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Ep 4 Why Most Small Businesses Stay Small
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I engage with a lot of businesses every week - more than most people. I founded a digital marketing agency after all, and our business is helping small businesses grow - so it makes sense.
When talking with a business that has reached out for help, the first thing I typically ask is “What caused you to reach out? What challenge in the business are you hoping we can help you solve?”
And almost always (about 90% of the time), get an answer that’s something along the lines of “I need help with lead flow; I need more customers; more sales opportunities.”
We then dig into their current sale numbers - and then their goals.
A large percentage of these business owners are doing less than half a million a year - and (although they’ve been in business for years), they’re struggling to grow by any significant amount year over year. Most will say something like “I’m doing $500k/year right now - but really want to get to a million.”
I’ll ask what they think is preventing them from hitting that target - and they (almost without hesitation), tell us the issue is consistent lead flow with ready and able to buy customers.
And in most cases, they’re right.
As I continue, I want you to keep in mind:
These are businesses that have been in business for years.
They’re “stuck” at their current income level - and (in their words), no matter what they do, they can’t seem to grow by more than small margins every year. 10% is what we see on average - and that barely covers inflation - so nothing really changes in their lives.
So, straight from the business owner’s mouth we have:
“I’m stuck at $500k/yr and no matter what I try, I can’t seem to break that ceiling. I need more sales opportunities, but nothing seems to be working at any scale.”
Does this sound familiar?
If it does, you’re not alone - it’s literally the same story I hear with tons of businesses we speak with every single week.
And here’s the dirty little secret:
This is a simple problem to fix - but fixing it isn’t easy. And the solution has very little to do with tactics, and more to do with how most small business owners think.
What I’m going to share with you (although it’s a universal truth, and it applies to every business), is very personal. It’s something I had to realize for myself (the hard way) - and I think that’s why I’m so passionate about helping other business owners realize this point for themselves too.
I hope this episode helps you so grow your business by higher multiples this year - enjoy...
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