Every business owner wants growth. Every business owner wants to look back year on year and see a strong and steady increase in profit, cash flow and core business value.
Unfortunately, such growth isn’t easy and soon the tried and trusted tactics you used to get to where you are today are no longer effective and won’t take you to where you want to go next. It’s then that businesses start to hit a ceiling limiting their success. This is dangerous because if you stay stagnant in business you are susceptible to your competition refreshing, innovating and growing around you. In short they are driving you out of business.
If you’ve experienced slowed growth and stagnated business conditions, you are probably like every other business owner at this pivotal stage and looking for the problems to address them immediately. It’s easy to blame the economy, the weather, your industry or North Korea. It’s not so easy to take a step back and look at one person who could be causing a lot of the trouble. You – the business owner.
Here’s how you may be limiting the growth of your business.
You’ve stopped learning
Business is one big learning curve. If you’ve stopped researching your industry, scrutinising your competition and analysing your customers you will stop growing. Take time to develop professionally and educate yourself. A growing business needs well educated leadership that can respond to the needs of a growing business. Be sure to be up to date with industry events and publications. You should be an expert in your industry. It’s hard to be an industry leader if you have lost touch with it.
The unfortunate truth is that a lot of business owners feel they would not rehire their current team if they had their time over again. Most employees however just want to use their skills to do their job well and be rewarded. The challenge here is that if you are a business owner the chances are you were there from day one and at one stage you performed the role of all your employees albeit to a lesser degree. Just because you once had certain responsibilities as a business owner does not make you an expert in that area. That is why you hire talent, to do what you can’t do. If you have made the investment to hire talent, don’t restrict them. Give them the responsibility and freedom of using their talent how they know best.
You don’t explore the potential of your team
Often the key to further growth and success can be under your nose. Your team knows your industry and knows your customers. Often, they will see opportunities and areas for improvement before you do. Are you encouraging your team to make suggestions for the benefit of the business? Are you giving them enough ownership to make decisions that will further growth? It’s likely you are sitting on a goldmine of ideas from marketing content to product modifications and refining systems, your employees would have thought of it all. If you can tap into their potential you will get more value from them as well as a more passionately engaged team who see their ideas as valuable.
You haven’t explored your own potential
Business owners often see themselves with a certain skill set that they can’t stray from. Often business owners will hold back from making strategic decisions because they don’t feel comfortable moving outside the rage of their skills or education. While ever you are limiting yourself, you are limiting the business. You will never know how effective you can be until you try. In today’s rapidly changing world, technology if changing the way we do so many things. For many business owners, this is daunting. Why not see it as an opportunity to reinvent yourself and lead your industry into change? If you don’t, your competition will. Don’t limit your own potential, nobody else is.
You have a DIY mentality.
It’s lonely at the top. Many business owners get used to making all the big decisions on their own. Unfortunately, this can lead to a ‘Do It Yourself’ mentality that can be crippling to growth. When there is support, mentoring and accountability available why keep making ill-informed decisions without reference to anyone? The most successful business owners know that external help is required if growth is to happen quickly and continuously. You need someone that isn’t blinded by the everyday whirlwind to share ideas, inspiration and hold you accountable as a business owner. Don’t fight a lonely uphill battle when you could have the support needed to drive serious growth in your business.
If you feel like you’re the limiting factor towards reaching the growth objectives for your business, please contact our team today. We’re passionate about ensuring businesses are able to not only explore, but also reach their full potential.