Running a business is a lot like racing, but a lot more complicated. To ensure your business grows and prospers, avoid this rookie mistake.
Let’s be honest, a lot of businesses don’t succeed – including coaching businesses. We all likely know that cash flow problems are the number one reason that businesses go out of business… but what causes this? I decided to Google the reasons why businesses fail and as you can guess, the list was quite long. Included on the list were bad ideas, ineffective business partners, poor planning, etc…
Curiously, inconsistency and lack of forward progress were not on the list.
My primary competitive sport growing up was cycling and to this day when I get stuck on a business problem, I often try to relate the problem to a bike racing scenario because sport, unlike business, is quite simple and not very messy – or at least there are not as many variables. This approach allows me to clearly identify the issue and come up with a strategy for resolving the problem.
The other day, a friend of mine asked me about a business problem that he was having, and it brought to mind a specific bike racing scenario, and the issue is much more prevalent than most people think.
‘Pack’ Mentality
If any of you have ever watched a bike race such as the Tour de France, especially the overhead views, you likely noticed a tightly grouped pack of riders. This group of riders is called a ‘pack,’ or ‘peloton.’ From the helicopter view, the pack looks like a group of riders, all riding at the same pace while maintaining the same position(s) relative to one and another. However, this ‘illusion’ is the exact opposite of what is actually occurring in the pack. If you were to single out a particular rider and watch them, you would notice that they move around in the pack – forward, backwards, side to side. The pack is the furthest thing from a static blob meandering down the road. Rather, it is a dynamic group of individuals each with their own strategy and mission.
Move Up!
So back to my friend’s problem. His issue is that his start-up was dying on the vine, largely due to neglect as it was a side hustle that he could not, or decided not to put much attention on. Here’s why this is akin to the dynamics of a cycling pack…
If you’re not moving forward, you’re moving backwards.
One of the biggest rookie mistakes that new racers make is to stay in the same place in the pack. The ironic part about this ‘strategy’ is that they are not staying in the same place, they are moving backwards. As noted above, the pack is a dynamic organism which is always in motion. Seasoned racers know that in order to maintain the same place in the pace relative to others, you have to constantly be moving forward since other racers are doing the same thing.
It is not uncommon for new racers to be in a good position in the pack (near the front) and focused on staying behind the rider directly in front of them. Then they look behind them after a few minutes and they are at the very back of the pack. To be a successful bike racer, you have to be aware of everything that is going on around you, particularly noticing riders advancing forward. In its simplest form, positioning in a pack is simple math – if three riders advance in front of you, you now just lost three positions. Therefore, the pack dynamics dictate that a rider must be constantly focused on moving forward in the pack when opportunities present themselves.
Don’t Stay Static
In relation to business, this bike racing analogy is spot on. By focusing on a singular thing and not appreciating all of the other variables that influence a business, you will be ‘passed by’ and left in the dust.
Moreover, if you run your business and don’t do anything to grow or advance it, it will also get surpassed by others who are constantly working to enhance and grow their business.
In other words, doing just enough is not enough. Unfortunately, the quote from Field of Dreams, ‘If you build it, they will come,’ does not hold true in the area of business. To succeed in business (or sports), you have to constantly be pushing to be better and have a growth mindset.
Summary
In summary, look to your left, look to your right, see what ‘riders’ are moving up and follow their lead and then keep going!
