Based on working with clients and learning from my own experiences, I’ve seen a few common mistakes that can completely derail us in achieving the goals we set in our business.

My hope is in highlighting these mistakes, it can help to avoid them, helping you to be more successful when aiming for great things in your business…

Wouldn’t it be amazing if your team had the same level of commitment as you do to your business?

While that’s not a realistic expectation, you can cultivate a more earnest sense of commitment and energy to your mission.

I recently wrote about three aspects of creating a high-performing team:

• Ownership

• Transition Time

• Reporting

Ownership is a big one.

Ownership is referring to owning a task or an outcome.

There’s a difference between the two.

Has this ever happened to you?

You’re looking at your numbers and year over year, you don’t see any movement in your top-line revenue?

This could be an indication that your business is overly dependent on YOU for its sales.

You might think - of course - I’m the only one who can do sales! — and there’s the issue. For companies with teams there are more options to have others involved in connecting with customers and owning a piece of sales.

For soloprenuers, there are other considerations but there are definitely things to consider and focus on for both types of business owners to get you moving in the right direction.

Listen in for what those are…

Waking up each morning, one of the first things so many of us do is check our emails and messages.

What is the day shaping up to be?

What did I miss?

What am I going to be faced with when I get to work?

We look at our calendar and see the meetings, administration and other commitments that are required to run our business.

We have aspirations for greater sustainability and perhaps growth, but how does one achieve this amidst the running of the business?

…when so much of our energy and time is already wrapped up in what we do every day?

One of the most frequent questions I get asked is ‘how do I grow my business’?

While businesses each have their own founder/owner strengths and opportunities, there are foundational steps to growing any business.

And, when I’m working with my clients, we look at where they are now and where they want to be. We look at what has worked in the past, what hasn’t and how we can use what’s working to fuel greater growth.

We reverse-engineer from where they want to be to hone in on the specific steps they need to take to get there.

What I’m sharing below is a guide so you can self-identify where you are and what next steps could benefit you in your business…

Growing your business can be fun, challenging, rewarding and all-encompassing. It can also feel frustrating, never-enough and like spinning your wheels.

An interesting question to consider if you have aspirations to expand is: how are you measuring growth?

There’s the traditional metrics of using revenue and profit. Those are great measures.

However, measuring growing using only the metric of growing top-line sales is using a very narrow lense.

AND these metrics are lagging indicators. They are the result of the activities you’re engaging in.

What are your leading indicators? (These are the actions you’re taking that LEAD TO the results you’re looking for.)

There are many tips and how-to’s in the marketplace about how to market your company.

It’s almost too much to wade through, isn’t it?

One thing I would invite you to consider is: if you own a business, you’re a marketer…And a salesperson. Whether your marketing and sales are sophisticated or fairly simple; if you have customers, you’ve engaged in some sort of marketing.

Even if that marketing is based on word of mouth and referrals. Your customers are doing your marketing for you in this case.

Marketing isn’t sales and sales isn’t marketing, but they do work together.

As we build our businesses, we get to practice and gain proficiency in the details of running of it.

Details like hiring: some of us may have hired a few employees over time and each time we do it, we will get a little bit better at it; finding what works and what doesn’t.

When it comes to managing your people: I suspect that you’ve made some mistakes (like we all have) and had some wins, and have attained a decent level of competency in managing your team through the years.

I also bet that how you serve your customers has improved in some way over time as you do this over and over again. There may be still room for improvement, but you practice this day-in and day-out and it’s my observation that your company is very good at serving it's customers.

So what don’t we get to practice?

What’s not to love about your favourite customer?

Whether it's the fact they’re wonderful people to work with, provide you with much of your business, they pay on time or you simply look forward to your interactions together; whatever the reason, each time you do business with them, it’s a good day :).

And why not? I love it when business is fun and enjoyable.

But could working with your favourite customer put your business at risk…?

Have you ever thought about what it would be like to sell your business?

Or, hand it over to a family member who now works, or will be working, in your company?

Is this something you know you’d like to do in the future…or does it feel more abstract and you have no idea how to make it happen?

We’ve all heard stories of successful businesses, passed down to the next generation who have failed the business in some way.

While we can’t predict what a new owner might do - whether that’s a buyer or your own family member we CAN prepare our business the best we can so it operates well, setting the new owner, existing employees and existing customers up for success.

AND there’s a way to do all this so you enjoy the benefits now even before you are ready to transition.

Have you ever wondered if business could be done another way?

If your business, and your relationship to it, has to be the way it is?

If you’re in the camp that’s thrilled and love your relationship to your business, then keep doing what you’re doing!

However, if you’re in the camp where you’ve had successes but are thinking: How much longer can I continue with this? Then this is for you.

What if you could re-write some of the rules?

What if there was another way that didn’t require such a drain and strain for you, and you didn’t have to sacrifice growth and profits to do it? What if your business model supported and created the environment where the business supported itself versus feeling like it’s all resting on your shoulders?

I always loved the message from Michael Gerber’s E-Myth that says:

“Once you recognize that the purpose of your life is not to serve your business, but that the primary purpose of your business is to serve your life, you can then go to work ON your business, rather than in it with a full understanding of why it is absolutely necessary for you to do so.”

