Like many entrepreneurs over the years, I have had times where I’ve done very well for myself, making a good to very good six figure income.
Also like many entrepreneurs, I have had times where I’ve been broke, struggling to make payroll and pay the bills.
A number of years back, while I was trying to grow one of my companies, I was struggling – not with payroll or paying the bills, but with something far worse. You see, what I didn’t realize was that those hard times had messed with my head; they made me fearful of being broke again. In turn, I was pinching pennies (or as my wife would say, I was being cheap).
I also developed a nasty disease called NOCDIAGAM (No One Can Do It As Good As Me). NOCDIAGAM is a wicked sickness that literally sucks the life out of you, as it compels you to do everything yourself, and (as any good business person knows), in business, you can’t get very far doing everything yourself.
At the time, due to my cheapness in almost all areas of my business, and my NOCDIAGAM disease, my business was just treading water. Even though personally I was working very hard, both in the business and on the business, I wasn’t seeing any growth.
Around that time, a very smart woman (my wife) pointed out that I was being an idiot.
Of course she didn’t use the word “idiot,” instead she starting asking me questions about why I was being so cheap. She asked me to explain how I justified pinching pennies in every aspect of my life (when I knew that we had plenty of money), and why I felt the need to do everything myself.
Being the loving wife that she is, she led me to the obvious conclusion that I was acting like a fool … and I simply was NOT ever going to achieve my goals living life with that philosophy.
So, I identified the four areas that were holding me back and worked on each one to overcome them. They were:
1. Being Too Cheap
I once heard someone say, “You can never make $100,000 per year doing $10.00 per hour work.” But many business owners give it a shot.
If your time is worth $100.00 per hour, you need to do everything in your power to be working on $100.00 per hour work, not $10.00 per hour work.
2. No One Can Do It As Good As Me
I eventually realized this was simply ridiculous. The reason I didn’t think anyone could do it as good as me was because I was hiring the wrong people. Once I created a training system and started hiring the right people, not only did I find people who could do it as well as me, I found people who were even better than I was.
3. Lack of Investment in My Business
Because I was cheap, I would save every penny I could for a “rainy day.” Of course, I still save, but now I also put aside money for investing in my business. Recently I invested in new equipment to allow us to increase production, as well as new marketing systems that bring leads in on autopilot. Neither was cheap, nor are they easy, but my return on investment for both has been, and likely will continue to be tremendous.
4. The Bad News Diet
I use to spend an hour or two a day watching or reading the news. It is impossible to pick up a newspaper or watch the news without thinking the sky is falling. It was making me slightly depressed. I have gone to a strict no more than 10 minutes per day bad news diet, and let me tell you, it has done wonders for my outlook on life and business!
Where in your life are you making decisions or reacting based off of fear?
Are you stepping over dollars to get to dimes by doing $10.00 per hour work? Are you scared of investing in your business? After getting slapped in the face by my wife (figuratively speaking, of course), taking a hard look in the mirror, and working to make tough changes in my business and personal life – I can honestly say I am a better husband, father, and business owner.
If this story resonates with you in anyway, feel free to consider this your figurative slap in the face.