Would You like a feature Interview?
All Interviews are 100% FREE of Charge
The opinions expressed by Entrepreneur contributors are their own.
The desire to achieve exponential growth is universal. Every entrepreneur dreams of becoming a game changer and leaving a lasting mark on the industry. However, unlike large brands, not everyone has unlocked the ability to achieve such rapid growth. For some, scaling exponentially can be a time-consuming and painful process. While we strive to move forward, sometimes setbacks outweigh progress and we often encounter setbacks that discourage our progress. So even when you’re growing up, you can feel like you’re a hamster on a wheel, constantly running but never really getting anywhere.
But what if we told you that scaling your business and taking it to the next level isn’t just a pipe dream? It’s not just for a select few. With the right approach and understanding, it is only a matter of time before you achieve exponential growth in your business as well.
Related: 5 Proven Ways to Experience Unreal Business Growth (Fast!)
What is limiting your growth?
As a successful businessperson, you’re probably itching to learn how to achieve exponential growth. But did you know that the “what” part of the equation is just as important as the “how” part? Have you ever asked yourself what’s holding you back from your growth? What is stopping you from achieving your desired results?
As you know, in order to treat a sick patient, a doctor must first accurately diagnose the condition. Similarly in business, you need to identify the root cause of a problem before you can start making progress. I strongly believe that what we reveal will heal us. Being able to recognize the factors that are hindering your growth is a huge benefit. This will help you identify exactly what your business needs, so you can frame the steps you’ll take moving forward. Once you identify these limiting factors, you can begin to overcome them and progress at an accelerated rate. Here are some factors you may have overlooked.
Refuse to step out of your comfort zone
A comfort zone is essentially a psychological state in which things feel familiar. A place where you feel safe and in control. It’s like a fortress where you are kept safe. It’s such a positive and warm space that most people don’t even realize they’re buried deep inside it. Before you know it, you’re stuck in the same place. Stuck and not changing.
Isn’t that a good thing, you might ask? After all, change can be scary and unpredictable. Why take the risk? Why fix what isn’t broken? Do you need to step out of your comfort zone when your business is going well? The answer is yes.
Let’s be honest. It either grows or dies. Just because you haven’t failed doesn’t mean you’re okay. We often tell ourselves we have time to figure it out. “It’s okay.” That bothers us and makes us complacent, but complacency doesn’t allow us to grow. Growth never occurs in a comfortable location, so being in the same location does not guarantee growth.
If you’re looking to grow your business 10x, that means being willing to move outside of your comfort zone. You are willing to push yourself beyond your capabilities and take risks. We get it, but stepping out of your comfort zone can be daunting. Just changing your lifestyle isn’t always easy or comfortable, but there is no growth without sacrifice. You need to be willing to try new things, explore new ideas, and take on challenges that may seem difficult at first. This is where real growth happens. Breaking out of the mold, breaking through self-imposed limitations, and accepting discomfort as a necessary part of the journey makes it easier to move toward exponential growth. Don’t worry, we’ve all been there. This factor is a common hurdle for most people and is usually caused by not thinking big enough.
your vision is not big enough
Often, it’s not that we want to think small, we just don’t realize that we have a narrow perspective. As entrepreneurs, we’re always on the go and it’s easy to get caught up in our day-to-day operations. This forces us to focus on short-term gains and ultimately conditions our minds to have “tunnel vision.” Tunnel vision is like looking through a narrow lens, focusing only on what’s right in front of you and often ignoring the panoramic view of the possibilities around you. While this may seem like your focus is in the right place, it doesn’t mean you’re getting the most out of your business. Sticking to a single strategy or goal leaves little room for adaptability and innovation. It limits you from making decisions that will lead to greater benefits in the long run.
Let’s say you’re modeling success within your industry. At best, you’ll only get incremental gains of 6-7% growth. Exponential returns come when you borrow what works well in another industry and apply it to your own business. This is called “funnel vision.” Funnel vision represents a broader view similar to the shape of a funnel. It recognizes the importance of starting with a wide range of options and gradually refining them as you move through the funnel to flesh out focused, actionable goals. This is where visionary leaders live and thrive. They see opportunities in different areas and are not afraid to pivot and adapt their strategies for growth. If you can have a bigger vision, you can take your business to new heights and open up possibilities you’ve never seen before.