He makes the point that your business is not your life.

Your business and your life are two separate things.

Your business has its own set of rules, its own purpose apart from yours.

Realizing this concept can support that separation and objective perspective where you fit, in relation business.

There are a number of metrics as a business owner for you to consider in the running of your business: revenue, pricing, expenses, profit, but there’s another important piece to knowing your numbers.

Understanding your cash flow.

Cash flowing through your business is like water flowing through a river; if it dries up, the environment around that river dries up and suffers.

You could have sales going through your business, but there’s a timing to cash flow and if that timing is off, it could hand-tie your business, inhibiting growth. If cash is running like that flowing river, then you have enough to fund growth and allow your business the flexibility it needs to operate.

The considerations that go into cash flow are largely around the timing of when money comes and money flows out, and ensuring there’s more coming in than going out.

For money coming in, consider things like…

One of the reasons I see businesses plateau in their results is not funding, or lack of ideas, but resistance in letting go. Letting go and letting their employees do what they were hired to do.

And for some, simply hiring someone can be a huge hurdle to cross.

By letting go and increasing the responsibilities of those around you, you create one of the foundational components to growth and scale.

It can be difficult and challenging.

What does it often come down to?

Trust.

Trust in them, trust in your business as an overall entity, and trust in yourself.

Have you ever had a wonderful experience with a brand, product or service that you really wanted to tell your friends about it?

Actually, I’m guessing you have. When we experience something wonderful, we want to tell people about it.

I am happy to share with others when I’ve had a phenomenal experience at a restaurant, a retail store, or with my hairstylist or my insurance company.

We want others to have those experiences as well and for those individuals to continue to be successful because of the great work/food/products/services/etc. they’re putting out into the world.

So now let’s flip things.

Do you think people say the same for your business?

There’s one critical question you can ask your customers in order to measure how well you’re doing as a business to know if you have high levels of customer satisfaction and the answer to this question is also proven to be predictive of your future stream of revenue.

The question is…

Maybe the reason your business is wearing you out isn’t necessarily because you’re burning the candle at both ends, or worried about making your bills, or because of another late order arriving.

While these are all worrisome and tiring, these could be symptoms of a deeper issue.

It could be due to a lack of capacity and diversity in one or all of three key areas: employees, suppliers, and/or customers.

How dependent you and your business is on any one employee, customer, or supplier can be a real indicator of business health, how high your business risk is, and how you, as the owner, are shouldering the effects of this directly. And, if that one employee is YOU, well that would be a signal of a lack of capacity or diversification of employees and skills sets.

I was recently speaking with a business owner who is dependent on one employee (themselves!) who tried to hire another employee recently.

They said ‘it didn’t work out’ and ‘it wasn’t a good fit’. And, they doubted that there would be a good employee out there that could do what they’re looking for.

I probed a little more and it became clear that they really didn’t believe another person could do what they could do and could serve the clients the same way they could.

I have heard variations on this theme from a number of business owners.

So what’s the answer?

Take a look at the three areas I mentioned and see how your business fares in these areas.

Is your business satisfying your ‘WHY’?

In order to fulfill your WHY for being in business, the company you created has to be able to make the impact you had intended it to make.

Whether that’s impacting families through therapeutic approaches, providing housing for seniors, providing financial security for families, or helping others build healthy businesses, without your own healthy business, it becomes harder to fulfill that mission.

That’s why I love these markers of business value. It’s not only your own business you’re building, but having a healthy business means that you can change the lives of your clients and customers.

That’s the real and compelling legacy here and a huge reason why I do what I do. One of my big WHYs is to help you to be successful in growing a strong, healthy, and sustainable business that impacts others.

I’m deeply motivated to improve the lives of others through economic growth and supporting businesses that make a difference in our communities so we all thrive.

One of the markers of a healthy business is how cash flows through it. (This is the fifth driver of business value.)

One of the most common pains I hear from business owners is that there’s not enough cash. Or it shows up as their desire to ‘do more marketing’ or '‘increase sales’.

Is your business a cash suck?

Or does it generate cash quite handily?

If cash is rarely on hand in your business when you need it, you may want to consider exploring these areas:

The unconventional strategy: Create space to think.

This may seem odd to highlight, but stick with me here…

Often, we go and go and go in a business we’re trying to create and build. We feel like there’s never enough time, there are more clients or customers to attract, or new products or services to release in this quest of creating, building, and growing a business. There’s a lot of doing. And a lot of striving.

And that action-taking can be worthwhile.

However, there is another side of the equation to consider….and that side is the opposite of doing.

It’s about taking frequent pauses. Creating space for something else…..

How often are you creating space for thinking, reflecting, planning, and considering?

You don’t need to get through your to-do list, focus on managing your priorities.

With changes happening regularly, sometimes hitting us daily, challenging our focus and shifting our plans, you can pretty much toss that to-do list out the window.

These days our weeks are anything but predictable, yet our work must continue.

So, how do we continue to adapt to our still-changing environment?