Leading Through Change: Why Business Growth Depends on Stepping Outside Your Comfort Zone

Leadership is essential for business growth, and a crucial part of that leadership is being able to step outside of your comfort zone. Change is unavoidable in the business world, and those who can embrace it and use it to their advantage will be one step ahead of their competitors. In this blog post, we’ll look at why it’s important for leaders to take risks and make changes, and how doing so can lead to successful business growth.

The Fear Factor
When you examine your business today, what stops you from expanding or investing in new opportunities? Is it the fear of learning new markets or taking your business outside of your hometown? Is it the idea of hiring and managing employees and integrating new systems? What about finding the capital to make these investments? For many business owners, the reason their business does not grow is even more straightforward — doing the same thing repeatedly is easier than trying new things. It takes a growth mindset to step out of that comfort zone and into unfamiliar territory.

Growth Never Takes Place In Your Comfort Zone
Learning from new experiences makes you a better business leader. If you never try anything new in business you’ll never learn, and as a result, your business will be less prepared to handle the changes that the market will inevitably throw your way. Leaders seek change within their industry and welcome opportunities to step outside of their comfort zone and try new things. Whether it’s incorporating new strategies, opening up to new markets, or integrating new systems, change is a requirement. It is only through taking your business to new places that you’ll develop the new skills needed to navigate those waters. But what if you make a mistake?

Mistakes Are Useful and Necessary for Growth.
The culture around real estate investing and entrepreneurship can sometimes center too much around the pursuit and celebration of success rather than the value of making mistakes. There is not a business owner or investor out there who has not attempted something and found out, sometimes in very costly ways, that it was a mistake. Through trying, and sometimes failing, many hard-won lessons are worked out in real and tangible ways. Mistakes will make an imprint on you that success never will. Whether it was the red flags you realized you missed, the ways your leadership was lacking, or the market conditions you didn’t consider, mistakes teach us something valuable and are useful and necessary for growth. Do not hold back from growth for fear of making a mistake. But is there a way to reduce the impact when we do make mistakes?

Learn to Make Mistakes Safely. 
This is as simple as starting small in new endeavors or investing with educated partners in new-to-you opportunities. Rather than doing nothing for fear of failure, accept that some level of mistake-making is going to happen and you’ll be all the better for it. Cushion yourself from those mistakes by testing new markets and researching them deeply before going in full force. Give yourself a long runway to ramp up new plans and see what results you are getting as you slowly trickle out a new strategy. Diversify your investments so that if one project does not go as planned you still have many successful projects out there you can build on. These are not industry secrets. Have a common sense approach to growing your business and live a pattern of life where you are always educating yourself and making informed, intelligent decisions in your business.

Four Habits to Become a Millionaire

For many people, the beginning of a new year is an occasion for taking stock and considering one’s financial situation. What do you hope to have accomplished by the end of 2023? Will you be in a better position than now? Will your family’s life also be improved? If you are like most people, your goal is to one day be financially free. You want to build enough wealth to weather any economic changes while knowing you and your family have the freedom to choose what you do with your time and money.

This may seem like an impossible task. But if you are willing to make some changes in your life, it is possible. Financial habits shape our future financial picture. The choices you make today will leave an impact for years to come, whether positive or negative. This goes beyond just financial habits and decisions — building wealth requires persistence, hard work, and whole-life habit changes. The sooner you start creating good habits, the better off you will be in the future. But to grow enough wealth to be financially free, what habits matter most? 

#1 Consistently Investing

Even during times of economic uncertainty, there are still opportunities to invest. Whether it’s investing in real estate, funds, or other assets, millionaires prioritize investing and consistently find ways to put their money to work. Investing in anything intelligently takes time and requires continuous education to know what is happening in that particular market. Millionaires don’t wait for perfect market conditions, they seek opportunities and make calculated risks. 

#2 Patiently Watching it Grow

Building wealth is a long-term game with most investments, and this means being able and willing to let that money work without wanting to spend it. It takes discipline to watch your investment grow and leave it be, not allowing the temptation to spend all your earnings to take root. Don’t let the high-spending lifestyle eat away at all the passive wealth your money was building just to appear wealthy or successful. 

#3 Being Persistent, Not Giving Up in the Face of Setbacks

Will you always make perfect investments? Of course not. Even with education and experience, you will still face obstacles as you work to build your wealth. Having grit, determination, and the will to keep going when things go wrong is necessary. Let setbacks be an opportunity to learn and grow rather than an excuse to stop trying.

#4 Being Open to Opportunities, Willing to Take Calculated Risks

Investing is different from just saving money for a reason — you’ve bought into an opportunity when you invest. When you save, your funds are stashed away but they are not working for you. Millionaires stay open to new opportunities and investment ideas but do their due diligence before leaping. Investing involves risk, however, those risks can be mitigated by intelligent investing and diversifying where you invest your money. 

If you’re just getting started building wealth and working towards financial freedom, let this year be the start of new habits that help you on your way. It is never too soon or too late to change the way you look at investing, spending, saving, and working towards the financial goals you’ve laid out for yourself for the years ahead.