In working with clients who are focused on scaling their businesses, what often gets in the way to scale is an inherent limiting belief held by the business leader. True or not, these ingrained thoughts can really hold us back.
Here are four of the most common misconceptions that can block business growth (and how you might overcome these limiters instead):
Unable to afford change: Often business leaders believe they can’t afford to grow…so they stop, dead in their tracks. When in reality, financial affordability can take many forms: exploring various financial options internally, raising outside capital, or adjusting the implementation plan to a phased scaling approach where the timing better aligns with the business’s financial capacity.
Fear of failure: Another big limiting belief is the thought that this change may fail…and by association, I as the business leader, fail too. This very real fear can cause hesitation or complete avoidance of taking calculated risks (thus missing time-sensitive opportunities). To overcome this limiting belief, consider taking incremental steps to test ideas quickly before committing to them fully – then incorporate learnings and gather momentum as you move the organization forward. Crawl…Walk….(then) Run.
Reduction in service quality: Business leaders may also fear that growing too big, or too fast, or losing personal oversight will mean that quality and/or service levels drop. A natural response can look like micromanaging team members or resisting growth completely. The smart solve instead, is to develop clear systems and processes that are designed to proactively maintain quality and service while the business is scaling.
Resistance to change: We are all creatures of habit, and the status quo can feel really comfortable. Yet the reality is that businesses need to adapt and change, in order to stay in business! With a fixed mindset that only wants to do things “the way we’ve always done them,” can stifle innovation. Embracing a growth mindset (adopted by the leader and modeled for the team) will enable the business leader to become open to feedback, create positive change and foster new ways of doing things that scale the business further faster.
Overcoming one’s limiting beliefs requires self-awareness, willingness to adapt, and a focus on long-term goals…plus a little bit of creative problem-solving sprinkled in. It is often the perspective (and support) from an outside neutral party that can help business owners adjust their mindset and break through these barriers to achieve scalable growth.