Episode #42 in The Cultivating Business Growth Podcast is focused on four commitments necessary for you to see real change in your business. In this episode, we discuss what needs to be done in a tactical sense in order to achieve the goals you have for your business. We want you to discover how you are thinking about your business and learn what actions you need to take daily in order for them to become habits.
What we cover in this episode:
- 01:45 – Starting off right
- 04:09 – Commitment #1: Be open to change
- 06:53 – Commitment #2: Be willing to invest
- 08:41 – Commitment #3: Commit to the process
- 10:04 – Commitment #4: Agree to being held accountable
- 12:54 – Common objections
Starting off right
Over time, we’ve seen how powerful it can be to have a strong foundation. Simply put, starting off on the right foot leads to quicker success. To do this, we ask for you to commit aloud, verbally, to making commitments. This is a meaningful declaration to us, as advisors, but more so to yourselves, that you are willing to do what is needed to get your business to the next level. Acknowledging your dedication to attain your business goals is a great way to start developing a success-oriented mindset.
Commitment #1: Be open to change
When you want to grow your business, it seems obvious that you need to be open and willing to make changes in order to achieve growth. However, sometimes we are resistant to change and don’t even realize it.
Being open to change means you’re willing to consider new ways of doing business, hiring team members with different skill sets, allocating people and resources in new ways, etc. As we all know, each business is unique. We discover the specific changes that need to be implemented as we consult with you about your business. However, if you are meeting with us, our hope is that you want change, are open to your advisor’s advice, and are willing to have conversations. Period.
Hesitation about change is common, but our role is to bring a fresh perspective to identify potential ways to better your business operations for you, your clients and your customers. Your integrity and what you want to accomplish remain at the forefront.
Commitment #2: Be willing to invest
Successfully making changes can mean investing monetarily in your business. Making investments of your time, new equipment, updated technology, and infrastructure can be needed also. Additionally, this investment can be in working with a business advisor, adding team members, purchasing materials or equipment, etc.
If you’re working with a CPA or financial advisor, they should be able to help make suggestions to ensure you have appropriate cash flow and a good budget in place. Additionally, they should be able to investigate an investment to help project whether the return will be greater than the amount invested. We can’t speak on behalf of all CPAs, but we function conservatively and are careful with recommendations. Sometimes, in order to grow your business investments are required.
Commitment #3: Commit to the process
This will take your time and your hard work to meet your goals. Even if you enlist the help of advisors, we aren’t magicians and we don’t have a magic wand, unfortunately. In order to get a game plan in place, you will need to meet regularly, discuss budgeting, go through the minutiae, and identify solutions. These meetings need to be a high priority for you. After all, our relationship and your business’ success depends on looking at your business high level and staying accountable.
Commitment #4: Agree to being held accountable
Commitments 1 through 3 are so important that Commitment 4 is that you are willing to be held accountable to keeping the three prior commitments! You should be meeting regularly with someone to help you stay on track and make progress. If you enlist the help of an advisor, their job is essentially to act as a doctor for your business. As your doctor encourages you to eat well and exercise to remain healthy, we are here to encourage healthy habits for your business. Here and there you may need little reminders of what you’re trying to accomplish and why. We seek approval in advance to remind our clients of these things when the needs arise. We are here to keep things from falling off the radar as accountability partners.
Now that we have covered the commitments you must make to change your business for the better, we want to cover some of the challenges you may be facing as a business owner. Legitimate worries about time, money, and self-doubt can make doing the above seem overwhelming.
If you want change, make time
We’ve heard it time and time again, “I don’t have the time.” We get it. Time is valuable. It’s easy to think you don’t have time for more conversations and meetings, but somehow you have to make the time or you are going to keep operating as you have been and you are going to see the same results. If you want to grow your business, if you want to be profitable, if you want that ease of operations to come into play, then you have to do something different. Invest the time now, one step at a time, and recognize the long-term benefits. We want your business to be profitable and operate smoothly with less dependence on you, the business owner.
Overcome the doubt
“Will investing money in this make a difference? Is this worth it?” Questions like these aren’t always asked, but we know business owners are thinking them. Owning a business isn’t easy. In fact, it’s hard work. Sometimes things work out and sometimes they don’t. If you get caught doubting whether or not you can achieve your goals, we challenge you to pause and reflect on your life’s accomplishments, and business accomplishments thus far. The common denominator in your prior successes is you. You’ve already done great things and with a bit of guidance and structure from us, your success can be multiplied on so many levels. Be encouraged by your past accomplishments and believe in yourself.
You can do this!
Today’s episode focuses on your business’s growth and success, specifically what actions should be taken and habits need to be developed. Katina shared with us the importance of starting this journey, toward achieving your goals, off on the right foot. Your dedication directly correlates to the success of your business.
Katina continued on discussing four commitments you should make as you prepare for growth. These commitments can be made to yourself and you can work on them daily, or you can enlist the help of an advisor to help. As advisors, we can ask good questions, provide sound guidance, and assist with implementing changes. In fact, these are things we love to do and your success is extremely important to us. However, being open to change is key.
Once you get to a place where you understand how change can benefit your company, you next need to be willing to invest in your business. Many times those investments come in the form of money and time. We know this can be a roadblock sometimes, but we are here to provide sound guidance. We don’t want you to spend time or money where you won’t see a return on your investment.
Next, understand this is a process. As much as we wish we could help you get to where you want to be in the blink of an eye, we can’t. It takes meetings, phone calls, emails, etc. Trust us though, it will be worth it in the long run. You won’t regret making this a priority.
Lastly, be ok with a little nudge from time to time. Establish an accountability partner or hire an advisor. Your advisors truly want what’s best for you and your business. Sometimes that means we need to hold you accountable and remind you of commitments 1-3 when necessary. Remember, our goal is to help you achieve your goals. When you succeed, we succeed!