According to the U.S. Bureau of Labor Statistics’ Business Employment Dynamics, 20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business.
So what’s the difference between the businesses that take flight and those that fall? Some experts say it’s not an external cause, like needing a better website or tweaking a sales funnel. Instead, the answer is probably inside of you.
“If you feel like you have the education, experience, or client results it takes to succeed—but you can’t take your business to the next zero—the problem is likely your mindset,” says Rozanna Wyatt, a licensed therapist and rapid transformation coach who has sixteen years of experience working with entrepreneurs, athletes and corporate leaders. “Success is an inside-outside job. Our thinking and our emotions on the inside drive our behaviors and actions on the outside. And those behaviors and actions either lead us to success. . .or elsewhere.”
Set your business up to win by uncovering the answers to these three questions that Wyatt says hold so many women back.
3 Questions To Ask Yourself When You’re Struggling To Grow Your Business | Stephanie Burns
Tommy Collier/Denver Headshots
1. How Might I Be Sabotaging My Own Success?
Raise your hand if you’ve ever participated in any of the following self-sabotaging behaviors: procrastination, perfectionism, people-pleasing, failing to ask for help, playing small or even not owning your vision. “I commonly see all of these counter-productive actions in clients,” says Wyatt, who notes that you have to own up to them if you want to overcome them. “Once you identify your go-to saboteurs, you need to determine how you’ll cope with and ultimately eliminate them.”
Wyatt recalls one client who was preparing to host an online conference—but self-sabotaged by procrastinating when it came to marketing and promoting the event. “To help her cope, we talked about all of the previous events she’d held that had been a success, what skills she used in those situations and how to harness them in this one,” explains Wyatt. While recalling a time when you achieved a goal that seemed beyond your reach can spur some to action, others need to tap into their ‘why’ for inspiration. “Both exercises can elevate your feel-good endorphins and give you an immediate boost of confidence and motivation,” says Wyatt.
2. What Are Your Top Three Strengths?
Turns out owning your zones of genius is not only good for your company, but also good for your character. “Research shows that using your strengths improves work results and productivity in addition to boosting self-esteem and enhancing your emotional state,” says Wyatt.
To identify your strengths, start by thinking about what naturally excites you at work or the areas where you’ve had big wins. She also suggests getting feedback from trusted friends and co-workers on their perception of your strengths or even taking an assessment test like TAIS, DiSC, or CliftonStrengths.
Anything that falls outside of that zone of genius should be delegated or outsourced. If your business isn’t far enough along to pass the task on to someone on your team or a virtual assistant, Wyatt recommends a skills swap, partnership or even harnessing the power of the Pareto Principle as a measurement of where to focus your time. “Since 20% of your effort produces 80% of your results, focus on your strengths 80% of the time to yield a higher probability of achieving desired outcomes,” she says. “You grow faster—and your company grows faster—when you focus on areas of strength instead of weakness,” says Wyatt.
3. What Fears Might Be Holding You Back From Success?
“Fear is the undercurrent gripping many high-achieving entrepreneurs,” says Wyatt who has helped her clients 10x their business, win national awards, finally write that screenplay and more. Wyatt recommends becoming aware of your fears by using introspection-based questions that start with “what” or “how” to evoke curiosity and compassion instead of judgment.
“Try a question like, ‘What fear would a confident me tell myself I need to release to achieve next-level business growth?’ Maybe it’s fear of failure, success, rejection, not being good enough or appearing conceited. Getting up close and personal with your fears—and confronting them with facts—takes the power away from them,” notes Wyatt.
One client Wyatt worked with had a brilliant idea for an app but kept backing out of speaking engagements and conferences where she’d get to pitch it to investors. “She was consumed with a fear of failure,” remembers Wyatt. “She was only able to release that fear after we looked for evidence to support it—and didn’t find any. She was one of the most credentialed individuals in her industry in the US.” While that client didn’t end up bringing the app to life, she did end up securing a multi-six figure consulting opportunity as a result instead. “When we let go of our fears, we can get a firm grip on the focus we need to increase productivity, the confidence we need to enter sales conversations, the creativity we need to innovate and the power we need to let our businesses take off.”
