He wants to grow, but he's scared.
I was talking to a business owner this week who was interested in what I do.
He said he wants to grow and optimize, but:
- He wants to continue to run a business that he can be proud of
- He wants to take the time to train his team properly
- He wants to stay affordable
- He isn't sure how
I told him that a lot of what I aim to do as a fractional CFO is identify unhelpful mindsets.
If you're scared of growth, you won't grow successfully. You'll unwittingly sabotage yourself, so you can say you tried.
What's the solution?
Dig deeper on each fear - "I won't be able to manage and train a team".
Do you want to stay small? That's okay. Small can be great. In some cases, you can retire on small. Don't be afraid to admit that you don't want what everyone else seems to want.
Alternatively - Do you actually want to grow your team?
Then break your goals down into manageable chunks. Hire one person, and see how long it takes to train them properly. Work with them 1:1 as long as it takes. Take note of issues. Write down everything you tell them. Put a manual together. Release them to an opportunity better suited to them, if necessary. Keep going. Provide your people with regular feedback. Keep lines of communication open. Share your vision regularly. Read books on leadership, and implement the learnings that resonate with you.
"I won't be affordable if I raise my rates"
Do you want to make more money? Are your prices too low?
Consider your personal financial goals, then work backward. Don't focus on top-line revenue - look at how much you want to take home. Review your margins. Price-shop your competitors. Come up with a reasonable price increase. Communicate it to your customers in a way that lets them know both their value to you, and your value to them.
Fear can be paralyzing. Feeling like you want to grow, but aren't sure how, or are too scared to try, feels like a not making choice, but it is a choice. You're saying no to the possibilities for you and for your business. Explore the possibilities with an open heart, fear be damned.
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