Episode Transcript
[00:00:00] Most leaders swear they're open to feedback, but what if that polite posture is the handbrake that's stopping you from growing your business?
[00:00:08] In this episode, I'll show you why waiting for feedback keeps you blind and the counter intuitive fix that fuels unstoppable business growth. Welcome to why your business isn't growing and how to fix it, a podcast for business owners who want practical people powered ways to grow your business without burning out.
[00:00:26] As business owners, we love to say we're open to feedback. It's practically a leadership badge of honour. We put suggestion boxes in break rooms, tell our teams our door is always open, and pride ourselves on not being one of those defensive, closed off leaders who can't handle criticism.
[00:00:43] Now I get why this feels good. Hey, I felt good when I used to do it as well. After all, we don't want to be seen as one of those crusty bosses who who can't handle criticism. Being open to feedback sounds progressive, humble and open minded. It makes us feel like we're doing the right thing to grow our business.
[00:01:00] Plus, it's comfortable we're available if someone wants to share feedback, but we're not actively putting ourselves in potentially uncomfortable situations.
[00:01:09] But here's the uncomfortable truth I've discovered while leading my own teams and helping hundreds of businesses grow. Being passively open to feedback is about as effective as being open to exercise while sitting on your couch watching.
[00:01:24] Let me share a story about a business owner client who came to me frustrated that his company's growth had stagnated.
[00:01:30] He prided himself on being open to feedback, but when we analyzed his last six months of actual feedback received, it was almost nothing. And what he had received was superficial. One example was about the office coffee. Why? Because waiting for feedback to come to you is like trying to grow your business by by waiting for customers to randomly walk through your door. It hardly ever happens.
[00:01:55] If you want to know how to grow your business consistently, you need to shift from being passively open to feedback to actively seeking feedback. Basically, you need to hunt feedback down. And here's what hunting feedback down looks like.
[00:02:09] Firstly, systemize it. Schedule regular feedback sessions instead of waiting for them to happen.
[00:02:15] Secondly, make it specific. Ask specific questions rather than general ones. Thirdly, close the loop. Publicly thank the giver, act fast and report back. And fourthly, seek out the quiet voices. Actively seek out the quiet perspectives, introverts, new hires and customers you rarely see.
[00:02:37] Over the years, I've found that the businesses that grow fastest are those where the leader pursues feedback or like they pursue sales systematically and intentionally.
[00:02:48] Let me show you how this transforms to real businesses. A client is a construction site manager who relied on the old saying, if people have an issue, they'll speak up.
[00:02:57] His profit margin per job had been dropping for the last 12 months and he wasn't sure why. He decided to systemize his feedback process through twice weekly site walks with a basic feedback template.
[00:03:10] Within 90 days, he uncovered and fixed two major operational issues that no one had mentioned to him before. He identified a new product opportunity potentially worth 250k. And he identified two frontline supervisors craving additional training to help them in their role. Over the next 12 month period, profit margins increased on average 12.5% higher than the previous 12 months and it's set to continue increasing in the coming 12 month period.
[00:03:38] The single biggest change in his business. He stopped waiting for feedback and started hunting it down again. There's research to back it up. Gallup found employees who strongly agree their leader asked for their input are 4.6 times more likely to feel empowered to perform.
[00:03:56] Empowered people drive business growth. It's plain math.
[00:04:01] Now here's your growth challenge for this week.
[00:04:03] Book three feedback conversations, one with a direct report, one with a peer, and one with a customer and ask three questions. What's one thing you want me to start doing? What's one thing you want me to stop doing? And what's one thing you want me to keep doing? You can also implement one feedback system now. This could be a weekly feedback meeting or a weekly site walk and then act within 24 hours.
[00:04:29] Fix something small and share the win.
[00:04:32] Do this for at least four weeks and watch how their proactive approach accelerates your business growth.
[00:04:38] Small improvements every day. That's how serious growth happens. If you want to know how to grow your business beyond its current ceiling, you need to stop waiting for feedback and start hunting it down. Your business growth depends not on your openness to feedback, but on how actively you pursue it. Brendan I'm Brendan Rogers and this is why your business isn't growing and how to fix it. Helping you build a business that grows through active learning and intentional feedback. If you're serious about growth, follow the podcast and share it with another leader who's hungry to grow their business without burning out. Until next time, grow yourself. Grow your business.
[00:05:16] SME business owners and senior leaders tired of 60 hour weeks while cash flow crawls?
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