What is your plan of action?
At Del Sol, we get a lot of phone calls about potential new business ventures people are looking in to asking us for consulting, advice, design work, equipment, etc...
It has led us down many rabbit holes and burned literally hundreds of hours of cell phone minutes. Sometimes I am simply struck by something that needs to be said.
- What is your plan?
- Do you have a business plan?
- What is your end goal?
- Do you have financing?
- What do you bring to the table?
- What are you good at? (I had a banker ask me this once and it was the best question ever asked of me. When I told him, he said, “son, why don’t you go do that?” That was the best advice I have ever received professionally.
So the same question to you: “Son, what are you good at?”
I will give an example from our territory. We have a foundry customer in Texas. I won’t name names but they are very well known. Why? Because they beat the snot out of their competitors at what they do. They know what they do. They do it very well. They understand their cost model very well. They know who they are and they stick to it. I have watched them for the eight years I have been in business continue to invest, expand, drive costs down, and hammer their competition. They are very good at what they do and I think it is rooted in knowing exactly who they are.
- Who are you?
- What are you good at?
- What is your plan?
Stick to the plan.