Related: 10 Growth Strategies Every Business Owner Should Know
Unable to set priorities
Time is ticking. Your time is valuable. Having a plan and a vision is never enough. If you really want to make progress toward your goals, you need to align your actions with your priorities. It’s not just about going through the motions. It’s about intent. Where do you focus your time and energy? What are your top priorities and how much effort do you put into them? Often because you don’t have a clear idea of what your priorities should be , this becomes the limiting factor.
Most people think that having that drive and hard work is enough, but contrary to popular belief, it’s not a good idea to do everything you can. You’ll never be able to scale a $10 an hour job. Your time is valuable, so instead of immersing yourself in menial tasks, spend it on high-impact tasks that move the needle. What if you could delegate those tasks to others, giving you more time to focus on the big picture? You knew exactly which actions would have the most impact, and you could delegate those tasks to smaller, less important tasks. What if instead of getting sidetracked, we prioritized accordingly?
If you want to grow your business tenfold, you need to let go of your controlling tendencies and take a step back. Your role as a leader is to hold the reins, not be the one pulling the wagon. Set clear priorities, delegate tasks, and shift focus to scale. Say no to distractions and focus on revenue-generating activities. It’s not just about taking action, it’s about having an impact on your business. Positioning yourself strategically is just as important as taking action. Remember, your time is limited, so use it wisely and take advantage of every opportunity to move your business forward.
miss an important opportunity
When opportunity comes, it’s essential to be ready to answer the door. But answering every opportunity that comes your way is a fatal flaw. Quality is just as important as quantity. Without discernment, you may find yourself spreading yourself too thin to take full advantage of opportunities that truly align with your goals and priorities. It’s like trying to catch all the waves in the ocean. You’ll get exhausted in the process and miss out on that perfect wave that could propel you forward. This occurs because the decision filters are not set properly. The important thing is that when opportunities arise, they don’t just pass by without being fully appreciated. You need decision filters to guide you through the opportunity selection process.
One good example is the British rowing team that won gold at the 2000 Olympics. They were terrible until they changed their entire philosophy and rallied around one simple concept. The question is, “Will this make the ship go faster?”
“Will eating this donut make the boat go faster?”
“If we go out to a party tonight, will the boat be faster?”
That was the filter they used to determine their chances, and it earned them the gold medal at the Olympics. The same applies to our business and life. Whatever decision we make has to go through a filter that helps us evaluate it. If any opportunity presents itself, you will be able to decide whether it is worth leveraging your business. No matter how great the opportunity is, saying “yes” to everything is not the answer. It’s very important to look at the big picture and remember that “no” is also an answer.
lose momentum
Running out of gas in the middle of growth is not a very pleasant experience. Unfortunately, it happens more often than we would like to admit. In an era where competition is fiercer than ever, you’re bound to face obstacles. We are bound to face burnout and stagnation. But the problem lies not in these obstacles, but in how we react to them. Many people who lose momentum tend to get used to their current state and forget why they started in the first place. They get stuck and Groundhog Day goes from Groundhog Month to Groundhog Year. And before you know it, you’re stuck in a vicious cycle of mediocrity, like a hamster on a wheel, unable to move forward even though you haven’t made any mistakes.
At times like these, it is important to stop and reconsider your situation. Remember that the size of your business is a direct reflection of your ability as a leader. So what are you doing to get out of this rut? Are you constantly improving yourself? Do your habits support your growth? Are you surrounded by like-minded people who inspire you and push you to keep going? How are your finances? Is it enough to fuel your growth?
Related: 6 tips to drive sustainable business growth
Take a step back and check reality. We are allowed to rest even in the midst of chaos. Don’t get caught up in the daily hustle and bustle. I breathe. Remember why you started this journey in the first place. Rediscover your purpose and passion. And most importantly, don’t be afraid to ask for help when you need it. Whether it’s hiring a coach, joining a mastermind group, or seeking advice from a mentor, there are plenty of resources to help you overcome challenges and reignite your momentum. Now is the time to break free and carve a path to grow your business and move forward.
In essence, the road to exponential growth may seem long and winding, but it is by no means an unattainable goal. The key is to have the determination to steer the ship in the right direction and break down the barriers to growth. Let’s remember that Rome wasn’t built in a day and neither were any successful businesses. It’s no coincidence that famous brands have reached their peak. It is the result of a rigorous process of constant refinement and achieving its current appearance. So embrace the journey, stay focused on your goals, and don’t be afraid to aim higher. Because every breakthrough begins with a moment of courage. Keep making it happen!