EP14: What is Broken in My Business?

ProfitLayer with Timothy Dick - Business building explored layer by layer.

“Sometimes things do work and we still say they don’t work. We need to identify what ‘working’ is.”Nic Peterson (1:28-1:36)

There’s a big trap that many entrepreneurs fall into. They could be bringing in millions of dollars in revenue while wasting countless hours, money, and energy trying to fix things that are “broken” in their business.

But what they think is broken, may not actually be broken. The same is true for entrepreneurs who are just starting out, which keeps them from gaining the traction and growth they need.

We need to identify what “working” really looks like. How is it that a business owner bringing in a 5x return can still feel like things aren’t working for them? One of the biggest reasons could be that they’re trying to run someone else’s race. They look at other entrepreneurs who have podcasts, YouTube channels, and other business assets and think they should have all those things, too.

“Just because somebody else has something you don’t… does not mean things are broken.” - Nic Peterson (2:52-3:00)

But you can’t compare your business (or yourself) to others. Your business isn’t broken just because someone else has what you don’t. Yet, many entrepreneurs try to solve problems that don’t actually exist. This is common among Type-A entrepreneurs and anyone with a tendency to always operate in problem-solving mode.

Step 1: Is there even a problem?

The first thing you need to do is explore whether you have broken components in your business. Acknowledge those things that ARE working in case you’re looking at them as if they’re not.

“When something is broken, make sure it’s broken first and then fix it.”

- Nic Peterson (4:55-5:00)

Step 2: What is the problem?

The problem of not having what someone else has might be a sign of a more fundamental issue. Maybe you’re not able to fulfill your promises at scale. Maybe you don’t have the assets that others do because you don’t have the capacity for them yet.

Once you decide if you have a problem and you identify what the problem is, you can remove the limiting factor and eliminate that problem. You can then identify the next limiting factor and remove that. This process keeps you from getting stuck on the hamster wheel of solving problems that aren’t there. Taking the time to ask, “Is it broken?” forces you to see what really is broken so you can then solve it.

How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website.

You can learn more about Nic and the strategies he uses to grow and scale businesses by visiting VelocityClass.com or book a call at VelocityCall.com.If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!