As business owners, it’s hard to separate ourselves from the business and sometimes we end up serving our ego rather than the mission of the business itself. Here’s the thing, you start your business and there are probably people around you who were sceptical. You, maybe, had to put up with people who said that you couldn’t do it, who whispered behind your back that they knew you were going to fail, and you proved them wrong. Look at what you’ve achieved. Look at how far you’ve come. Now you have a thriving business or are at least on the path to the business that you want to have and someone in your team comes up to you with an idea.
Do you give the idea of the credit that you should or does your ego take over? The ego that helps you in the beginning, the one that told you to ignore everyone else and you were right. Is that now coming up again as your employee gives you a suggestion on how to improve things in your business? Or let’s say that they’re pointing out a flaw in your plan for the business, in your strategy, or your tactics. Do you then just throw the same types of messages that you had from those who didn’t believe in you in the beginning? You can end up overriding the objections or great ideas and plunge ahead with your own plans, which might be half-baked. Ego makes it hard to separate criticism and haters versus real feedback. The reason we need to strip ego out when we get feedback and suggestions is so that we can really hear them, and take it as feedback, and something to think and act upon. Or offer them a discussion which says, “I hear what you’re saying. However, I believe that you are incorrect and these are my thought out reasons why.”
Not Projecting onto someone else the kinds of things that your parents did to you or someone else that you knew. With ego, we can’t take on feedback or adjust as necessary. This can be the case with internal discussions like I’ve just spoken about, but it can also be the client case with, for example, discussions with clients. If they have something that we might perceive as negative that they’re saying to us, we need to pull the ego out so we are not getting emotional and defensive but instead able to receive the feedback and adjust as necessary. It works with our marketing too. If we cannot examine the performance, take that as feedback and adjust, Then things become very, very hard. We have to get the ego out the way. If your ego is in play, you can see from these examples that profit becomes impacted.
With a team member, the great ideas don’t see the light of day or you plough on with a strategy that’s not fit for purpose. Hence, impacting the profit, the bottom line. With the client, they leave because they’re not being heard and their needs are not being taken care of. With the marketing, you’re employing a less than effective strategy and hence leaving money on the table and perhaps wasting money at the same time. When someone tells you something is wrong, they are always right. It is always worth looking into and examining.
The other place we see ego coming up in business is the way we speak about the size of a business and everyone does it. The six figure business, the seven figure business. We even do that ourselves here, but revenue really is ego-based, because people don’t share that profit figure, do they? So stripping out ego allows you to see the way things really are. The point of a business is to make profit, not just to generate revenue. But it’s also to do something you believe in. Ego has no place in our business if you want to uncover the true wealth within it.
I hope that this episode has been useful for understanding ego and its impact on profit. I also want to invite you to step into the Uncovered Wealth Community. This is my private community on Facebook. You can search, Uncover Wealth Community, or go to annetteandco.co.uk/fbgroup. I do a live teach in there every single Tuesday for training Tuesday, and I’d love to have you in there. Thank you so much for listening. Until next time, let’s find the clarity in your numbers, increase your wealth, and get more money in your pocket.