In the world of business, there are moments when things get tough. These are called challenges, and they happen when you’re trying to make your business grow.
It’s like a line that causes pain. This line can happen when you make $300,000, $1.2 million, $2 million, $3 million, or even $10 million. After speaking to Dan Martell, author of Buy Back Your Time, we had some BIG takeaways.
He noticed (after helping some major players) that people reach this line and usually do one of three things.
In this blog, we’ll learn about these three things.
Overcoming growth challenges doesn’t have to be hard.
So let’s make our businesses grow even better together.
The Three Things: Self-Stagnation, Sabotage, and Selling
1. Self-Stagnation:
You’re not growing.
When some people reach the tough line, they decide not to grow their business anymore.
They think they made more money last year with less work and fewer people.
So they don’t want to make their business bigger.
But there are problems with this.
If you don’t grow, your customers might go to other businesses that offer better service.
Also, your best employees might leave because they want a better future.
A CEO’s job is to create a big vision that matches the goals of the whole team.
If your vision isn’t big enough, your team might leave to find a better place.
So, you can’t just decide to stop growing.
Overcoming growth challenges like Self-stagnation is a must.
Check out our Buy Back Your Time Webinar Replay if you want more in depth discussion on this.
2. Sabotage :
You are making chaos, and it’s on purpose.
Sometimes, people don’t want to admit that they have reached the tough line.
Instead, they do things in their business that create chaos.
It’s like throwing hand grenades.
They do this to have an excuse if things go wrong, but they don’t want to be blamed for it.
They might do things like launching new products that aren’t needed.
Or they could be changing their marketing without a good reason.
Or what’s worse, they are hiring someone too big for the job.
They do this because they’re scared of what will happen if their business grows too much.
But this kind of behavior only makes things worse.
3. Selling:
Another thing people do when they reach the tough line is to think about selling their business.
They might have many reasons for it.
But deep down, they know that if those reasons weren’t there, they wouldn’t want to sell.
This means they’ve reached a point where growing their business seems hard.
But here’s the thing: Every business owner faces this problem at some point.
Instead of looking for something else, it’s better to learn from these challenges.
So now that we realize overcoming growth challenges are vital and what red flags look like— what do we do?
