To move your business forward, you need to take a step back first.
It's a common misconception that in order to grow your business, you have to endure years of "the grind" before you start seeing the light and gaining time back to scale. While staying consistent and diligent is important, what will truly allow you to go from surviving to thriving is pivoting the way you approach your business in the first place.
This is exactly what I did for our family agency, which led to us quadrupling our profits and selling the business for 3 times revenue within just five years. When I first joined though, it was clear to me that the business had gotten caught in a constant "busy-ness" burnout cycle where my business partner and our staff barely even had time to keep things afloat. These are the three steps I took that allowed us to scale our agency, and how you can do the same to grow your business:
1) Shift your (and your team's) mindset
One of the first and most crucial steps in scaling our agency was shifting my mindset. Instead of focusing on immediate tasks that kept the business afloat, I started prioritizing activities and tasks that would build the agency we envisioned for the future. I clearly outlined our long-term goals and the overall vision I wanted to create for the agency. Then, every day, I committed myself to walking into the office and behaving as if we were already at this level.
Shifting my mindset and focus was only the first step, though. The real challenge I faced was convincing my business partner and staff to embrace this new perspective as well. They needed support and direction to be able to get to where I was, and I couldn't move forward without their "buy-in." The first few months were challenging, but I eventually took the time to understand what my staff and business partner needed in order to get onboard with my plan and still be able to get their work done and keep the business running smoothly.
While at the time, it felt like I was going "backwards" in having to create processes and resources for them just to meet me halfway, it ended up expediting our progress towards the ultimate vision that I had for the agency. The way I did this was to remove myself even further from the business so that I could be objective and focused in creating the future I wanted for our agency. Here's what that looked like:
2) Treat your business as if it it's a client or project
The next (and most transformative) step was treating our agency as if it were a client and I was a third-party consultant. I began by conducting a thorough "audit" or assessment of the agency. This included analyzing our financials, client base, service offerings, and internal processes. I looked at what was working well and what needed improvement. I also made sure to involve my team in this analysis and obtain direct feedback from them about what blockers, bottlenecks, or inefficiencies they currently faced in their roles so that I could make our overall operation as seamless as possible.
Based on the analysis, I proposed a series of solutions aimed at addressing the identified issues and leveraging our strengths. These solutions were implemented in a project-based manner, with clear timelines and milestones, but with room left for feedback and iteration.
The key here is to remember that your primary responsibility as a leader is to provide your team with the resources and tools they need so they can fully commit to helping you grow your business - and the only way to do that is to treat your business as if it's a project that requires your full focus and energy.
3) Engage and align your team with your vision
I knew that I would receive pushback from my staff (and I did), so I factored this in when I set about creating the implementation plan for these new processes. It took nine months to create, update, finalize, and fully train our staff on these changes. It often felt like I was "wasting time" going back and forth with my team and business partner, but I realize now that it was crucial to incorporate everyone's concerns, ideas, and hesitations so that once this new system was finalized, there wouldn't be any hindrances to moving forward and growing our agency.
What I wish I had done from the beginning was take the time to understand what my staff needed to hear on an individual level in order to feel supported and included within this process. Just communicating my overall vision wasn't enough - my team and business partner needed to understand what was in it for them and how these changes would be of benefit to their personal and professional goals.
Once their concerns were addressed, my team and partner felt empowered and motivated to embrace these changes and began to take ownership of their roles, even amidst the massive operational overhaul we were going through. Not only did this decrease resistance, but it brought our team closer together and made it feel like the agency's future success would be directly reflected as their individual success as well.
Conclusion: Your mindset and the role you play is what will ultimately help you grow your business
Scaling and eventually exiting our family agency was a journey that required a strategic mindset, objective analysis, and a strong, aligned team. By focusing on long-term goals, treating the business as a client, and fostering a culture of communication and accountability, we were able to achieve significant growth and prepare the agency for a successful exit.
You can apply these same steps to grow your own business. Shift your mindset to focus on future growth, treat your business as a client to gain objective insights, and engage your team to ensure everyone is working towards the same goals. With dedication and strategic planning, you too can scale your business and achieve your desired outcomes.
Remember, the journey won't be without its challenges, but with a clear vision and a committed team, success is always within reach.
Check out the full blog article on my website below:
Things I found helpful this week:
- This blog article by strategy consultant Blaz Kos that outlines how to make a "not to do" list to clarify your role and determine what to delegate.
- This podcast episode from "The Science of Success" podcast where organizational psychologist Dr. Tasha Eurlich makes the case that most people aren't actually self-aware (and what we need to consider in order to achieve true self-awareness).
- This quote: "For the past 33 years, I have looked in the mirror every morning and asked myself: 'If today were the last day of my life, would I want to do what I am about to do today?' And whenever the answer has been 'No' for too many days in a row, I know I need to change something." - Steve Jobs
I hope you found something helpful or insightful here - please reply back and let me know what topics you’d like me to cover in future issues. See you in two weeks!
-Anais
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