the list isn’t too long. In fact, it can be distilled into just three points.

Here are three key areas where you can prioritize your energy for success.

business owner

1. Building Relationships: The Foundation of Growth

It’s not news that business is all about relationships. Growing business through referrals is one of the most cost-effective strategies out there. In fact, over 90% of PlotPath’s clients come from referrals.  

How does PlotPath achieve such a high rate of business from referrals? 

By consistently delivering exceptional results while treating everyone involved with high levels of respect and care. 

Eric shared how PlotPath also capitalized on the trend towards month-to-month fractional service subscriptions to support their strong results. 

“We don’t lock anyone into long-term contracts. We have to prove our value every single month.”

This means creating systems to deliver value is a priority. A strong focus on quality ensures that clients are not only satisfied but eager to recommend you to others. 

We’ve written in detail about how to track and manage customer retention metrics, which can be one of your starting points when focusing on this approach. 

Beyond the Numbers

Tracking customer satisfaction, referral, and retention metrics is important to show progress and maintain them as high priorities. But numbers alone aren’t enough to instill these values into a business.

While it might sound cliché, genuine kindness and transparency in all interactions is what makes customers keep coming back. And it also means your employees will feel good about working with you, as happy teams are key for happy customers. 

Respecting people and prioritizing relationships can be seen as a core value and pillar of success.

2. The Power of Financial Reporting: Beyond the Bank Account

Many small business owners rely on their bank account balance to assess their company’s health. 

If there’s money in the bank, things must be going well, right? Wrong.

Today’s businesses often need a more sophisticated approach: timely, accurate, and useful financial reporting. 

This means going beyond your bank statement and diving into your profit and loss statement (P&L), balance sheet, and other key metrics.

“These reports aren’t just numbers on a page. They’re signals that tell you how your business is truly performing.” 

With this information, you can make informed decisions about hiring, investing, or cutting back.

Accurate financial reporting can drastically reduce the stress of uncertainty and empower you to take proactive steps toward growth. It can help you spot cash flow problems before they become crises, make strategic investments, gain clarity, and ultimately build a more stable and profitable business.

Embrace Key Performance Indicators

Financial and non-financial key performance indicators (KPIs) should be included in your financial reviews, reporting, and decision-making. 

Ensure you’ve prioritized KPIs that reflect your company’s goals and values, because not all are as relevant or important. KPIs can truly help you see where you need to focus your energies by noticing areas for improvement early. 

3. Focus and Prioritization: Building the Business of Tomorrow, Today

It’s easy to get caught up in dreaming about the future of your business. You envision having 50, 100, or 1,000 employees, hitting a revenue milestone, or becoming a household name. And it’s absolutely exciting and important to motivate yourself and keep an eye on long-term goals and projections.

However, focusing too far ahead can be detrimental.

Eric advises business owners to prioritize the next 12-24 months. 

“Trying to build a business five years from now often leads to analysis paralysis. You get bogged down in complex decisions that aren’t relevant yet.”

It’s difficult to know the situation of the world, let alone our own lives and businesses, so far into the future. Take it one step at a time. 

Focus on answering the right questions for your current stage:

  • What customer relationship management tool do you need now and perhaps a year from now? 
  • How can you improve your marketing in the next quarter? 
  • How can you make life better for your current and near-future customers and employees?

Recommendation for Focusing Energy on the Present

Eric also suggests The Power of Now by Eckhart Tolle as a resource for finding contentment in the present moment, focusing on making every moment beautiful instead of worrying too far into the future. 

business owner

PlotPath Helps You Focus Your Energy 

Building a successful business isn’t just about having a great product or service. It’s about nurturing relationships, leveraging financial insights, and focusing on the right priorities. At PlotPath, we’ve built this into our everyday lives. 

If you’re ready to take control of your business finances and unlock your full potential, reach out to PlotPath today for a free consultation call. Our friendly team can help you get on track and focus you energy on what’s most important for your goals.