One of the biggest fallacies in the business world related to coaching is that coaching is for struggling businesses and business owners. The reality is that this couldn’t be further from the truth! Coaching works best for businesses and owners that have already reached a level of success, and are ready for the next level, which gets harder and harder as you grow. Best Selling author and business thought leader Marshall Goldsmith’s book “What Got You Here Won’t Get You There” is all about the challenges of moving up to new levels, and what you need to leave behind, to let go of, in order to take on the new challenges. Let’s take a look at 3 of the most common growth challenges you might be experiencing despite your success.
1. My team can’t do it as well as I can! Well, that might be true, and yet, the only way to grow and have an impact on more lives is to teach them how to do it better than your competition. You might be surprised how well a team can perform when you focus on providing them with the systems and environment they need to thrive.
2. Your systems no longer support the new levels of business. As we grow our businesses, quite often we find that the financial processes that used to be good enough simply aren’t anymore. Our bookkeeping, invoicing, collecting, and reconciliation processes most likely need to improve to manage the risk of the larger amounts of sales going through the system.
3. Your hiring processes don’t find the right people. When you were heavily involved in the work, you didn’t need team members who were self-sufficient and self-directed. Now that you are spending less time doing the work and more time leading the company, you need to build an environment that attracts a different level of team, one that can take direction, be responsible and accountable for their results. You might need more thinkers as well as the doers you have been hiring until now.
John Maxwell’s “Law of the Lid” reminds us that our business can only get as big or good as the leadership team. We are the limiting factor in our business’s growth and success, so we must keep growing if we want to enable our business to do so.
Author: Mark McNulty, Business Coach in Louisville, KY