The sacred cows that are killing your businessBy Nina Kaufman, Esq.
What’s the plan, Stan? Do you have a plan to make sure next year is better than this year?
Or are you looking at much of the same?
I know from working with business owners for over 20 years that it’s hard not to repeat the same actions. Especially if they’re locked into deeply held beliefs.
Dr. Michelle May calls this chain reaction “TFAR.”
>>Thoughts lead to your Feelings, which lead to your Actions, which lead to your Results<<
Your results reinforce your initial thoughts. And when those thoughts become automatic, they drive your behaviors.
Those automatic thoughts are your sacred cows.
They are beliefs you defend to the death.
You will swear to them as immutable truths. Immune from question or criticism. By anyone.
What are the top sacred cows that business owners buy into?
According to Garrett Gunderson, serial entrepreneur and author of Killing Sacred Cows: Overcoming the Financial Myths that Are Destroying Your Prosperity, these time-held myths hold business owners back from achieving their goals:
MYTH: “If you want it done right, do it yourself.”
TRUTH: You could be the greatest super-genius on the planet. But unless you find ways to share your brilliance, you’ll always be the bottleneck. The business won’t grow beyond your capacity.
MYTH: Recurring revenue is the Holy Grail of scale.
TRUTH: Recurring revenue is a worthy goal. It’s not a magic pill, though. It takes a lot work to get it humming. Plus, you need solid systems to manage the revenue at each stage.
MYTH: Working harder will move my business ahead.
TRUTH: According to Gunderson, it’s vision for the future, more than the hours slaving away. Having a vision galvanizes and inspires your team. Without it, you’re a bunch of disorganized hamsters on a wheel.
MYTH: Focus on the topline, not the bottom line.
TRUTH: Don’t just gaze at that fat contract price. Know if a client engagement is profitable. Plenty of small businesses have gone belly-up because they didn’t calculate what it would cost to deliver on the contract.
How about you?
Have you bought into any of these myths? Are there others that keep playing out in your business?
It’s time to decide.
Will you kill the sacred cows?
Or let them kill your business growth for next year?
If you’re ready to kill the cows, let’s talk.
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