Embracing Transitions: How Business Leaders Can Unlock Exponential GrowthMay 04, 2023
Life is full of transitions, both exciting and terrifying. These shifts are natural, constant, and impact every aspect of our lives, including our businesses. As entrepreneurs, we experience numerous transitions: changing team dynamics, work environments, roles, and mindsets. Although some transitions are more challenging than others, overcoming the fear associated with these changes can lead to significant growth for both business owners and their companies.
Unlocking Growth by Overcoming Fear
The fear of transition can paralyze business owners, preventing them and their companies from reaching their full potential. At the recent Small Giants Community Summit in Detroit, speakers highlighted the importance of courage in overcoming these fears. When leaders get out of their own way, they pave the way for their companies to grow exponentially.
The Role of Leadership in Business Growth
Stagnant revenue often indicates a problem with leadership. Companies may try various marketing and sales tactics to break free from this rut, but the real issue runs deeper: leaders must shed their armor and embrace vulnerability to take their companies to the next level.
Consuela's Journey to Success:
Conni Reed, CEO and founder of Consuela, discovered that shedding her "armor" and becoming more vulnerable helped attract people with a shared sense of purpose. For years, Conni felt she lacked the formal business knowledge to grow her company which creates textiles, prints, and a line of totes and handbags. She was determined to slug it out and make the business a success. For years she struggled to "shed her armor"—a result of childhood trauma—until a blade of grass poked through, when she met somebody she believed could help. Although initially scared to let go and , Reed's willingness to change ultimately fueled Consuela's growth. The company's revenue skyrocketed from being stuck at $3 million to over $46 million within just a few years.
Smiley Technologies Transformation under New Leadership:
When Elizabeth Glasbrenner took over as CEO of Smiley Technologies, she had to make tough decisions, including removing a toxic leader. Her brother had abruptly walked out on the family business, taking the top developer along with him. Elizabeth initially leaned on another technical lead in the company—we'll call him Chad. Elizabeth leaned on Chad's abilities but soon discovered he was a toxic leader and after months of second guessing, let him go. This move led to further departures, but Glasbrenner's decisive actions ultimately turned the company around. Under her leadership, Smiley's profit soared from around $5 million to $20 million.
Finding the Courage to Make a Transition
If your company struggles with a revenue plateau, it may be time to take a hard look in the mirror. Are you the one holding back your company's growth? Embracing the courage to make a significant transition could be the key to unlocking exponential growth.
The entrepreneurial journey is often a wild and unpredictable ride. Embracing transitions and overcoming fears can lead to significant growth and success. Remember that sometimes, reaching out for help and having a conversation with others can provide the support needed to make those critical changes.