8 Reasons Business Owners Are Stuck And What to Do About Them
Get Unstuck and Grow!
Are you feeling stuck and unsure how to stimulate growth for your business?
Take heart, because you are not alone and the solutions are ready and available for you.
Doing what needs to be done means different things for different people, however, having coached many entrepreneurs, I’ve been able to identify the common places that need to be addressed.
On that note, I’ve compiled a list of eight reasons small business owners are stuck and what to do about them.
There is unquestionably something that triggers higher levels of success for some, while others simply struggle to even break six figures.
It is the ability to DECIDE!
Being indecisive will slow you down, and it is my strong belief that deciding “yes” or “no” moves your business forward at a much faster rate of speed than postponing the decision.
Here is a formula I use to aid in my decision making process to ensure I’m optimizing every investment, decision, and new opportunity.
It’s called the Green Light Formula.
First ask, “If I say yes to this, how is it going to get me to my ultimate goal? Is it aligned or is it a distraction?”
I believe a lot of people say yes to things that have absolutely nothing to do with making the business they have more successful.
The next question is: “How will this make me money?”
We’re in business to make money, not have a hobby. Taking on a task because it’s fun or because you know how to do it leads to spending too much of your time on something that’s not profitable.
Finally, ask, “What will I be saying ‘no’ to if I say ‘yes’ to this?”
We think we’re super-heroes and can do it all, but we can’t. We don’t really have that much bandwidth, and we don’t really have that much time.
You have to be aware of what is going to be sacrificed along the way.
Get the facts that will help you discern and build that muscle of making good decisions, so you are optimizing the growth of your business.
A Limiting Mindset
Most people think that the way to grow their businesses is by selling more of whatever it is they sell, whether that is a product or a service.
The frequent result of this mindset is that you max out and get overwhelmed.
This then stifles your growth.
The solution is to focus on a bigger picture, and on wealth creation.
In other words, you need to be open to and desire multiple streams of revenue. You also need to be open to exploring new ideas and services to offer current clients or new clients.
Instead of singularly focusing on driving more sales, you must look for ways to create wealth.
The best way is to figure out how to use leverage.
Ask yourself how you can you leverage your skill and talent but get paid by multiple clients instead of one at a time.
You can only accomplish more when you learn to leverage.
In my own efforts, I was always asking, “How can I get something done with the least amount of my personal energy and effort, but that will have the greatest output so I’ll be able to have the furthest impact with it?”
The obvious place for this is leveraging other people’s time and talent i.e., delegation.
They Don’t Delegate
Learning to delegate is one of the single most important lessons to grow your business to six figures and create your Dream Business.
Without delegation, you’ll suffer the fate of slow-to-no growth.
Remember these three words — “delegate or die!”
At the very least, it’s “delegate or do not “Pass Go”, and do not collect additional revenue and higher profits.
To be clear: recognize that every big business starts small.
As sales grow, so do the demands for the time and attention of the entrepreneur and business owner.
The stumbling block for many occurs when they hold on too long to the notion that they can do it all — the lean and mean approach.
Over the course of my own journey, I’ve gone from being an “I can do it faster, cheaper, and better than anyone else” entrepreneur, to having a support team of nine plus people.
And every time I hire someone new, my gut twinges slightly, so I ask myself two really important questions:
- Is this new person truly essential to my company and necessary for our continued growth?
- Will this new person either free me up, or free up some other key person on my team, so we can implement more and move this business forward at a faster rate of speed?
The truth is, you do not hire anyone unless they’re going to increase your profits by growing your business.. That is really the only reason to “invest” in additional help — to help you make more money!
If you feel like things aren’t getting done and your progress and speed are not what they should be, you should be delegating!
Don’t fall back to the “I’m not going to pay someone to do something I can do myself” mentality, thinking that doing it yourself leaves more money in your pocket.
That mentality leads to slow-to-no growth.
Afraid To Offend
If you meet, talk to, and interact with enough highly successful entrepreneurs and business owners, you’ll learn one thing.
They are not afraid to make the tough decisions necessary to move their businesses forward, and they are not concerned with hurting people’s feelings.
None of them are rude or intend to hurt feelings; instead what they are is driven.
They are driven to success with a level of desire and intensity that few people have. That’s why the top one to two percent exists.
It’s because we are all wired differently, and you have to decide if you truly have what it takes to DECIDE that slow-to-no growth is no longer an acceptable option.
