2024 was a great year.
2024 was a challenging year.
For the majority of business owners, both of these statements are true. In fact, most years are a sometimes even, sometimes not, mix of the two, an all too familiar part of the entrepreneurial journey.
In any given year, our businesses and ourselves as owners are subject to multiple external forces: the forces of economy, (local, national and global) politics, (local, national and global), changes in available resources, supply chain disruptions, cultural shifts and any number of changes in consumer habits and trends.
In Vancouver, Canada, for example, where I live, many small businesses had to grapple with the loss of a major eco-system player late last year leaving a big void in resources and available support.
As a business coach, career entrepreneur and lifetime small business owner, I’ve been in these shoes many times. Here’s what I learned.
First off, don’t panic. You have to keep moving forward. Approach external challenges not as a roadblock but instead as an opportunity to refine, refocus and redirect. Do this by building on your existing foundation, refreshing your goals, reviewing your WHY as well as your intended purpose. Reflect on your mission, vision and values to remind yourself why you started your business in the first place.
Next step is to conduct research to find new and better resources and helpful business tools. If there is an ecosystem disruption like the one described above, pause and take the time to look for, find and build new avenues that will help you with your company’s growth.
Another approach is to seek out strategic partnerships – other businesses that are directly or peripherally aligned with yours – and create a win-win engagement and growth strategy for both your business and theirs.
Remember to stay optimistic throughout – not in a toxic positivity kind of way – but in a way that helps you stay in a growth mindset.
Finally, and most importantly, don’t think like a small business. Why? Because staying in the “we’re too small” mindset limits potential and traps owners in a cycle of short-term thinking.
Operating with a “small” mindset often means focusing solely on survival, avoiding risk, and relying on minimal resources, which can stifle innovation and growth. This perspective keeps businesses reactive instead of proactive, preventing them from investing in systems, processes, and strategies that could scale their operations and attract new opportunities.
Thinking small also fosters a fear of competition and change, while larger-thinking businesses embrace collaboration, innovation, and adaptability.
By staying confined to a small business mentality, entrepreneurs miss the chance to create a brand that not only survives but thrives and expands into new possibilities.
When you think like a small business, you remain constrained by small ambitions. But when you think like a leader of a high-impact, scalable organization, you unlock new levels of growth and innovation.
So how do you think BIG as a small business owner?
- Adopt a CEO Mindset (or as we like to say adopt a “myCEO” mindset)
- See yourself as the leader of a scalable, impactful organization, not just a small operation.
- Focus on strategy, leadership, and systems rather than being bogged down by daily tasks.
- Set Bold Goals
- Think beyond maintaining your current state. What would it look like to double your revenue, expand into new markets, or launch a new product or service?
- Use these goals to drive innovation and push boundaries.
- Build Scalable Systems
- Establish processes that allow your business to grow without overwhelming you or your team. Automation, delegation, and clear workflows are key.
- Think About Impact
- Ask yourself how your business can make a bigger difference: What unique value do you offer, and how can it scale to benefit more people?
- Align your business with a broader mission that inspires growth.
- Collaborate and Learn
- Surround yourself with mentors, mastermind groups, business coaches or business communities that encourage “big picture” thinking.
- Learn from larger, successful businesses—what strategies can you adapt to your Scale?
- Brand Like a Leader
- Position your business as an authority in your industry. Your size doesn’t matter to your customers as much as the value you provide and the confidence you project.
Thinking small is the enemy of growth. It keeps you tethered to your current limitations rather than expanding your vision for what’s possible. By thinking big, even the smallest business can pave the way for substantial impact, innovation, and success regardless of external forces.
So, stop thinking like a small business. Instead, think like the powerhouse you’re destined to become.
