EP14: What is Broken in My Business?

“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.

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