Success May Be Holding Your Business Back
We’ve all heard the old saying, Nothing succeeds like success. When it comes to growing your business, though, success may be what’s preventing you from reaching the next level of success. Growth requires change, and a certain amount of success can prevent you from taking the steps needed to move forward.
How might success keep you from growing your business? A common pitfall for many solopreneurs is relying too much on the same small group of clients. It’s gratifying to have clients who appreciate your work and want to keep giving you projects. Plus, you know what to expect from each other. But what happens if those clients stop calling? You’ll be way behind in marketing and client development, leaving potential clients to your competitors. Who knows how many other lucrative, interesting and challenging projects you could be missing out on because you’re content to stay in your comfort zone?
Another common challenge for solopreneurs is being willing to delegate tasks and hire the help they need to take on more business. Even if you’re one of those rare individuals who’s equally talented at design and running a small business, there’s only so much you can accomplish on your own. You have to take a chance and add others to your team, whether that involves outsourcing some tasks or hiring staff, to relieve you of some routine or administrative duties in order to free up your time to work on growing the business.
Many small businesses teeter on the brink between growth and collapse because they are operating on a very slim profit margin. They are doing enough business to make a small profit but lack the capital to expand. They may be happy to continue that way for some time, until business slows down and they are unable cover their overhead and expenses. You need to earn or raise sufficient capital so you can make improvements and updates that will keep your business vital while you work on developing new business opportunities.
The first rule of business is you either grow or die. If your current level of success is enough for you, you can be lulled into a false sense of security that might put your business at risk and stop you from achieving your full potential. Celebrate your success, but use it as a stepping to your next achievement, not as an end in itself.
Check out our Creative Genius Podcast featuring an interview with Bob Burg.