There is No “Done” in Business
Episode 730: Show Notes
In today’s episode, we share what we’ve learned about the business journey, and break down some of the phases, checkpoints, and milestones you’ll experience along the way. Throughout our careers, we’ve had the honor and privilege of working with some pretty phenomenal service-based organizations. And due to the nature of our work, we’ve had the opportunity to observe the inner workings of countless small businesses. In that time, we’ve seen key patterns emerge that we believe anyone can learn from!
Listen on your favorite podcast player
We want to help you identify where you are in your journey and figure out why you might be feeling stuck. Once you can locate yourself in the overall journey, you'll learn to visualize the next steps and how to prepare for them. That can mean putting key foundations in place so that you are able to move forward, or coming to the realization that you are actually really happy in the phase you are currently in.
The key lesson that we want to leave you with today is one we stress with our clients: this journey never really ends. There is no end game when it comes to business! When you acknowledge this, you can begin to enjoy the journey so much more and appreciate where you’re at; whatever that phase may be! Join us today for an expansive conversation where we break down the ten phases we’ve observed across business journeys and unpack our belief that there is no “done” in business!
Phase One: Getting Clarity On Your Priorities
Here at Boss Project, we are all about running a life-first business. As a result, our goal is for you to have the type of lifestyle that will make you happy as soon as possible. While living the life you want sometimes demands more money, that doesn’t mean you can’t prioritize certain things along the way. That is why phase one is all about getting clear on priorities; because it’s so important! Not only as a fundamental part of your business but also of your life.
Typically, you will be in phase one during the start of your journey, but you’ll likely return to this phase when you feel a need to prioritize. This is especially probable after a big life event, be it something positive like growing your family or a more challenging experience like a change in your relationship status or leaving a toxic work environment. So many people end up being forced into this phase, and we’d much rather you choose to start this journey because you have a dream. Let this inspire you to take a moment to pause, reflect, and get clear on your priorities!
Phase Two: Setting Clear Boundaries AND Keeping Them
Phase two is all about setting boundaries and sticking to them! A lot of people will mess this one up. The good news is that mistakes are actually a really important part of the process. It’s an opportunity for you to take control and establish how you want to run your business. After all, it’s only through first-hand experience that you will learn what you’re willing to put up with (and what you are not!)
If it sounds like you might be in this phase, don’t panic! Often, the reason you are failing at setting boundaries is that you care. You are so determined to be of service to other people that you tend to bend over backward and give too much of yourself away to your clients, their projects, and their timelines. There is an art to setting boundaries and keeping them, and with some practice, you can learn how to perfect it!
Phase Three: Finding Alignment Between Your Business and Your Values
If you’ve failed at setting boundaries in the past, it can provide you with a really good indication of what needs to change. It’s an opportunity to figure out your values and what needs to happen for you and your team to bring your business practices in alignment with your values. Once you’ve determined what those values are, you’ll get to a place that feels more in alignment with how you want to grow, allowing you to lead your team in a whole new way!
We love this phase. This is where your mission and vision can begin to turn into action and come into alignment. When you run your business in alignment with your values, you come to understand that what goes on behind the scenes is just as important as what you’re offering!
Phase Four: Not Enough Time In The Day
Phase four of your business journey is largely defined by how short on time you’re feeling. When you’re in this phase, it’s important to remember that you’ve arrived at a really incredible point in your business journey. You know you’ve got something good on your hands, you've started to solidify your boundaries, you're clear on your priorities, and you've outlined your values. But you are also running at capacity and you might feel like you’re constantly putting out fires. The longer you stay in this phase, the closer you get to that dreaded state of burnout. Luckily, the next phase is all about addressing this heightened state of anxiety and the endless demands on your time, however daunting that may feel!
Phase Five: Re-evaluation
When you’re knocking on burnout’s door and you realize that the way you’re doing things isn't sustainable, it’s time for phase five. In fact, you might very well feel like you’d rather quit than try and fix this hot mess! This is an opportunity to re-evaluate everything, from how you want to refine your offer, to your price point, to the overall process, and much more. All of this can be tweaked to help with your capacity and avoid burnout. It also gives you more space to operate in your zone of genius, which in turn allows you to stay true to your boundaries and your values!
