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Mindset

Innovate Or Die. You Have 3 Years.

My friend John’s business is dead. He just doesn’t know it.

He runs an agency that’s headed straight for irrelevance as AI tools improve month over month.

Growth was decent in the past years. But now it’s stalled.

Should he double down and tweak the existing model? Or is it time for something completely new? New offer? New product? New business?

His dilemma will be yours sooner than you think.

And it could determine whether your business survives the next decade.

When 20% Growth Goes Missing, It’s Time to Innovate

In the early days of your business, growth was easier. You figured out to go from nothing – to something. But lately, you’re justifying that “things are fine” when revenue creeps up 5%.

“If I can just increase 5-10% per year that’s great”

No, it’s not.

That’s a warning sign of irrelevance.

It means you’ve tapped out your existing market or existing offer. Things have shifted around you.

Is your current business model is doomed? Maybe, maybe not. But the writing is on the wall that it needs a serious revision.

You may be able to revive growth by making tweaks, like:

Embracing new technology to enable delivery
Moving upmarket and targeting bigger customers
Tapping into an adjacent niche you’ve ignored until now
Optimizing your sales and marketing process

But incremental fixes may only buy you time. To thrive instead of wither, you may need to shake it up more:

Will Your Model Survive the Future?

Let’s do a thought experiment. Fast forward 5-10 years into the future. Will your current business model still work?

I did this with John, now let’s do this together. Here are some big picture trends to consider:

How customers buy is changing. More buying happens online. Buying cycles are faster. Loyalty is fragile as customers try new options. Are you keeping pace? Are you giving customers reasons to try you for the first time? To stick with you?
New competitors are emerging. Low cost SaaS tools can replace entire services businesses. AI is automating complex tasks. New competitors with novel models will keep coming. How defensible is your niche? Your delivery model? Are you working to disrupt yourself before someone else does it?
Customer needs are evolving. With more options than ever, customers demand superior experiences. They expect transparency and alignment with their values. Are you exceeding these rising expectations?

Be brutally honest with yourself. If your current model stays unchanged, will it survive these changes?

Beware the Risks of Building Something New

Revolutionizing your model with big moves sure sounds appealing. Hey, we’re founders and “entrepreneurial ADD” is part of what got us here.

No doubt the idea of a fresh start and faster growth sounds appealing.

John and I have talked about this often over the years- should he start something else in parallel? Even before the existential threat this was an idea.

But … the grass is always greener. But don’t underestimate the risks and challenges:

Proving demand again – you’re back at square one trying to find product-market fit. You did it once with your existing business – but might not realize how rare that is. Not impossible – but it’s actually really hard.
New competition – competing with others who are further ahead in the new space. You’ve got a whole new set of competitors. Some of us love the fight (I’m guilty as charged) – but be prepared to learn a whole new landscape. It’ll be fun. But complacency isn’t an option.
Sunk costs – shelving existing assets that have taken time and money to build. Kill your darlings. You may think you’ve got a great process that delivers for customers. Fantastic. It won’t work tomorrow. Decide: rest on your laurels and risk irrelevance, or throw away work you did because it won’t serve you tomorrow.
Morale – employees may resist abandoning the model they know. You’re the leader, and leading through change is hard. You might need to look for some new team members who can look to the future.
Focus divide – split attention between old and new can spread you thin. It’s hard to focus on more than one business model, but it’s the price of future proofing. Again, it’ll be work.
Cash burn – financing the new efforts until revenue catches up. Innovation isn’t free. You’ll spend time and money. You can view it as “insurance” for your future business. Do you want to go uninsured and save a little today? Or invest for tomorrow.

This isn’t to discourage you, it’s to make sure you’re going in with your eyes open. Future proofing isn’t free.

But it may be the one thing between your business and irrelevance.

I can’t tell you what to do. It’s your business. Put on your big girl pants and make a decision.

