Is all growth in business good? Is increased revenue, sales, and client roster, all it’s cracked up to be? Today we’re talking how periods of major growth bring really great things, but they also bring up questions and challenges that will test you as the CEO.
Listeners, I’m laying it all out in this week’s episode.
As Molly Knuth Media transitions to the “teenage years” and we test limits and forge our own path, I want to talk about the harder side of growing a business – staying true to your goals amidst opportunity and growth.
- According to data from the Bureau of Labor Statistics, approximately 20% of small business fail within the first year. By the end of the second year 30% will have failed, and by the end of the fifth year, 50% of businesses have failed. I say this not to scare you, but to clue you in to what I used as a motivation to keep going when the times were hard – I was NOT going to be one of those statistics.
- MKM started completely by accident but my business staying alive for five years is definitely not by accident – rather, it’s by design.
- I thought the hardest part of entrepreneurship would be getting started and getting my name out there. But the hard part turned out to be knowing where to go and maintaining my vision.
- 2021 brought record setting months and record yearly revenue but the pace of it was so fast. When I think of myself in 2021, I think of how I said yes to a lot of things which allowed growth but I found myself at a weird stage of whether I was at the “doing stage” of the business or CEO stage.
- “Passion can flame out. What keeps a business going to make it 3, 5, 15 years? I’m still figuring it out but having the reflectiveness to say ‘this is how we felt about it, and this is how we’re going to make some pivots,’ will result in where we want to go.”
- In 2017, I put together a flow chart of where I wanted to be at our MKM ten year anniversary. Last year when I looked up in the midst of completing all my to-dos, I was not moving in that direction. Not even close. I was doing things, but I wasn’t working in a way that represented our organization’s larger mission and goals. So, like any good entrepreneur, I made a change.
- I’m confident that if I stay curious and keep pointing my GPS in the direction of that 10-year vision, MKM will get to where I want to go and make a bigger impact
Ready to take strategic, aligned action in your business?
MKM is offering 10 business owners the opportunity to work with Molly in a 1:1, intensive format.
ACCELERATE is designed to help you hit the gas in your business and create a sales and marketing plan to help you reach your business goals. Ready to accelerate your year? Head to https://mollyknuthmedia.vipmembervault.com/products/courses/view/1121713 to claim your spot.
Sponsored by Janey Stahl Coaching
If you’re a business owner, then right now you’re probably reviewing 2021’s performance as you prep and plan for 2022, am I right?
For me at MKM, that looks like updating pricing, updating contracts, prepping for taxes, assessing profit/loss, etc. as I make a game plan for structure and services in 2022.
But I didn’t start out in my first year (or the first 4!) knowing how to do this. Do you?
Do you know which areas of your business you need to focus on building next year? Do you know which steps to take to make those improvements?
As you know, revenue does NOT equal profit or take home pay in your business. So how do we grow more than just the gross revenue and actually make some money in 2022?
Thankfully, my friend Janey Stahl is a fractional CFO and she is an expert in just this type of thing.
She helps business owners see that sustainable profitability requires high performance in all areas of their business.
And with her expertise, she guides them through the process of analyzing profit, offers, services, products, and time spend so that business owners can work smarter in the exact areas that will keep their business working profitably for years to come.
Right now, Janey is offering a free assessment to help you determine which area of your business could be improved in ’22 and it’s FREE! In this guide she walks through creating your unique business plan for next year and identify specific steps you should take to strengthen your business’ foundation!
Go to janeystahl.com/smallminded to download the free assessment today!
That’s janeystahl.com/smallminded for more clarity, less confusion, and confidence knowing you are doing the right things to grow your business in the year ahead.
Psst: If you’d like to hear more from Janey, head to episode 54 of the Small-Minded Podcast for her inspiring story of entrepreneurship and financial tips for business owners of any size.