This is one of the best ways to grow while keeping the downside low.
I have experienced this many times, like this one time when I took a course on building a 10k email subscriber list using ten different approaches.
I tried two approaches, doubled down on the one that worked, and gained 10k in 59 days.
Often, when something is working, especially in the case of a business, and you are rolling in the dough, it is easy to get excited to run after other opportunities or other paths of growth.
This is a test of managing human emotions more than anything else. So invest time and energy into exploring other approaches while you can, but don’t lose sight of what’s working.
And be mindful of what it will cost to spend time on other things and think of the highest cost, attention.
Let me give you an example. If you run an eCommerce business and your Instagram ads give you a good return on ad spend (ROAS), don’t take money away from Instagram to invest in Tiktok or Google. Instead, create a new budget for testing new channels while making sure that you have built a six-month cash flow buffer.
Don’t overburden your existing media buyer who is getting your results. Instead, seek out an expert in that other platform and have her run your new ads. This will also help you build your talent base and ensure that you don’t take a superstar’s attention from what is already working for you.
If needed, have this person audit the new person’s ads once in a while to see if he has recommendations to improve or if he can learn something from another person to improve his campaigns,
Now, think about how you can apply it in your business or life.