Part 1 of 2
Every business goes through stages, from the seed of an idea to startup, to increasing levels of maturity and growth. Each stage has its challenges, and none are easier than the last.
In those transition periods, things can feel out of control. Many of your carefully crafted processes are no longer working, and you and your business just feel like you are bursting at the seams.
These are growing pains, as my mom used to call it. Businesses, at all stages, have them.
After working with hundreds of small business owners in the past 7 years, here are the most common obstacles I’ve heard about time and time again, and what you can do about them. Do you hear yourself in any or all of these complaints?
1.“Everyone is starting a podcast (or virtual summit, or YouTube channel). I should too!”
Bright Shiny Object Syndrome can strike at any time, and at any and all stages of your business. When you look around you at your competitors or others that you feel are in your league, they seem to be doing more, accomplishing more, are more famous, earning more, doing more than you are.
Just stop. If you are still in business after a year or two, you are doing just fine. And you are enough!
Create a thoughtful, just-right-for-you strategic plan for your business and stick to it. Earmark new projects, platforms or courses for the next time you are in planning mode. This is your business. Design it for yourself, not everyone else.
2. “The only one who can do it is ME ME ME!”
You built this business by yourself and know every inch of it. You know what needs to be done and can do it faster and more accurately than anyone else. But if most of the tactical work is being done, or closely supervised by you, you are severely hampering your own growth. At some point, you will need to let go and train others to fill in for the majority of your functions, so that you can act as a true CEO.
What does that look like? It means building CEO time into your schedule. Block off a half-day each week, a full day each month, and perhaps a weekend each quarter for planning your future next steps. These are strategic planning blocks, not doing blocks. In fact a CEO doesn’t do much day-to-day doing. A CEO is creating content, finding and nurturing high level partnerships, planning and strategizing the future.
3. “I am EXHAUSTED”
Owning and running a business is not easy. We all know that. Especially in times of transition, it’s easy to run on all cylinders, work more than a normal workweek, and not pay attention to anything but your rapidly growing business. You will burn out, and your family and your business will suffer.
Before you get to that stage, build self-care into your schedule. Decide what replenishes you. Is it time with your family, incorporating exercise into your life, a walk, reading a book, going to a movie? Schedule repeating blocks of time on your calendar and make this non-negotiable.
4. “My to-do list just grows and grows”
The common thread I see with female entrepreneurs at all levels of business is that they have forgotten the KISS principle (Keep it Simple, Sweetie). In the rush to find new revenue streams, build new packages and courses, new formats for their content, streamlining what’s already in place goes right out the window.
Have a strategic plan and stick with it. You will have built your next 6 months or year during your CEO time. Once that is in place, don’t deviate. Find the top 3 tasks (or one task!) that you, as the true CEO need to accomplish each day. Don’t build out another activity until the ones already in place are smooth as silk, with processes in place and the correct team members making it happen.
If you find your own to-dos are getting out of hand, stop and re-evaluate. Are you doing more than you initially planned for in your strategy? Do you have the right or enough support staff underneath you? Are they getting the job done? Do they know what they should be doing and what your expectations are? Consider outsourcing some of the tasks if you are not ready to expand your team.
Stay tuned for 4 more common mistakes in next week’s blog!