The 4 Biggest Myths about Growing a Business

The 4 Biggest Myths about Growing a Business
I talk with a lot of clients who comment that, when they started their business, they didn't realize how difficult it would be to grow. Many of them share that they expected growth would happen automatically once they got their business up and running.
While myths about growing a business abound, the myth that growth is easy or automatic may be the biggest and most damaging. Here are four other major myths about growth that I often see keeping business owners from achieving their full expansion potential.
1. Growth equals an automatic revenue increases.
Over time, growing a business does enable it to bring in more revenue and increase profits. But in the short term, bringing on new team members, introducing automation, and expanding operations may not yield immediate results. Growing a business is hard work, and that work must continue after initial expansions take place. With persistence, though, those expansions can and will translate to higher revenue.
2. You are too busy running your business to worry about growth.
If your days are consumed with administrative or technical tasks that you've done since starting your business, you're probably spread too thin. As you prepare to grow, it's essential to bring in team members to handle tasks that you don't enjoy or that you aren't efficient at doing.
In order to end the cycle of doing everything yourself, you have to take action to change the way you operate. Hiring new team members is often an early step in the growth process: once you have time to plan and strategize, you can plot the course to growth.
3. Growth is dangerous because your company will outgrow you.
This is a myth that, consciously or not, keeps many small-business owners from taking meaningful steps toward expansion. In some cases, your growth may lead you to a role other tha
CEO--but that role will be the one for which you're best suited and in which you can best contribute to the long-term goals of your business.
4. I'm the best judge of my own growth needs.
In fact, it's almost impossible for us to gauge ourselves objectively. Consultants, advisers, mastermind groups, and coaches are invaluable to entrepreneurs who are serious about achieving long-term and sustainable growth in their business.
Which Myth Is Blocking Your Growth?
If you're feeling stuck and unable to grow right now, join me for a no-cost telecall tomorrow, Friday, August 17, at 11:00 a.m. ET / 8:00 a.m. PT. I'll outline the biggest misconceptions and myths around business growth that hold entrepreneurs back--and I'll introduce a simple solution for getting past them and sparking a major growth spurt. See the "Upcoming Events" section for details.

Of all the elements that contribute to creating sustained economic value for a company, human capital ranks at the top, with 71% of CEOs citing it as crucial. Keep this in mind as you move toward hiring to grow. Even if you desperately need a new team member, take your time with the hiring process for optimal long-term results.