Over the last decade, I have had countless clients with the same problem:
Now you may be thinking that that isn’t really a big deal, but let me explain. I know that there are a lot of people out there that get distracted thinking they need to buy a specific strategy or service thinking it will help them, but then they get overwhelmed by too many things... and I am still one of those people sometimes too. I am only human. My instinct is always to try and test something new but at some point, you have to stop because that is really going to mess with your business and your mind.
Spreading yourself too thin
One of the worst things you could do is go after 5000 different things at the same time.
Now you may think, “Why is this bad?”
The reason that this is a danger to you and your business is that you only have the capacity to do so much. You need to be really careful about where you are spending your time and focus and where you are allocating your most important resources. A lot of people think they need to be able to have more money or a bigger team or a new strategy...but actually, your most precious resource is time.
Let me tell you why:
You can actually start growing your business when you're managing your time effectively.
This industry and the world today are designed for you to be distracted and it is all about managing your distractions. The shiny penny syndrome happens when two things come into play:
→ Lack of certainty and confidence in what you are doing.
→ The lack of a stable and focused strategy.
Let me expand further. The lack of confidence can manifest into either always wanting someone to save you or to be the catalyst of your changes and so on. When we are not confident in what we are doing, it is more likely we will go after other external things that can give us a false sense of security saying, “if you have this it will give you the confidence you need in order to work” or giving you a false sense of security by thinking that implementing this strategy or tool is going to get you ahead or is going to have all the answers you need. This is a very reactive approach that will not help you out in the long run.
When you are confident in the work you are doing, which is something you develop over time, you start to filter things out. Because suddenly you don’t need a saviour to come and save you and you don’t need the next tool or service that is going to make you the money you are looking for. You can actually do something not because you need it, but because you want it, and it is a very different place to be. A lot of people in the business world operate from a place of need; in particular, when things aren’t going well.
Mistakes I’ve made
I’ll give you a personal example. I personally can tell you that I have made a lot of stupid decisions and mistakes within the business world over the last decade or so. One of them being a few years ago when my business wasn’t going well, and I had a rough couple of months. I had no more cash and was living month by month with crazy monthly expenses of around 20k. We were making 10-15k on average a month. Some months we made 30-40k and then would go back to 10-15k. So you can see it was very unstable. So, we weren’t always able to cover our monthly expenses easily. One of the things I started doing was spending more money that I didn’t have thinking I needed to find something to save me or make stuff work.
Now I’m not saying you should stay stuck where you are, but I was looking for that thing that could save me and I truly believed I needed it because I had no other option. However, it was just my mind playing tricks on me which really hit my confidence because I couldn’t see the results. The mistake a lot of business owners make is attaching our confidence to the direct results of our businesses or how much money is made, which is utter nonsense if you ask me, because that has nothing to do with your self worth... it is what your business is worth in that moment of time (which could just be temporary).
My new approach
Being able to detach myself and creating that space knowing that I can follow my intuition and don’t need the next thing or strategy, but rather wanting it, has changed my perspective. Because now I have started looking for things that I really wanted, and can filter out any extra distractions. In doing this, I found that my confidence from within was much stronger because I was valuing my time and what I was doing with it. Don’t underestimate the power of confidence, because that could be the one thing holding you back from great success.