How to Grow and Not End Up Like 55% of Small Businesses (Day 1 of 6)

By Ben Hackley, Fractional CFO

A small business owner named Don Miller wrote the book How To Grow Your Small Business where he says that his marketing business, StoryBrand had a problem many of us face.

--?

He started his business, got some clients, and things were looking up. But then, he got so caught up in managing things that he lost track of what he loved doing most – creating great content.

--

You know, almost half of small businesses don't make it past five years, often because growing too fast can lead to big headaches.

Let’s say your business is doing well, people love what you're selling, and you decide it's time to grow.?

You hire more staff, maybe spend more on ads, and stock up more than usual.?

Suddenly, you find your costs soaring, but customer happiness is going down.?

You're running around like crazy, putting out fires, instead of focusing on what made your business awesome in the first place.

That was Don's situation. Then, one day, he glanced at a model airplane in his office and had an "aha" moment.

The Airplane Metaphor

Don realized that a business is a lot like an airplane.?

• The cockpit is your leadership team, guiding everything.?
• The wings are your product or service – they give your business lift.?
• The engines are your marketing and sales efforts, pushing your business forward.?
• The body of the plane? That's your overhead and operations.
• ?And the fuel? Well, that's your cash flow.

This simple plane metaphor changed how Don saw his business. It helped him focus on balancing different parts of his business, just like a pilot balances different parts of a plane.

What Don figured out is super useful for all of us running a business. Growth is great, but only if you keep everything in balance. You've got to make sure your leadership, product, marketing, operations, and cash flow are all working together smoothly.

Don’s story isn't just a success story. It became a playbook for us.?

like a well-flown plane, is ready not just to fly, but to soar.

Over the next 5 days, I’ll share the ‘Small Business Flight Plan’ inspired by Don’s approach. Ready to make your business soar? Stay tuned for tomorrow’s issue of this newsletter (subscribe and turn the bell on).