The Secret Keeping Your Business Stuck

Summary

• It's important to remember that starting a business requires different skills than growing it.
• Always be willing to test your assumptions about your business; what worked once may not always work.
• When new team members join, ask them for their fresh perspective on the company's processes.
• Encourage new employees to point out things that seem odd or suggest improvements that could help the business grow.
• Be aware of status quo bias, which is the tendency to keep things the same simply because that's how they've been done.
• Carefully decide which aspects of the business should remain constant and which should be changed to push the business forward.

Video

How To Take Action

I would suggest starting with a healthy dose of self-reflection about your business. Think about the different skills needed for starting your venture, and then, the skills you need now to grow it. Growth requires adaptability, so be ready to learn new things and let go of what doesn't work anymore.

A good way of doing this is by challenging your own ideas about what works for your business. What you believed was true when you began might not be effective now. Embrace change! Make it a habit to periodically question your methods and strategies, and test new approaches.

When new teammates come on board, ask them what looks odd about the company. Fresh eyes can spot what you might have missed. Encourage them to share their thoughts on what could be done better or differently. Their suggestions could spark the next phase of your business growth.

Be aware that it's easy to want things to stay the same. This is status quo bias. It's comfortable, but may not be best for your business. Take time to figure out which parts of your business should remain constant, like your core values, and which parts could change to help you progress. Keep asking yourself: is this procedure or strategy here because it is the best for my growth, or just because it's always been here?

Remember, it's not about making big, expensive changes. It's about making smart, calculated tweaks to how you do things. This mindset will help you spot opportunities for improvement without overwhelming you or your budget.

Quotes by Leila Hormozi

"what it takes to start a business is not often what it takes to continue a business and to continue growing a business"

– Leila Hormozi

"we have to continue testing our assumptions"

– Leila Hormozi

"Bringing new people on the team would be that you can ask them what looks awkward here"

– Leila Hormozi

"what big obvious things are we not doing that if we did do would grow the company further"

– Leila Hormozi

"we have to be very strategic about what we keep as constants versus what things we want to change to move the business forward"

– Leila Hormozi

Full Transcript

what it takes to start a business is not often what it takes to continue a business and to continue growing a business we have to continue testing our assumptions one of the advantages you have to Bringing new people on the team would be that you can ask them I always say like what looks up here what seems like why the are we doing this when you walk into the company that maybe we shouldn't be doing anymore or what big obvious things are we not doing that if we did do would grow the company further I think that what happens as we go on in business is we get status quo bias we're constantly looking at keeping things the same because we've been doing them this way we have to be very strategic about what we keep as constants versus what things we want to change to move the business forward