Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
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In this blog based on the The Dropout Multi-Millionaire Podcast, we're breaking down the barriers to business growth and learning how to overcome the common challenges entrepreneurs face in their journey towards a booming, successful business. We’ll focus on delegation, overcoming fear, and gaining clarity to unlock your business's growth potential. We’ll also explore the three phases of stagnation in business and find out why working with a tactical coach can pave the way for transformative growth.
Is your business growing the way you want it to? Many entrepreneurs start their businesses with high hopes, but they often find themselves facing stagnation along the way. This stagnation, as we'll discover, is a problem with three distinct phases.
In phase one, we meet entrepreneurs who initially wear all the hats in their companies. They invest time and effort into their business, often working longer hours as they succeed.
However, this path eventually leads to burnout and growth plateaus. The owner only has so much energy and time to give to the business, and if the business is reliant on them, it becomes stalled.
The root of this issue? Lack of delegation. The entrepreneur who cannot effectively delegate tasks will eventually limit their business's growth. Consider how your business would run without you. If the answer is, “It wouldn’t” then you’ve got a problem.
Failing to delegate effectively is often due to building the business incorrectly from the start, so you may have to take another look at the way your business runs in order to break free from this phase. Learn to embrace the concept of scaling your business by adding tasks to others' plates, not just your own.
Phase two introduces the element of fear.
This phase occurs when entrepreneurs understand the need to delegate but are hesitant to hire or train new team members. This fear stems from concerns that new team members won't execute tasks as perfectly or as quickly as the entrepreneur would.
Moreover, there may be fears of loss of income if personal profit consumption is too high.
It is pivotal for these entrepreneurs to understand that effective delegation may temporarily reduce profit (hiring and training new members isn’t cheap) but this step is essential for long-term growth. The speed at which your business recovers from this profit hit depends on how well you’ve implemented your delegation strategy.
Phase three, the final stage of business stagnation, is characterized by a lack of clarity, especially in the long term plan for your business. Entrepreneurs in this phase know they need to delegate and they’ve gotten over their fear of delegating, but they still don’t know how to delegate.
Business owners with unclear long-term visions and undefined steps to achieve their goals are often paralyzed by fear. This fear is born from the unknown—uncertainty about why specific actions are necessary, how they should be executed, and what the consequences will be.
The solution to Phase 3 is different for every business owner, but the method to find the solution is one that works every time: reverse engineering.
Fear of delegation and lack of clarity both lead to stagnation. To map out how to overcome these obstacles, entrepreneurs must embark on the journey of reverse engineering.
Just like using a GPS to navigate a road trip, entrepreneurs need a clear plan to bridge the gap between their current state and their desired destination.Implementing this approach might initially slow down your business, but it's the key to substantial and sustainable growth.
But what if you don’t know how to create a roadmap out of business stagnation? The answer is simple: find someone who does.
Tactical coaches, unlike relational or technical coaches, specialize in operations, sales structure, and actionable steps to advance your business. Their expertise lies in driving your business forward based on universally applicable operational principles. They know the exact steps to break through business stagnation and get you back on track.
If you’ve never worked with a tactical coach and you’re experiencing business stagnation, now is the time to start.
Don’t think you need coaching? Tim Cook is the CEO of Apple, one of the world's largest companies, and he still recognizes the need for guidance. Tim Cook benefits from both a board of directors and one-on-one coaches that use their expertise to grow the company exponentially year-over-year.
The lesson here is clear: if you're an entrepreneur looking to unlock your business's growth potential, it's time to consider seeking mentorship or coaching from an expert who’s been there and done that.
Breaking through business stagnation requires entrepreneurs to address the three phases of the problem: lack of delegation, fear of delegation, and lack of clarity. In addition, working with a tactical coach can provide invaluable guidance to facilitate growth. By adopting a reverse engineering approach and learning from leaders like Tim Cook, entrepreneurs can build a resilient business that thrives and flourishes.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!