Why Isn’t My Business Growing Faster?

The podcast discusses challenges faced by business owners, including slow growth, underperforming team members, and overwhelming debt. The host provides advice and principles for overcoming these challenges, emphasizing the importance of clear communication, accountability, and a commitment to excellence within a business culture. These principles, when instilled, can help resolve internal conflict and propel a business towards long-term success.

Business Growth Challenges

• 00:00:46 Boyd, a Managed IT services provider, is experiencing slow business growth despite achieving 20% annual revenue increases. The host suggests that focusing on developing role clarity, mission, and vision, and aligning the team can lead to faster growth.

Delegating Complex Roles

• 00:03:47 Boyd's business is reliant on his sales expertise, leading to a bottleneck in growth. The host recommends breaking the complex sales process into smaller components and gradually delegating them to team members. This approach facilitates knowledge transfer and allows the business to grow without him having to be directly involved in each sale.

Team Performance & Expectations

• 00:14:48 James, owner of a destination wedding travel agency, has a team that generally performs well, but some members consistently underperform. The host advocates for an ‘up or out’ policy to ensure everyone is committed to excellence. He suggests that this approach establishes clear expectations and fosters a culture of high performance, leading to better results and customer satisfaction.

Business Debt & Necessary Endings

• 00:24:32 Megan, owner of an e-commerce education business, is struggling with high debt and declining revenue. The host advises her to analyze the situation objectively and consider a ‘necessary ending’ if no logical pattern exists towards future success. He suggests exploring options like selling assets, adjusting the business model, and discontinuing unsustainable practices like fast funding.

Implementing Core Values

• 00:48:01 Steve, owner of a custom paint finishing company, is facing challenges getting buy-in for core values from long-term team members. The host emphasizes the importance of clear communication regarding changes and the rationale behind them. He advises Steve to leverage one-on-ones to foster accountability and address any misalignment or concerns with employees individually, reinforcing the core values and expected behaviors.