The biggest myths about growing a small business
One of the advantages of working with hundreds of business owners is that I start to spot patterns, one of which is I hear the same beliefs repeated over and over again.
Some sound perfectly reasonable.
Until they start costing you money.
I've met owners who proudly tell me turnover has doubled, only to discover profit has gone backwards. Others are working sixty-hour weeks and wear it like a badge of honour, despite building a business that can't function without them. I've seen companies chase every opportunity that comes their way, convinced growth will solve their problems, only to find they've become busier, less profitable and more stressed.
The myths are remarkably consistent. Here are the ten I hear most often:
Being busy means you're successful
Lower prices win better customers
More leads will solve everything
Your accountant will tell you everything you need to know
Systems are for bigger businesses
The customer is always right
Growth fixes problems
Saying yes creates opportunity
Turnover is the most important number in the business
Working harder is the answer
The reason these myths survive is simple. Confirmation bias suggests that once we believe something, we naturally look for evidence that proves we're right.
The businesses that achieve sustainable growth challenge their own thinking.
They understand that profit matters more than turnover. They know some customers aren't worth having. They build systems before they become desperate for them. They measure the numbers that influence decisions rather than waiting for year-end accounts to tell them what went wrong months earlier.
Most importantly, they stop confusing activity with progress.
Every successful business owner I've worked with has changed their mind about something they once believed.
Usually, that's the moment the business starts moving in a different direction.
The biggest myths in business aren't dangerous because they're obviously wrong. They're dangerous because they sound right.
The next time you're faced with an important decision, ask yourself one question.
Am I following the evidence... or simply defending something I've always believed?
If you've recognised one or two of these myths in your own business, don't ignore them. Challenge them.
And if you'd like someone independent to challenge them with you, that's exactly what I do. DM me to chat.