Don’t cripple faster business growth through fear of success

Hesitating on hard decisions through fear of success can be as damaging as fear of failure for growing businesses.

Entrepreneurs and leaders of growing companies are no strangers to fear, and most want faster business growth. Striking out solo, daring to depend on early recruits, and bravely building a business piece by piece – these would make anyone a little nervous.

There are certainly risks of failure. It’s natural to feel apprehensive. It’s smart to try and mitigate those risks. But is this the only fear that matters? I believe not. Fear of success can act every bit as powerfully, and act as a block to business growth.

Smart leaders fear failure …

Fear of failure is a theme that business media return to often. It is sometimes acknowledged as a positive force – spurring us on to greater effort. More often it is the negative consequences that concern us, as fear of failure (also called ‘atychiphobia’) can act as a barrier that paralyses us.

Scary statistics abound about rates of failure. Small businesses that don’t produce will inevitably fail, suggest NESTA. Location matters – despite the relative economic strength of the South East, the FT suggests that London start-ups are most likely to fail, with only 50% surviving three years. Journalists love to analyse the reasons why – check out this Entrepreneur article on reasons why businesses fail, or this US infographic on why businesses fail on Business Insider.

… but they can fear success too

Fear of failure is not the only force at work. Entrepreneurs often also fear success – they just don’t always recognise it. There are many sources of that fear, ranging from discomfort with change to recognition of the growing impact of every decision on a larger group of people – and we are very good at self-sabotaging ourselves, as a result.

Such fear of success on the part of leaders can paralyse businesses, by acting as a barrier to making what can be tough decisions. Because, at some point on the business growth curve, come some uncomfortable truths.

Perhaps it’s time to grow the team beyond your trusted core – and risk the culture you’ve worked so hard to grow.

There might be recognition that the business systems you invested in for the first phase are creaking at the seams. The world around you changes, including your customers and competitive set. Not least, the way you position and present yourself to the marketplace has to change too.

Marketing a growing SME business is a very different proposition than for a start-up.

Making changes as you succeed can be as uncomfortable as the ones you have to make when things go wrong. Proactive strategies to overcome such challenges are essential.

Feel the fear and face it anyway

What are the fears that you may need to face around the positioning, marketing and management of a growing business and brand?

Dependency on external help grows as you require more sophisticated support. That means braving grown-up agencies and consultants. Will they show you up? Will they replace your beloved logo with something sharper and shinier? Will they expose the amateur way you fear you’ve been marketing and managing your business? Are you ready to manage big agencies properly? You’ll need to have a professional approach to establishing and maintaining those agency relationships.

Functional expansion is inevitable, as generic teams that multi-task in areas such as sales and marketing can’t keep up, and gaps in capability start to show up. At some point, you will have to bring in experienced functional leaders such as a Sales Director or Marketing Director – but how will you keep these two on the same page? At some point, the challenge of sales and marketing alignment will arise – because it’s critical to your business growth strategy that they march in tune.

Greater visibility and impact becomes important as you strive to become a contender for bigger pieces of business or larger customers. But that means PR on bigger platforms, with bigger audiences. How ready are you to talk to business media? Do you feel prepared for tough questions? You will need to work harder and more consistently to stay in the line of sight – ad hoc and DIY tactical PR will no longer be enough.

Bigger competitor peers are a consequence of your success, but are you ready to play with the big boys? Market leaders spend a lot of time and effort to make sure they stay in that position and are well equipped to fend off challengers. Can you hold your own to network with big business CXOs without feeling like an imposter? Will your marketing messages stand up to scrutiny and clearly position you as giving the benefits your customers are seeking – along with proof you can deliver?

Visible leadership is common to almost all major brands. Thought leadership is a competitive tool, and it cannot be achieved without engaged leaders. Perhaps you’ve stayed in the background a little, or simply seen yourself as the chief salesperson until now – but at some point, you’ll have to step up to be a visible champion, to compete in the major leagues. Are you ready to stick your head above the parapet as a leader – and start to challenge the status quo, or communicate your vision and ideas?

• Bigger targets – securing larger customers is a common business growth goal, along with other targets such as strategic partners. They expect different things from you than they would a start-up shop – not just the ability to think at scale, and produce in volume, but to understand the strategic benefits they might gain from choosing you. It requires more multi-faceted marketing that extends through the relationship, not just to their acquisition.

• Bigger team – to achieve faster business growth, you need to recruit. Your culture will evolve, and it may be tough to hang onto the fun and informality of your start-up. But practicalities will also be vital, as you must motivate, keep promises to, and protect the jobs of more people. It will mean adding more management structure, of course – but other things too. Are you prepared for the challenges of critical internal communication and employee engagement? It’s critical to your recruitment, as well as retaining your best talent.

• Reputation risk – although it’s always important, reputation arguably gets increasingly critical as you grow, impacting who will buy from you, work for you, partner with you, invest in you either as a venture, or as a potential stockholding. Are you ready to manage your reputation strategically? You can’t control it – because it’s something perceived by others. You can however make sure it is monitored and aligned with other aspects of your governance approach.

Don’t let fear of the unknown hinder faster business growth

At the heart of the fear of success lies the fear of the unknown. It surfaces as a reluctance to expand beyond comfort zones, and to let go of trusted ways of working and decision-making. Although it is often felt sharply in areas such as marketing and branding, other aspects such as overall evolution of the operational model are equally as critical.

Before you get concerned that all the fears outlined above are adding yet more things to worry about in your own business, pause for thought. You’ve already done an incredible job, beaten the odds by surviving and achieving business growth thus far. You’ve not just survived but thrived. Don’t let fear of success or failure hold you back from the fruits of your labour.

Overcoming concerns about growth and defining the practical path forward can be significantly aided by independent advice, to help you create your strategic roadmap for the next phase of business growth.

If this has resonated with you, and you would benefit from some expert insight and a sounding board to gain fresh perspective on how you can drive faster business growth, then get in touch.