Gardeners must cut their plants to allow them to blossom in the future. Same works in business. Thus, in this Expert Insight Interview, Jessica Jones discusses the concept of scaling back your business to scale up. Jessica Jones is a Founder of Pivot to Growth company, and she helps executives and entrepreneurs to take control and scale up their businesses.
The interview discusses:
- Shifting a mindset
- Looking objectively
- Allowing delegation
- The process of letting go
Shift the Mindset
Businesses have their life cycle. They have birth, mid-life, and death. However, entrepreneurs usually attach too much to their business, and they do not realize that it is time to let it go. A company might have many different locations, but not all of them might be profitable. In that case, the key is to make a difficult decision and close the unprofitable ones so that the profitable ones can thrive. If not, then many resources are being wasted. You have to focus on what is working well. For many people, having multiple company locations means success, and their closure would mean failure. Thus, it is crucial to shift your mindset to thinking that scaling back can lead to long-term success.
Any sizing down in business is disappointing for people because they get emotionally attached to work. If something does not create value anymore, we have to let it go to make room for new things that create value. Entrepreneurs tend to look at their businesses subjectively. But, without seeing things objectively, we get stuck in our heads and miss out on good opportunities. Thus, being willing to accept the change and paying attention to the upcoming things that can benefit the business is very important.
Another challenging thing for many entrepreneurs is to delegate because they are used to do everything alone. However, using some of the revenue money to hire someone whose skills can help your business to do better is beneficial. That way, you can free up some of your time to get new ideas, recharge energy, and find a work-life balance. However, the key is to let people do things their way and to let them fail. Only by trying, failing, and learning from mistakes, they grow. And once they grow, they can bring your company to an even higher level than what you have imagined.
How to Let Go
The process of letting go of parts of the business is hard and depends on the circumstance. Sometimes, the numbers clearly show that closure is inevitable. However, sometimes people have to weigh the pros and cons. But once they realize all the things they can do with extra time, money, and energy, they decide to let it go.
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.