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Debunking Four Common Myths that Prevent Your Business from Growing

by | Wed, Feb 20 2019

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Business myths

Are you fearful of the risks faced in getting your business to the next level? Have you decided to put your dreams to bed as the challenges that come with business expansion seems more trouble than it’s worth? Make sure you are not falling prey to myths that are really masquerading as legitimate issues.

Peter Irvine, Co-founder of Gloria Jean’s Coffees in Australia debunks the four common myths that prevent your business from growing.

Myth 1: “I need to know more than my staff”

Always having to be in the know can be dangerous, especially if it results in encouraging a culture of micromanagement. Staff morale can be hurt over time when working under a controlling management style.

I’ve had leaders under me that were threatened by staff that could outperform them and would actively stifle their growth, thinking this would make them look good by comparison. In fact it didn’t – it made them look like terrible managers! When staff are prevented from flourishing, your business will stagnate or even go backwards, with employees making easy mistakes, disengaged from the overall business vision and discouraged as they are unable to develop their skills. Every manager in your organisation needs to embrace the principle that growing people will help grow your business.

Myth 2: “It’s quicker if l do it myself”

It’s actually hard work to delegate – to watch other people make mistakes that could have been avoided or to see others do things differently to the way you would have done it. But if you want to grow it is essential that you delegate, otherwise you will hit a ceiling very quickly.  If you insist on making every decision yourself, you are also likely to drive away any future potential leaders that could make your business go further.

Often when business owners don’t delegate, they have not understood properly the tradeoff between their time and money. That is, your time is valuable and needs to prioritised so you only complete high value-adding tasks that grows revenue. Business owners need to ask themselves what monetary value they place on their time rather than “How much money can I save right now if I do this myself?” To work more efficiently you need to understand the return on your investment of time that way you can outsource lower lever tasks to others and devote time to activities that lead to business growth.

Myth 3: “We’ve always done it this way”

For a business owner, you can often be wearing many business hats that you don’t have an opportunity to stop and consider more effective ways of performing various roles in your company.  An overly cautious approach can lead to seeing stagnated growth for an extended period of time, which can harm self-confidence and of course long-term productivity.   Encourage creative thinking in your staff by actively rewarding it. New solutions can save you a lot of time and money when implemented well.

Any change in business process or an introduction of a new system can be threatening to staff, especially if they are worried of becoming displaced or their job description changes. Effective change management is only possible when you demonstrate a commitment to reskilling staff through providing them with the tools they need to progress their careers. It’s much easier for staff to transition into new processes and use upgraded systems if they are provided with adequate training and support.

Myth 4: “No one else has the passion I have”

This is an easy myth to believe since you have invested money in the business and you live and breathe it.

Years ago in 2002 we had a fire in our main Gloria Jean’s Coffees warehouse that ravaged the whole building to the ground.  People worked tirelessly around the clock to restore the business. They didn’t own the company, they were not shareholders but they were passionate about our mission and the business grew as a result.

During my advertising days, I also witnessed staff with great passion for their work. It was not uncommon to see employees work above and beyond their job description. I remember suggesting to some of my key people the need to recruit more people as our advertising agency was attracting additional clients. My staff were against the idea and demonstrated their personal passion for the business by being willing to work after hours to take on the new clients. As a business leader, it is up to you to inspire passion and purpose in your people rather than doubting their commitment to the business.

Change from a player to a coach

In order to grow the people in your business you need to change from a player to a coach by delegating. You will soon discover who is willing to move forward and who is not. Learn to take the step back, assess the situation, avoid the myths and pass on your passion. The end result? Watch your employees take your business further than you can imagine.

Peter Irvine

About Peter Irvine

Peter Irvine is a keynote speaker for businesses and churches and is the Co-founder of Gloria Jean’s Coffees Australia. As a coach for Business On Purpose, he empowers business leaders to build businesses that align with their Christian faith.

Visit businessonpurpose.com.au to find out how Peter can offer coaching for you in your business.

Featured image: Shutterstock.