But first, I’d like to share Mike’s story with you.
It’s about how he overcame the number one obstacle to growing his company even AFTER he had already made the Inc 5000 list two times when we had our first conversation.
It is one we all face, no matter how fast your company is growing.
And the truth is, if you can overcome it, I firmly believe that you can accomplish more in your business life and your personal life too.
Mike took a chance and scheduled a call with me to discuss next level growth. He was proud to be recognized by Inc Magazine’s 5000 lists of the fastest-growing privately held companies. I asked him about what’s going on now in the business because that’s what I do. I help founders and CEOs of fast-growth companies to really understand what’s keeping them from growing faster. Mike shared with me about the business, his goals, and a few challenges he was facing.
He got to a point when he said, “I know we can handle three to five more clients, but the business just isn’t structured in a way for us to add twenty more new clients this quarter. And if we want to grow and actually hit our numbers, we’ve got to take on a lot more clients.”
Then he said these powerful words with a hint of shame. “I want to continue growing, but I think I’m the problem.”
I hear this quite a bit, and I still love to dig in and discover the real issue. So I probed, “What do you mean, you’re the problem?”
He quickly rattled off a list of challenges. “I have so many things that I’m involved with that I don’t know what to do next. I am pulled in many directions and overwhelmed with the number of meetings each week. I get way too many emails. I don’t even feel like I have time to think. To be honest, I always feel like I am behind.”
Because part of my job is to get really curious, I asked him, “What would I see on your desk right now that lets me know that you’re not able to grow?”
He said, “it looks like there are fourteen reports on the edge of my desk that my team has completed. They’ve done all the work, and I have to review it before it goes to the client. It takes 2-4 hours for each report.”
I added it up with his estimates and asked him, “So that is about half your week reviewing the work from your team. And you do this each and every week?”
Mike responded quickly with, “Yes!” He shared more about his 25 years of industry experience to ensure his team is supported and their work is as accurate as possible. We discussed this approach and it was clear to me Mike was operating as a “transactional leader” because his focus was on his to-do list as he added value to the organization.
I asked him another question about growth and his leadership style, “Who would review the work if it wasn’t you?” Mike was able to name two capable managers that could do it, and as he described their experience and skills, he stop himself.
“As I share with you about my company, I think I am the bottleneck to more growth.” This was a breakthrough and all of this happened before he paid me a penny. My approach to growing my business is to add as much value as I can — which builds trust — so that my clients get clear about what is holding them back. This is essential for me to serve CEOs to next level growth.
In your business, but what came next was a compelling lesson for all CEOs. No matter where your company is now, you have to be willing to fire yourself from the work you are doing now and inspire your team to feel like owners in the company if you want the company to continue to grow.
Here’s what happened next is Mike hired me as his coach. We started with a program I call, the Executive Elevation Lab. This is a unique experience that is a game-changing 2-month coaching program with me (Gene), featuring a full day dedicated to overcoming your toughest business challenges. Discover untapped opportunities and clear the hurdles to sustained growth. The ideal starting point for founders, CEOs, and Executive Teams aiming for high-impact leadership.
Mike was ready for growth and knew he needed support to make the change into the leader his team deserved. Mike and I rolled up our sleeves and created a plan that would change his company’s path. He started letting go of tasks and projects by empowering his team. Mike took one person from his team and inspired him to own the process of reviewing all the reports from the team.
Over the next few months, Mike shifted his leadership model to remove himself from much of the day-to-day work. He started creating the kind of culture where others supported the growth of the business.
Fast forward to today. Mike has nearly tripled the size of his team, his revenue is 4 times what we started. He now has more time to lead his executive team and drive new growth. And he has more white space on his calendar. I’m not saying he doesn’t have new challenges as the company grows, but he is no longer the “bottleneck” to growth.
Mike’s story is a common one in the ranks of fast-growth companies. I have spent years working with founders, just like Mike to help them see a proven path to becoming an exceptional leader who develops the people around them and creates a culture of ownership.
You get to a point when you realize what used to work no longer works. You feel stretched and need a new perspective.
You can shift your leadership model so that you are positioned to grow faster than you are today. But you have to be willing to let go.