After a tough couple of years, a new round of inflation, political turmoil all over the world, and an uncertain future for small business ventures, every entrepreneur can use a boost in one way or another. If your business could use a strong dose of focus, a bit of financial redirection, and clarity about the long-term scenario, consider studying four key words that have the power to give you the strength to move forward. In fact, now is a good time to step back from your entrepreneurial chores and take a deep breath. Don’t let economic news get you down. Take a few hours to dwell on the following words, each one of which can open new doors for business success and profitability.

Focus

One of the most common reasons small companies lose their way is related to trying to do too much. This is why the word focus offers such a direct, effective approach for many owners who are over-committed in spirit and stretched too thin financially. One way to begin focusing is to choose just one or two social media platforms for promotional purposes. It’s tempting to try everything available, but by using a single social site, it’s much easier to track spending, measure results, and really hone in on a specific target demographic. The one goal at a time operation method has saved many company founders who have the tendency to work themselves to the point of exhaustion. Working smarter, not harder, is the way to put focus in the new approach.

Degrees

A master’s degree in a relevant field can add credibility and authority to your company, even if it’s a one-person enterprise. Take the tax preparation niche, for example. Faced with choosing between two apparently competent professionals, wouldn’t you opt for the person who had a master’s degree in tax accounting, over the provider who held a generic, undergraduate business degree? For many entrepreneurs, however, the coursework is not nearly as difficult as paying for a grad degree. The good news is that it’s simple to apply online for an education loan through a private lender. Not only can you borrow what you need, but you’ll have the chance to shop for competitive rates and terms.

Patience

In a tough economic environment, it takes patience to wait for a turnaround. But, even if it’s years in the making, it’s essential to cultivate an attitude of patience in order to attend to the work at hand, without worrying about immediate profit and short-term success. Some of the world’s most renowned corporations spent decades building themselves into globally competitive entities. The concept of delayed gratification is not specific to business, so you might already be familiar with how to practice patience in your daily life. Perhaps you have had to take time and save for a home renovation you could not afford all at once, or maybe you have been on a weight loss journey that feels like it’s moving at a snail’s pace. Regardless, in life and in business reaching the destination will almost always require patience for the process.

Research

Make a regular place in your weekly schedule for research. But, what’s to study? Three things will do at first, namely your competitors, customers, and the local community. Knowing more about the competition will help you become leaner and meaner, and better able to focus on winning new business. Also, keep up on the changing face of your regular customer demographic. Knowing who buys your goods and services is the key to long-term success.