Doing Less: Why You Should Avoid Growing Your Business for the Sake of Growth.

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To grow your business, you have to know two fundamental things:

  • Your Vision – where are you going?
  • Your Identity – who are you?

The importance of vision cannot be understated. How can you ever expect to get anywhere if you don’t know where you’re going? A clear vision for your life and business can help all the other pieces to fall into place and give you a renewed sense of purpose.

Your identity extends far beyond your brand. Your identity encompasses everything you are – your beliefs, values, rules, standards – that guides your life.

So how do you make sure that you’re doing the things that matter the most in your business (and your life) while doing less of the things that you don’t enjoy? It all begins with having a growth-based mindset.

This question was the core concept of our discussion with Bill Flynn; a renowned business growth coach focused on making sure businesses are efficient, effective, and fulfilling to those working inside them.

In a climate where most small businesses fail within five years, Bill’s main drive is to help as many business owners fire themselves from day-to-day work so they can build the company in a way that fulfils their passion.

We tend to operate in a culture that admires the “grind” mentality – we idolise working 80 hour weeks and getting little to no sleep. The problem with thinking this way is that we begin to neglect other essential elements of our life until we feel completely burnt out and unenthused with the work we’re doing.

Bill compared this mentality of growth just for the sake of growth to cancer – eventually, cancer cells damage or kill their host.

Instead of growing for the sake of growing, Bill advises business owners to grow with a purpose. That purpose has to be something that makes sense financially, and the vision and identity of the business owner has to be included in the plan. Bill achieves this by having his clients focus on simplifying their system rather than expanding it.

Too much complexity breeds confusion and frustration, which is why so many business owners eventually burn out. The key to long-term success as a business owner is putting yourself into a role where you’re working on the business rather than in the business.

Bill has a three-step criteria he uses with all of his clients to determine whether or not he will continue working with them after one year:

  1. Have you got a vision?
  2. Have you built the best possible team around you?
  3. Have you fired yourself from the day-to-day?

Bill enforces these criteria on his clients because he knows how hard behaviour change is. If you don’t consistently work at growth, growth won’t happen. This is important to remember when you don’t feel like doing the growth work.

By adopting these three points, you could see massive shifts in your day-to-day business growth, as well as your satisfaction and enjoyment of the process. As a leader, if you’re not enjoying your business, how can you expect your team to enjoy it?

Bill’s closing message accurately summarises why so many business owners struggle with achieving true success in their business:

“Too many leaders rely on effort, luck, timing, and force of will to run their businesses. Those don’t scale properly. You gotta stop doing that.”

 

To hear more about Bill’s thoughts on growth and business success, take a listen to our It’s More Than Money podcast with Bill Flynn.

Disclaimer: The information in this article is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any of the information you should consider the appropriateness of the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant Product Disclosure Statement or other offer document prior to acting on any financial product or implementing any financial strategy.

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