A staggering statistic reveals that only 9% of small businesses reach or exceed a million dollars in revenue. The Census Bureau further reports that most businesses operate with fewer than five employees. So, what separates the top 9% from the rest? It boils down to two key elements: attitude and action.
The Small Business Mindset
Small businesses often operate within the confines of their existing mental models. They think small, act small, and consequently, remain small. This mindset is not about the actual size or revenue of the business, but the scope of their ambitions, the boldness of their vision, and the audacity of their actions.
Your business’s growth potential is directly proportional to your mindset. If you believe your business will remain small, it most likely will. But if you aspire for more – if you envision your business scaling and reaching that top 9% – then you’ve already taken the first step towards achieving that goal.
Actions Speak Louder
A mindset shift, while crucial, is just the starting point. Your actions need to reflect your ambitions. A small business mindset often leads to small business actions – playing it safe, avoiding risks, and sticking to the familiar. But businesses that break the barriers and achieve growth are those that dare to act differently.
They invest in talent, innovate their offerings, explore new markets, and aren’t afraid to make mistakes along the way. They understand that growth comes with challenges and risks, and they’re prepared to face them.
Becoming the 9%
So, how can you transition from a small business mindset and actions to those of a high-growth company? Start by challenging your current belief system. Ask yourself: What self-limiting beliefs are holding you back? What bold steps are you avoiding out of fear?
Next, align your actions with your ambitions. If you dream of scaling your business, start implementing strategies that lead to growth. Invest in your business, take calculated risks, and be prepared for the challenges that come with growth.
Scaling a small business to reach the coveted 9% is no small feat. It requires the right attitude and the willingness to take bold actions. It begins with a mindset shift – thinking beyond the confines of a small business. It requires actions that mirror these ambitions – daring to take calculated risks and investing in growth.