5 Success-Killers Holding You Back

My client Scott is an outstanding business leader. He had grown his consulting practice to $27 million in annual revenue in six years but then hit a plateau in years seven, eight, and nine. When he came to me, he was baffled. He was working harder than ever and not seeing progress.

Scott joined one of my Masters Groups. This group of 5-7 business leaders meets quarterly with the focus of each member on tackling one significant goal each month.?

When we look at these goals, we break them down into Mindset, Actions, Strategy, and Systems solutions.?

In Scott's case, and with the group's help, we discovered what was holding Scott back.

Here are Scott's five success-killers:

1. Fear of Failure

Many business leaders fear failure, preventing them from taking risks and making decisions that could benefit their organization. This fear can lead to a lack of innovation, missed opportunities, and stagnation.

In Scott's case, his employees and customers had urged him to take risks and break into a new consulting area. There was a clear need for these services, but Scott hesitated to introduce this concept to his customers and prospects because this was his first time entering this business sector.

2. Perfectionism

Perfectionism is another common mindset challenge faced by business leaders. This mindset can lead to micromanagement, burnout, and a lack of delegation. Business leaders who struggle with perfectionism often have high standards for themselves and their team, making it difficult to delegate tasks and trust others.

Scott is a CEO who spends hours reviewing and editing every piece of content his team produces. He was a massive BOTTLENECK in delivering work products and creating marketing collateral - including presentations and webinars.

3. Narrow Thinking

Narrow thinking is a mindset challenge that can limit a business leader's ability to innovate and adapt to change. This mindset can lead to a lack of creativity and an inability to see opportunities outside their current industry or market.

For instance, a CEO focused solely on their current product line may hesitate to explore new markets or industries. By connecting with a masters group or peer advisory group, the CEO can learn from other business leaders who have successfully navigated similar transitions.?

This is precisely what happened with Scott. He was too close to the situation, and he needed fresh eyes to share their vision for the future of his company.?

4. Resistance to Change

Resistance to change is a common mindset challenge that can hold a business leader and their company back. This mindset can lead to a lack of flexibility and an inability to adapt to market conditions or changing customer needs.

This is one of the deadliest mindset issues Scott faced. His current workflow and routine had become comfortable. He was pleased with his income and lifestyle but was bored. And so were his employees. They weren't challenged, and every day was the same.?

If Scott initiated a change, things would be different. They might be worse. Was it worth risking this to get the passion back into his practice?

5. Fear of Success

Finally, Scott wondered what would happen if he changed his business model and it was successful. Would he have to work harder? Would he need to hire new/different employees? Would things change so much that everyone he loved working with would never want to be around him again?

Our group helped Scott think through the strategy for entering this business sector.?

Scott verbalized his concerns to the group. They listened, and each CEO in the group shared their experience with a similar situation.?

The shared experiences of the Masters group members helped Scott shift his mindset. We then used our proprietary process to help him create a strategy for moving forward.?

That was the beginning of a rebirth for Scott's company. Nine months later, Scott's revenue was on pace to increase by 65% when he received an offer to sell the company. This offer and the subsequent negotiation led Scott to realize the power of a shift in mindset.

That was four years ago. In Q1 of 2023, Scott and his team closed a transaction to buy a competitor. Scott's company has tripled in size, and he works less and is more passionate than ever about his business.?

During the past few years, Scott and the other CEOs in this Masters Group have used this process to handle many business and personal issues. They all have one thing in common: Having a group to help them think through their challenges makes all the difference.?

Being a business leader is lonely. Connecting with like-minded professionals is valuable and can be the difference between action and stagnation.?

If any of this interests you, review my latest offering for a new Masters Group forming this month. Here's a webpage with all the details:

https://DaveLorenzo.com/mad

If you have questions, contact me at the phone number below.

Warm regards,

Dave Lorenzo

(786) 436-1986