We Don’t Know What We Don’t Know—And We Don’t Talk About It Enough

As entrepreneurs, we pride ourselves on being problem-solvers, risk-takers, and innovators. We dive into the unknown with grit and determination, often learning on the fly as we grow our businesses. But sometimes, it’s not the things we face head-on that hold us back—it’s the things we don’t even realize are there.

That’s the thing about blind spots: they’re hidden by definition, but their impact is very real. And yet, how often do we as business owners take a moment to ask ourselves, What am I not seeing?

We Don’t Know What We Don’t Know

Running a business is a full-time, all-consuming job, and it’s easy to miss critical issues simply because they’re outside your field of vision. But what happens when those unknowns become the very thing that slows your growth—or worse, costs you money?

As a business broker turned coach, I’ve seen many entrepreneurs surprised by issues they never anticipated. These aren’t just minor details—they’re often fundamental aspects that directly impact profitability, scalability, and even the future sale of the business.

I once worked with a business owner who was confident that their company was thriving. Sales were growing year over year, and from the outside, things looked good. However, during a deeper business diagnostic, we uncovered a major issue: customer retention was much lower than anticipated. While the company was acquiring new clients regularly, they were losing almost 30% of repeat business every year. This was a silent leak in the business’s bottom line that the owner had no idea existed because they weren’t measuring it.

Once we identified the problem, we quickly implemented customer feedback loops, loyalty programs, and improved service follow-ups. Within six months, their customer retention increased by 20%, dramatically improving profitability. This wasn’t just about solving a problem; it was about uncovering an opportunity that had been hiding in plain sight.

We Don’t Talk About It Enough

Here’s the other side of the coin: as entrepreneurs, we often hesitate to talk about what we don’t know. Whether it’s fear of appearing inexperienced or simply the belief that we should have it all figured out, we tend to keep our struggles to ourselves.

But the truth is, every business owner has blind spots. No matter how experienced or successful you are, there are always areas of your business that you haven’t fully explored or optimized. And that’s okay! What’s important is creating an environment where it’s safe to ask questions and seek help before those unknowns turn into costly mistakes.

A Shift in Perspective.

I’ve always believed that growth happens when we’re willing to admit we don’t know everything. In fact, some of the most successful business owners I’ve worked with are the ones who constantly seek outside perspectives and aren’t afraid to ask tough questions. They understand that what they don’t know can hurt them—but with the right support, it can also unlock new areas for growth.

"Growth starts when we embrace what we don’t know and open ourselves to learning." — Unknown

What Can You Do?

If you’re a business owner, start by asking yourself this critical question: What am I not seeing? Then take it a step further and have open conversations with your team, mentors, or advisors. Here are a few ways to begin:

• Get a business diagnostic: Don’t wait until you’re in a crunch to discover hidden issues. Regularly evaluate your business operations, financials, and customer data to uncover what you may not be tracking.
• Talk to your customers: They often hold the key to insights you won’t find on a balance sheet. Are you meeting their expectations? Where are you falling short?
• Seek outside perspectives: Work with experts, coaches, or consultants who can offer an objective look at your business. Sometimes, all it takes is a fresh set of eyes to reveal what’s been hiding in plain sight.

You don’t have to go it alone, and you certainly don’t have to have all the answers. But the sooner you acknowledge that there are things you don’t know, the sooner you can start uncovering those blind spots and taking control of your business’s future.

No one has a crystal ball, but we can all benefit from having an open mind and a willingness to learn. Don’t let the unknowns become your obstacles. With the right approach, they can become your greatest growth opportunities.

If you’re ready to start uncovering what you don’t know and take your business to the next level, let’s talk.

#smallbusiness #businessstrategy #growthplanning #entrepreneurship #leadership #businessdiagnostics

Sara Phelan is a small business expert, advisor, and coach who helps entrepreneurs and leadership teams get strategic, overcome obstacles, and take products to market. Her expertise in business diagnostics and planning has aligned vision with action for over 25 years of empowering people to maximize organizational performance through strategic planning, leadership, operational efficiency, and training. Sara is an Award-Winning Entrepreneur, Operations and People leader who is passionate about setting small business owners up for success.