Get Back to Business Fundamentals

I walked through John this thinking model that will help:

Before choosing innovation or optimization, take a step back. Revisit the core of your business:

Where is the proven demand? Forget assumptions. Talk to real and potential customers about what they truly want and need. What gets them excited?
What value are you building? How does your product or service create value in customers’ lives? Are there new ways to expand that value? Other ways to serve it with technology?
What lights your fire? Which path gets you jazzed every morning – improving the existing or creating something new? You’ll need to put in serious focus, so dreading the journey will only make it harder.
Which builds the better asset? Will one business model ultimately be more valuable if you wanted to sell the business? Keep the big picture in mind: building an asset for yourself, not a job.

The right choice will become clear if you ask the right questions.

It helped John clarify and make a decision.

When in Doubt, Run Experiments

Still can’t decide if it’s time to tweak or reinvent? Here’s where we landed with John’s business: run experiments.

Come up with a few hypotheses about what could work.
Test demand for the new model before going all in.
Keep the existing business humming while you validate and build up the new.
Once the new shows more promise, gradually shift focus. Manage both models under one roof, or split into two companies.

Tests and small scale experiments reduce risk. They help you make decisions based on real market feedback.

Sure, it’s messier than choosing just one path. But it boosts the odds you’ll end up on the right track.

The future is scary only if you haven’t planned for it. This is your wake-up call. And I want to give you a worksheet and process for doing this in your business: The Innovate or Die worksheet. Get a copy at the CEO Workbench: ceoworkbench.com

September 4, 2023

Relentless: Accountability for Massive Business Gains

It was March, and I realized I couldn’t even remember what my annual goals were. Not good.

I’d set them at the beginning of that year. Such conviction and enthusiasm. I even printed them out and taped them to the wall so I’d see them every morning.

I was so sure my business would crush it that year.

But there I was, not three months in – and not only had I forgotten about them, I hadn’t made any real progress.

What happened?

I realized goals alone weren’t enough.

Here’s how I turned it all around (and even got to sell that business & cash out)

From Flabby to Fit in Business and Life

The same habits that get you ripped get your business ripped. A story-

At the beginning of last summer, after my dad had been hospitalized and bedridden for two months, I looked in the mirror and didn’t like what I saw. At all.

I’d let myself go from at least respectably in shape to … a shape that was getting closer to circle.

Why? After years of staying in shape – I’d let my habit slip. For good reason, mind you. But as soon as the habit slipped, my physique did too.

I re-started with my trainer who held me accountable. And frankly just paying to have someone waiting for me twice a week was enough to put this front and center.

Taping goals to the mirror doesn’t do that.

Paying did that.

From Mediocre to Massive: Applying Accountability to Business

The same principle applies to business goals. Fortunately I realized this (perhaps while you were still in elementary school) so I had some practice:

Accountability in business is as effective as accountability for fitness.

That is:

It takes a process
It takes accountability
If you pay, you pay attention and get results

With the lessons from my fitness journey in mind, here’s how I coach founders to start:

1. Daily Tracking

First, start tracking Key Performance Indicators (KPIs) on a DAILY basis.

For example, each day I now look at:

Bank Balance
Leads generated
Expenses

Yes, I said daily. Why? Because we’re building a habit. And if you’re only checking weekly – it’ll just become another thing that you only sort of pay attention to.

Even if the information isn’t updating daily, look at it daily. We’re training our brains what’s important.

2. Weekly Reviews

Second, add weekly reviews with myself and with my team.

Each week pull up the previous week’s metrics and see if we hit our targets.

I do this for my personal metrics and the business metrics, we do it as a team with the team metrics.

If we didn’t hit a number, we do an After Action Review to understand why (if you don’t know what that is, there’s a free training and template on CEOworkbench.com).

This keeps us learning, accountable, and focused on making progress.

3. Coaching

Finally, I always recommend a business coach or a mentor. There’s a reason why people get results when they hire a trainer. Why anyone serious about sports has a coach.

And all of a sudden, you think that being an entrepreneur you don’t need someone who does this for you? Hubris.

Like a fitness trainer, the coach makes sure you’re sticking to a business growth plan. He holds you accountable if you’ve gotten off track and helps course correct.