Phase Six: Revenue Rut
We call phase six "the revenue rut,” and it can happen at any point, no matter how much you’re earning. In this stage, it can feel like you’re stagnating despite all the effort you’re putting in. You might be doing all the right things, but you’re just not seeing the growth and results that you were hoping for. At this point, it’s easy to convince yourself that starting over is the right move, but in our experience, nine times out of ten, it’s not the right decision. Instead, we want to help you capitalize on the thing that brought you the most success, tweak it, and take it to the next level so that you can get out of your revenue rut!
Phase Seven: Putting Your Systems in Place
Acknowledging that you’re in a revenue rut is what will allow you to transition to phase seven. For some of you, this will feel like you're taking a step backward. However, we are here to tell you that this is a step forward, even if it’s not immediately propelling you upward! When you find yourself in a revenue rut, it feels like the only thing that will address the problem is more money. But what will actually help you make more money is putting in place the systems and processes you need to support you. That’s what phase seven is all about and we are HERE for it!
When you’re at this point, you need to acknowledge the scope of the business you’ve created. You need to recognize that the skills you’ve developed in order to deliver incredible products and services to clients are very different from the skills required to run a successful business. This is why phase seven is all about the processes and systems you need to run a successful business sustainably!
Phase Eight: Plateauing on Purpose
We love phase eight so much that we’ve hung out here for months at a time. We are all about bringing back the term plateau, along with contentment, maintenance, ease, and sustainability. At this stage, you’ve got experience on your side. You’ve reached the point where you’ve assessed your boundaries and values enough that you get to decide not only what growth looks like for you but how you're going to actually get there and what you really want!
The wonderful thing is that, when you're in this phase, you've reached a financial milestone that enables you to support yourself, your business, and your passions. There may still be phases that follow this one, but believe it or not, you gain a sense of ease when you make the decision NOT to grow.
Phase Nine: A Season of Growth
After a season of rest and plateau, it’s common for business owners to find that they are ready for a season of growth. They got the rest they needed and are filled with newfound creative energy. If you’re feeling drawn to the idea of creating impact in new areas and even stepping into a new role, the next thing you need to do is build your team!
It’s important to bring in people who have skills that differ from yours. If your goal is revenue growth, then you need to select people who have more client capacity than you do. Ultimately, it’s not about taking things off your plate. It’s about expanding in a new and exciting way!
Phase Ten: The Learning Cycle
The final phase is highly cyclical, and in a sense, it never truly ends. Once you start to expand your team and proceed in your season of growth, you enter a learning cycle. You can simultaneously be learning and growing in this phase whilst also accidentally re-entering earlier phases in the business journey. The plus side is that, because you’ve experienced these phases before and worked through them, you can recognize each one and feel equipped to deal with them when you find yourself in a familiar stage!
Quote This
I want you to give yourself a little bit of grace in this journey.
Highlights
Phase One: Getting Clarity On Your Priorities [0:13:53]
Phase Two: Setting Clear Boundaries AND Keeping Them [0:19:07]
Phase Three: Finding Alignment Between Your Business and Your Values [0:24:15]
Phase Four: Not Enough Time In The Day [0:27:32]
Phase Five: Re-evaluation [0:30:34]
Phase Six: Revenue Rut [0:32:02]
Phase Seven: Putting Your Systems in Place [0:35:42]
Phase Eight: Plateauing on Purpose [0:39:42]
Phase Nine: A Season of Growth [0:44:04]
Phase Ten: The Learning Cycle [0:49:19]
Today’s Guest:
Abagail & Emylee
The Strategy Hour Podcast
The Strategy Hour Podcast is a twice weekly show hosted by Abagail Pumphrey and Emylee Williams, the founders of Boss Project. Join us for semi-ranty biz conversations for service providers looking to ethically grow their agency businesses. Episodes cover everything from lead generation to leadership mindset to team culture and beyond.
Key Topics:
Business Journey, Growth, Revenue, Business Processes, Plateauing on Purpose, Economic Climate