You have to DECIDE that you will no longer play in the shallow end of the pool when all the growth is happening in the deep end.
You have to DECIDE whether or not you are truly committed to do whatever it takes to make your dream become reality.
Stop worrying about offending someone or forever be happy with the business and lifestyle you currently have.
Simply put, disorganization will derail you.
I would estimate that the large majority of business owners that I work with are disorganized.
They don’t check their emails for a week or two, lose materials that I send, and don’t put things on their calendars properly.
As a business owner, your job is to get the information you need to do well.
The solution is clear: get organized.
You need systems, structure, processes, and a way to manage the flow in your life. Without that, people will see you as disorganized and lose trust in their ability to work with you.
Disorganization erodes your confidence and energy, leading you to believe that you don’t have time.
The real problem is you not putting the right things first.
Being organized pays dividends.
Take five minutes to organize and get five hours back. If you take a half hour to get yourself organized, you can almost get a week’s worth of time and energy back.
And, I don’t have to remind you that time is money!
Perfection is the enemy of progress and leads to analysis paralysis, overwhelm and slow-to-no-growth.
Stalling your success because of a quest for perfection can happen at any stage of your business, because at each stage of growth there is uncertainty and newness.
A mistake or two is not a deal breaker for 99.9 percent of your clients or prospects.
To me, it’s all about putting out great information that can help grow a more profitable business faster, and it is not about me being a perfect writer, author or speaker.
Remember, “Good is good enough.”
Personally, I’ve come to understand and totally appreciate this expression — and business philosophy — because it relieves overwhelm.
It also greatly accelerates your growth because, honestly, finding every last comma and poor grammar choice before launching puts a tremendous strain on forward progress, especially in the early years when you are doing it all.
To me “Good is good enough” means that you always do your best work — create great content, write great books, shoot great videos, etc. and then you pull the trigger and implement and/or launch your work.
Make corrections and edits as you move forward.
Content sitting in your computer waiting to be proofread again and again will never make you any money.
Don’t worry about people who point out your mistakes. As I said, fix them and move on.
Criticism. It’s everywhere.
No doubt you have already gotten your fair share of it. Some of it may be warranted, but a lot of it should probably be ignored.
That can be difficult to do, however, you must DECIDE to become immune to criticism. DECIDE to grow a thick skin.
If you want to be successful and really grow your business, you simply cannot need the approval from others about how you operate your business.
I believe some business owners let criticism cloud their judgments, and worse, alter the way they do business.
So, I recommend using a two-step filter when you hear criticism.
First ask yourself if the critic is an expert about which she is opining.
Then ask yourself if her opinion really matters to you.
If either answer is “no,” be immune to the criticism.
Immunity to criticism is an integral factor in your success.
Just because someone says it doesn’t mean you have to act on it or even listen in the first place.
Consider the source!
Who is being critical, what is their expertise, does it really matter to you?
They Haven’t Invested In Speed
Highly successful entrepreneurs understand the value and importance of investing in their future growth and profitability.
They understand that seeking wisdom, knowledge and guidance is prudent.
I believe in every situation there is the “current” you (and your business) and there is the “future” you, and the business you want — your Dream Business.
The fastest way to go from your current situation to your Dream Business is to buy speed.
That’s right — you can buy speed, or to use the proper terminology, you can “invest” in speed.
If you want to get somewhere faster, ask someone who has made the journey before you for the best route!
I’m not at all a fan of reinventing the wheel, and my ego is such that I don’t care who gets the credit for the idea or roadmap as long as I get where I want to go faster.
There are many places in your business where investing comes into play, but no area is more important than in coaching or masterminding.
Invest with the right coach or mastermind and you are purchasing speed.
It is important to remember that there is a huge difference between a no-cost accountability group and a true mastermind group.
Putting skin in the game and making a financial commitment makes a difference and alters your mindset.
Check this short video where I talk about how my own coach gave me the tough love I needed to hear to take my business to the next level!
Remember, success is NOT a straight line.
It is perhaps the most crooked line you’ll find!
So you’ll have to course correct and attend to these factors in your business life if you want to see your Dream Business into reality and enjoy the continual growth you are seeking.
Don’t get stuck, take action.
The article is originally published at: http://www.getjimpalmer.com/8-reasons-small-business-owners-stuck/