Here’s the thing you’re not going to like. You should pay for a coach or mentor. When you pay for a trainer, you show up. When you pay for a business coach or mentor, you show up. Just pay. Your brain will then start to take it seriously. Trust me, your results will be better (as long as it’s someone who has done what you want to do – not some BS coach who’s only coached).

He has frameworks that you’ve never even thought of. Helps you play better – and play to win.

Massive Results in Minimal Time

With these accountability practices implemented, I’ve seen huge business growth over multiple businesses and multiple decades. I’ve been able to sell three businesses I founded.

And I’ve been able to help other businesses do the same.

Creating habits, and relentless accountability is the real key to hitting your goals quickly.

Wishful thinking and sporadic reviews will only get you so far.

Taping your goals to the mirror won’t really get you anywhere.

You need someone watching and prodding you to stick to the plan every step of the way.

So take it from me – be relentless.

If fitness taught me anything, it’s that accountability leads to results. Apply that lesson to hit your business goals faster than ever before.

Want a free worksheet to kick start your accountability? Download it now at CEOworkbench.com

August 30, 2023

The Struggle of Entrepreneurial Loneliness

Sometimes Entrepreneurship really sucks. It can be an isolating journey. The stresses and responsibilities fall squarely on Our shoulders. Friends and family can’t fully relate. They just can’t.

A great team is amazing, but you know that nobody will ever be invested as you are. It’s easy to feel alone.

Nobody Understands What You’re Going Through

As an entrepreneur, you live experiences that are foreign to most people. The highs and lows, the nonstop work ethic, the constant risk – it’s a 24/7 endeavor that only fellow entrepreneurs can truly understand.

When things get tough, support from loved ones, though well-intentioned, rings hollow.

They tell you to “hang in there” or “take a break” or “it will get better”, but it’s clear they don’t really ‘get’ your daily reality. The pressure, the lost sleep, the self-doubt.

This lack of understanding can make an entrepreneur feel depressingly alone. You have no one to confide in who can grasp the full weight of your stresses. It’s easy to think “nobody gets it”.

Your Team Has Limits Too

Surrounding yourself with a stellar team is one of the best things you can do as an entrepreneur. But even amazing team members have limitations when relating to your experience.

At the end of the day, they still get to clock out and detach. As the founder and leader, you live the company’s problems night and day. No matter how skilled your team is, they aren’t up at 3am agonizing over customer problems, payroll, HR, legal … everything – like you are.

Great team relationships can soothe entrepreneurial loneliness to a degree. But team bonds can only partially fill the gap.

Mentorship is Vital

To truly combat entrepreneurial isolation, you need mentorship from those who have been there before. Fellow entrepreneurs who have built businesses themselves are the only ones positioned to understand your day-to-day reality.

Whether you regularly meet 1-on-1 or join a mastermind group, having a community of mentors provides counsel that comes from a place of true empathy. They’ve navigated the same storms so their guidance is practical and heartfelt.

Building relationships with seasoned entrepreneurs will help you push past the loneliness phase that almost every founder experiences. Their wisdom and war stories are invaluable fuel to keep you going.

Share Your Experience

Once you’ve achieved some entrepreneurial success, one of the most rewarding things you can do is share your own lessons learned. Your experience becoming an entrepreneur will resonate with someone earlier on their journey.

You can do for them what others have done for you.

Be transparent about your highs, lows and mistakes. Pave the way for future entrepreneurs to avoid isolation. The battles you’ve fought through serve as a guiding light. Create a virtuous cycle where today’s mentors become tomorrow’s mentees.

Becoming a Better Entrepreneur

I often think there are two ways to become a better entrepreneur. The first is to learn from others. The second is to share what you’ve learned – because in sharing it you’re forced to truly process and understand the lessons you’ve earned.

The path of entrepreneurship is a lonely one, but with the right community it doesn’t have to be. Seek the counsel of those ahead of you. Be generous with those behind you.

August 21, 2023