I was in a monthly accountability meeting with a client today discussing future options and whether or not he should sell his business. We had an interesting discussion around what is stopping him, even though the timing is right, the numbers were right, the business is successful, and it aligns to his goals. We talked about those anchors that were holding him back from making the decision, even though he knows it’s the right decision. I’ve got to deliver on that project that’s only 90%, I need to finalise that advice. The anchors in our businesses are those things that we continuously throw out there that are subconsciously designed to slow us down or bring us to a stop. Subconsciously, they work to hold us back and create reasons why we shouldn’t do things, even though we know if we did it, it would make a difference, sometimes a huge difference. If you could work out what your anchors are, make some decisions about what do about them, or even better, just ignore them because they are usually just a distraction, think about the outcomes you could achieve.
I had a call from a new client this week. We have only been working together for a few weeks. When we first met, it was clear to me what he needed to do in his business, but he couldn’t see it. Sometimes it’s hard to see the wood for the trees. What he had created in his business was administration and management structure that held him back from doing the things that ignited his passion. As an owner of a business, if you are not doing the things that you are passionate about, your business will suffer. Remember, a fish rots from the head down. What we worked out was a simple strategy to turn this around and release the anchors. Some simple outsourcing so he could regain confidence in his numbers, without him having to spend 20 hours a week focusing on it. Almost immediately he felt a weight lifted off his shoulders. He could see how this has been holding him back. Within the next 5 days he had identified exactly what was required to drive revenue and GP growth, just some simple things: commit to implementing a new product that 80% of his clients needed (he has had this in the pipeline for months but couldn’t get the headspace to commit), and change his pricing model to drive his GP up by a minimum of 10%, which falls straight to net profit. By identifying his anchors, realizing they been have slowing him down to the point where it felt like he was at a standstill, he was able to make some decisions that will dramatically improve his results.
More importantly, he can now see that he will only be doing those things that he is passionate about and that stimulate him.
Your anchors can be those things that frustrate you, or those partly finished projects, or those people that suck your energy. Make a decision to untie the anchors, nothing bad will happen, and your head will clear. When I find myself being slowed down by anchors, I take 5 minutes to write down what they are. I find that by writing them down, I get them out of my head so I am clear to get on with the stuff I enjoy.
Remember, the definition of insanity is doing the same thing over and over and expecting a different result. Do something different today and untie your anchors.