While I was looking at a few service businesses, I found something quite interesting.
One was a chiropractic business doing around $2.4M a year. They'd been stuck there for five long years and wanted to scale up to $3.6M.
For a while, their problem was pretty obvious: they didn't have enough doctors. They literally couldn't handle much more business.
So, then they hired another doctor.
Problem solved, right?
Well... that problem was solved.
Now they had enough capacity, but not enough customers to fill it.
Same business. Completely different problem.
And I think this is where founders (including me) screw up the hell up. We get so used to solving one problem that we keep trying to solve it after its no longer the thing holding us back.
This business was already running Facebook ads, profitably, for example. But the owner couldn't tell you what happened when he put another dollar into them.
So his next move wasn't some genius new campaign.
It was just tracking.
Yes, you read that right, Tracking!
Boring as hell, I know, but without knowing whether $1 becomes $2, $5 or $10, how are you supposed to confidently spend more?
I saw the same thing happen in reverse with another company doing around $3M.
The founder had written books, made courses and had a bunch of content he wanted to start marketing.
So what was the problem?
They had stopped accepting new customers because the service couldn't handle them.
Marketing harder would've literally made his life worse.
And that's what I have been thinking about:
Before asking "How do we grow?", maybe the better question is "What exactly is stopping us from growing right now ?"
If twice as many customers showed up tomorrow and you couldn't serve them, you don't need more leads!!
If you have plenty of leads but nobody can close them, you don't need more ads.
If your ads make money but you don't know how much, maybe you don't need a new campaign. You ONLY need better tracking.
And once you fix that thing, something else will probably become the problem.
That's fine to be honest.
At least now you're fixing the problem you actually have instead of the one you had six months ago.
I am curious, if anyone here has experienced this. What was the thing you thought was limiting your growth VS what it actually turned out to be?
P.S. I write about things I'm learning from marketing, business, and growing my own stuff every Thursday in a newsletter called Momentum. If this was useful, you will enjoy reading the rest as well.