Does Your Service-Based Business Have a Sounding Board?
Episode 671: Show Notes
Believe it or not, change and growth are possible without you being in a perpetual state of despair. Crisis can’t be the only impetus for scaling your business; we strongly believe that you can seek expansion when things are going well!
In this episode, we break down the “Cycle of Despair” and the traps many service-based business owners fall into when they’re seeking to grow their businesses. If you are caught in the cycle of not having enough cash to bring in the support you need to land more clients and not enough clients to bring in the cash you need, we’re here to offer you a new approach.
Join us today as we actively aim to reduce your despair and put the scarcity mindset to rest. There are ebbs and flows to everything that we do; we can’t bypass the dips but we can reframe the way we think about them! To all you kickass business owners out there, tune in to find out how you can set the stress aside and enjoy the fruits of your labor!
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The Cycle of Doom
“The Cycle of Doom” is the never ending cycle of knowing you want more growth and revenue, and you think the only way to achieve it is by growing a team or helping more clients. So many service-based business owners are under the false impression that more is going to support more. When you don’t have enough cash to bring in the support you need to land more clients or enough clients to bring in the cash you need, what do you do? Many people hire preemptively or opt to outsource the problem rather than the solution, which rarely turns out well.
Instead of worrying constantly about the cash, we believe this is an opportunity for analysis. This is the time to identify the underlying causes of the situation. You have tools and resources at your disposal and this is your opportunity to be innovative you already have at hand. At a certain point, there will be different skill sets required of you, and instead of investing in someone else, you need to invest in yourself and take the time to learn new skills.
Why Hiring You 2.0 Is A Giant Mistake
Even if you bring someone in to fill the gaps in your skill set, you’re still going to require new skills. Before you bring someone in to run the show for you, you need to ask yourself if you’re really equipped as a leader to give someone the accountability they need to refrain from leading you astray. If there’s anything you don’t need, it’s a Yes Man who will simply agree with everything you say.
Hiring version 2.0 of yourself is a giant mistake, and here’s why! Service-based business owners often bring on a duplicate of themselves to do the tasks they don’t want to do, and all it does is cost them more money without actually scaling their businesses! Giving someone with an entry-level skill set autonomy in your business when they're not equipped or invested enough to take on that leadership role is dangerous as they won’t ever fully comprehend your risks.
Breaking the Cycle
The good news is that you are capable of breaking the cycle and it’s often a lot easier than you think. Breaking the cycle will allow you to create space and time for yourself and release the feast or famine mindset. We can help you to take a sledgehammer to it in six weeks tops in the Incubator! The first thing you need to review is who is acting as your sounding board. Is it an intelligent person with experience in the field or is it merely a person with opinions? It’s important to be mindful of who and what might be influencing your decisions.
Quote This
People tend to outsource the problem instead of the solution.
Initially, it can be really motivating to work really hard and seek growth. You will make more sales because you are literally selling your face off, but it’s so short-lived! Next thing you know, you’re in a dip. Dips suck financially and do so much damage to both your brain and your business. Unfortunately, the dips are unavoidable, so it’s important to zoom out and focus on the bigger picture of what’s going on in your business, on average. This will help you to gain clarity in the “dip” seasons and essentially, not get sucked into the cycle. Of course, there are things you can do to get yourself out of a dip if you approach it from a fact-based angle, but you can’t spend your life trying to bypass them.
Highlights
The Cycle of Doom [0:08:59]
Why Hiring You 2.0 Is A Giant Mistake [0:17:26]
Breaking the Cycle [0:21:00]
Today’s Guest:
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
Key Topics:
The Cycle of Despair, Investing in yourself, Expanding your skillset, Scaling, Hiring, Sounding board
