The Hidden Mindset that Costs You

Over many years of working with small businesses, I have noticed a prevalent mindset that costs business owners valuable time and money. Many small business owners, especially founders, believe that they should have all the answers. They think if they can’t accomplish it themselves, it’s a reflection on their abilities as an entrepreneur or a smart business person.

Others believe that the way to be profitable and make money is to do everything themselves, whether or not they have the expertise. It’s the idea that doing it themselves is “saving” them money, but often it costs them more than it saves. Here’s the real truth: the DIY mentality is actually killing your profits and stunting your growth!

Staying Stuck vs High Achievement

I have seen really smart, talented business owners lose momentum, time and money because they become paralyzed by indecision, make costly mistakes, or get overwhelmed by trying to be responsible for everything in their business. When business owners try to do it all themselves, everything feels like a struggle, and they become exhausted and deflated.

On the other hand, smart business owners who are knocking it out of the ballpark have something in common. They are willing to fill the gaps in their knowledge, skills and abilities either by investing in learning, or hiring others who can do that job better and faster than they can. When someone else can do the job better and faster, it frees you up to do the more valuable work that is in your zone of genius, the work that fuels your business success, and saves you money! Why? Because there is an opportunity cost to the time that you spend doing it all yourself. And there is a cost when you don’t do it well or right.

Information Alone is Not Enough

One area that I have seen have a huge impact on business growth and success is coaching. I know that term can have a wide meaning and can feel a little nebulous, but here’s what I mean. In an age where information is more than abundant, and it’s at our fingertips, it still takes human judgment, expertise and experience to understand how to apply that knowledge to achieve our goals and dreams. It also takes guidance, support and an outside perspective to comb through all of the possibilities, find the gold and act on it.

The Perils of Analysis Paralysis

Are you an over-thinker? Someone who gets stuck in their head and then gets trapped in analysis paralysis? I am! I totally relate to this. I know that when I stay stuck in this mode, I am losing out on opportunities and it’s costing me the ability to fulfill my mission and vision.

As someone who works with small businesses every day, I also know that it is exponentially more difficult to do for yourself what you can easily do for others. When you are mired in the day to day of your business, putting out fires, adrenaline flowing all the time, thinking clearly about your own strategy can be challenging at best. This is why DIY costs business owners time and money.

The Value of an Outside Perspective

A great business coach (advisor, strategist) can give you the outside perspective you need to get out of your head and into action.  They can cut through the noise, help you focus on what’s important and ignore what is not. Imagine if instead of ideas, possibilities, roadblocks, and uncertainty swirling around in your head, pulling you in different directions, you had a clear path to follow with confidence. What would be possible?

I see this happen all the time. A business owner who has been trying to figure something out feels stuck, they don’t know why things aren’t working, and they believe that they should know the answer. They are telling themselves that if they have what it takes, if they’re smart enough, then they will be able to find the right answers themselves. This mindset is holding them and the business back from achieving their true potential. It’s like when your computer is stuck in the never ending spiral, never loading the information you are waiting for.

On the other hand, a good coach can ask a few key questions, and suddenly:

✔️ you see things in a different way

✔️ the confusion falls away

✔️ your path forward becomes clear

✔️ you can make decisions with confidence

Often, you already have the answers, and coaching is the catalyst to help you recognize them.

Working with a coach, advisor or strategist is not an expense, it’s a smart investment that should generate a large return. What is the value of achieving your goals more quickly while avoiding the headaches, detours and rabbit holes that can zap your energy and motivation as well as your bank account?

Achieve Your Dreams

A coach can support you in moving forward to achieve your goals, objectives and dreams. They don’t just help you chart a path, but they will hold you accountable to taking action. When things go off the rails or don’t go as planned, they are there to give you the insight you need to course correct.

I want to say this loud and clear because I believe it to my bones, working with a coach or advisor is not a weakness, it’s a strength! It’s a strength to recognize that you have blind spots, and that you don’t know what you don’t know.

Every elite athlete has a coach for a reason. I believe that every business that strives for excellence, impact and profitable growth should too!

 

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