You are the biggest obstacle to your business growth. Yes. You. Don't believe me?
I saw a quote in an article from Fast Company recently that stopped me in my tracks because it’s so true about why you (the CEO) are the biggest obstacle to your business growth.
- “To build a strong and successful business, entrepreneurs need to relinquish control, even if it isn’t in their nature to do so.” From this article in Fast Company
I see good people with good products and that are growing slower than they need to be, they don't see that they are the reason for the slow growth.
They are wondering why they haven't “blown up” more but it's because they need to get out of their own way. As it says in the article, “it isn’t in our nature” to relinquish control. But here’s the thing!
- A 2015 Gallup study of 143 U.S. executives found that companies run by CEOs who delegate authority grow faster, earn higher revenues, and create more jobs at a faster rate.
Entrepreneurs are naturally good at many things and often have big ideas but difficulty implementing. It seems logical that the next step would be to delegate.
But again, it’s not in our nature to want to delegate.
If you see other entrepreneurs building teams and scaling like crazy, maybe you think, “Well, they must naturally be good at it.” Not true.
Most of us have intentionally learned this skillset.
Many small business owners believe their business growth is completely their responsibility and when fear and control play into the picture, this translates into thinking they must do it all themselves.
They become paralyzed and continue finding reasons why they can’t hire or delegate.
3 Top Reasons Small Business Owners Don’t Delegate or Outsource
- They don’t know how
- It can be overwhelming to find the right person, to create a job description, to train. Not knowing how to do these things is sure to halt your momentum.
- They aren’t sure who
- If you don’t have go-to recruiting sources or have a bad track record of experience when it comes to hiring, you’ll likely get tripped up when it comes time to bring on a team member.
- They don’t have time
- If you’re doing it all yourself, the systems are all in your head, and you’re working all the time, it will be difficult to find the time to hire and train. (Hint: This doesn’t mean it can’t be done.)
The real truth?
Putting off building your team is really perfectionism disguised as procrastination.
You keep putting it off because you’re afraid if you let someone else do things, it won’t be “perfect”.
In the startup phase, independence and determination (common characteristics of entrepreneurs) are critical.
But as things grow, you can’t move your business forward if you are dealing with all the day-to-day operations. You have no time or space to find the big picture vision.
You know you can’t keep up the workload you have now.
Here’s how to get started removing yourself as the obstacle in your business.
2 Questions to ask yourself:
- Why did you initially start your business?
- Commonly a combination of wanting to help others, desire to have more control of your financial situation, wanting more independence and schedule flexibility.
- A sense of independence and to be recognized for your efforts and determination are typically also a driving force.
- These are all valid reasons and defining characteristics of entrepreneurs. Independence, personal achievement, and recognition can be crippling as the business grows because you can no longer do everything yourself.
What got you here will not be the same things that get you where you want to be. Don't let you mindset become the obstacle.
Time to let those reasons go and focus on the other desired outcomes.
- What will be the benefits of major growth?
- Employing others who share your passion for your industry.
- Actual time freedom
- Increased impact
- Focus on the feelings these benefits will bring into your experience.
- Complete daily mindset work (future gratitude, affirmations, and focusing on benefits) to shift your perspective and accept the next level version of yourself and your business you wish to call in.
5 Steps to Take to Start Removing Yourself as the Bottleneck of Your Growth
- Keep a running record of daily tasks
- Get super clear on your mission
- Get the systems and processes out of your head and onto paper
- Be consistent with mindset practice
(Much of what we think we can control, we actually can’t.)
- Make a plan and delegate your weakest or least preferred tasks first.
These are the obstacles I see over and over again with the entrepreneurs I work with.
If you found yourself having all the lightbulb moments while reading this, I can help!
Now is the perfect time to set up a call with one of our coaches to learn more about how the Foot Traffic mastermind programs can help you get out of your own way.