What to Do When You Hit a Brick Wall of Indecision When Scaling Your Service Based Business
Episode 645: Show Notes
A common thread that we’ve been noticing is that so many business owners we deal with have excelled in most facets of their life for a long time, but then all of a sudden they’ve hit a wall which has made them start to second guess everything they’ve done in the past, including their ability to be a business owner going forward.
When you get to the point where you realize you are working hard and not reaping the rewards that would make it worth it and you’re feeling stuck about how to change that, we have the solution: The Incubator! When you’re deeply involved in something, it can be really difficult to understand how you can tweak it to make it work better for you. We can provide you with that perspective.
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The Benefits of Bringing in the Right Support
Things get more complicated as you scale, but the complications aren’t related to what you’re selling or how you’re selling it. They’re related to your leadership skills and the team dynamics within your business. One of the most important things you can do as a leader is to hire the right people underneath you. You need to have support on your journey of growing your business. If you’re burnt out and exhausted, you are never going to be able to reach the level of success that you hope to. It’s so important to understand where exactly you need the support because too often, we see people bring on support systems in the wrong areas. This just increases your costs, and it doesn’t do anything to help your business grow. However, when you hire the right people, your capacity will increase. We’ve seen clients go from selling the same amount in a week as they were selling in a month just by bringing in the right support!
Understanding Which Business Levers to Flip
Money is the thing that allows you to make other things happen in your business; growing your team, investing differently, and being able to take more time off. Therefore, when you’re in the stage of blissful ignorance, it’s easy to think that in order to scale your business successfully, all you need to focus on is making more money. This is not the case! You need to be paying attention to all the levers in your business, not just the financial one. You also need to know which levers to be flipping at what time. Because if you flip them all at the same time, you’ll probably cause your business to disintegrate from the inside out (as we’ve seen happen many times). In The Incubator, we give you the confidence to make the decisions that make sense for you and your business, because every person and every business is unique.
Setting and Pivoting Your Goals
Whatever your business goals are, when you first set them there are a lot of things you still don’t know. Once you start achieving some of those goals, you’re further along on your journey, which means you know a whole lot more. At this point, it’s your responsibility to reassess the goals you set at the beginning and decide if you should pivot those goals or not. Business owners who work towards their original goals come hell or high water, without taking into consideration anything that is changing around them (or within them) are more likely to run into problems than business owners who are open to change!
Lessons From “The Tortoise and the Hare”
We have had so many conversations with multiple 7-figure business owners who are feeling so defeated and frustrated, and they can pinpoint the root cause of their disappointment. It’s the fact that they grew their business too fast. When you grow too quickly, you make decisions that you probably wouldn’t have if you had taken more time to think about them. Growing slowly is a much more sustainable strategy and will be a lot more rewarding in the long run. Of course, profit is important but we think that what is even more important than profit is building a business that supports your lifestyle. Building this kind of business is almost impossible if you are growing too fast!
Quote This
When you hire the right person, it dramatically increases your capacity.
Highlights
The Benefits of Bringing in the Right Support. [0:20:57]
Understanding Which Business Levers to Flip. [0:23:54]
Setting and Pivoting Your Goals. [0:29:55]
Lessons from “The Tortoise and the Hare.” [0:32:56]
ON TODAY’S SHOW
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
Business Growth, Support, Hiring, Levers, Setting Goals, Pivoting, Slow Growth
