Your business is growing and profitable, then BOOM, you hit a speed bump. Or you get stuck in a swamp. What happened? The bigger you grow, the tougher it can be to grow yet larger. I call this the “paradox of small business growth.”
As your company grows, you’re likely to run into three barriers at different stages of growth. Seems to me these are dang near universal!
Barrier #1. You’re a solopreneur, yet you want to grow beyond what you can handle working by yourself. But you get stuck in “the business is moi” trap.
Your growth challenge: Learn how to find good employees, then trust and manage them well.
Barrier #2. It’s you and the crew, but further growth is limited because everybody reports to you, and it’s running you ragged.
Your growth challenge: Learn how to be the CEO and entrust day-to-day operations to your skilled managers.
Barrier #3. You’re a successful, strategic CEO of your growing company, and now it’s time to move on to the next thing—sell, retire, start something else. But you’re so tied to the business, you can’t bear to turn it over to others.
Your growth challenge: Learn to let go.
I’ve been working with owners at all three levels for a lot of years. Here’s what they have in common: They have a management style that has worked very well to get them where they are. But to get to the next level—and they definitely want to get there—they must change what works. “It works, but break it anyway!” And this is very painful.
Many can’t make the leap. They decide to stay the same, and come up with very convincing explanations why further growth is not desirable for them. Alas.
There are straightforward ways to tackle these barriers. Once you see them laid out, you say, “Oh yeah, I could do that. I just need some guidance.”
This fall I’m going to offer a program that addresses each barrier. (You can only be at one barrier at a time.) I’ll elaborate on each of these barriers in later posts.
In the meantime, I’d love some examples from the Peanut Gallery. If you read one of these and moan, “Ohh, that’s me right there you’re talking about!” let me know your story. Where do you want to go; what’s in your way?
We learn best from each other. You learn to transcend your barriers by seeing how others have done so (or even by watching them be stuck).