The Caitlin Mitchell Show
After nearly a decade in business, it's time for me to share what I've learned about building a business focused on service leadership to help you on your journey as a business owner. My goal is for you to walk away from each episode with one thing - one sentence, one thought, one perspective shift, one new idea - that has an impact on you, your business, or your life.
The Caitlin Mitchell Show
Important Questions to Ask Yourself to Make Smarter Decisions for Your Business | Ep 8
Do you ever feel overwhelmed by all the business ideas out there that you feel like you NEED to incorporate into your own business? What about when a new strategy comes along promising success? Should you jump on it right away? I've made that mistake before, and we'll talk about the consequences of rushing into decisions like that.
In this episode, I'll show you how to think about these new business ideas and opportunities (or distractions) in relation to your overall business vision and goals. I'll help you navigate this issue with a list of important questions I ask myself whenever faced with a difficult decision or a new idea.
Finally, I'll share a secret for making decisions that has helped me a lot over the years. If you want to make strong and strategic decisions that really matter for the success of your business, then this episode is for you.
Connect with me on Instagram: https://www.instagram.com/caitlindmitchell/
Welcome back to another episode. We are going to be talking about making smarter decisions for our business, how to filter ideas, how to avoid shiny object syndrome, and I think this episode is going to be really helpful. I'm going to share kind of a list of ideas or, I'm sorry, a list of questions that I would put my ideas through in the beginnings of the business at EB, and now, over time, they've just become kind of second nature and they are the decision making filter that I use for any big decision that we're making, but also any small decision, any decision that is going to impact the team, is going to impact our resources and things along those lines. So hopefully you enjoy this episode and if you do come, let me know over on my Instagram at CaitlynDMitchell. All right, let's go ahead and get started. So before we dive into everything, I actually want to take you back to the beginning days of EB, and I actually still have a Monday board with hundreds of different ideas for the business, from wanting to do like a postcard retention strategy to having weekly sales every week throughout September, opening a Zoom room for teachers to collaborate in whenever they wanted to literally everything that you can think of under the sun. And it's actually really fun to look back at some of those ideas and just think, gosh, I'm so glad that we never actually executed on them or some of them. I'm like, oh, now we actually have the woman power to make that happen. That wouldn't really impact the business in a big way. Maybe we can go back and implement some of the ideas.
Speaker 1:And I just remember so vividly back in the beginning of EB just seeing what other people were doing, seeing what other people are sharing on Facebook groups or you know programs that I was in or whatever it was, and I would get incredibly distracted by what they were all doing. That they were seeing was working. And I'm like, yeah, I should do that too, I want to incorporate that into the business, like I'm going to do that as well, right, and it got to a point where all of the ideas became so overwhelming to me. I actually remember one phone call or Zoom call that we were on with two of these guys that we were working with with a marketing strategy, and they're like, yeah, let's do blah, blah, blah, blah, blah. And I looked at them and I wanted to like go through the computer and just like frickin' shake them or punch them in the face because I was the one who was going to have to go execute on all of the things that they were saying.
Speaker 1:And I'm like I can't, I can't do that, like that's just not possible. And so it got to a point for me, especially when it was just, you know, the two of us my business partner and me in the very beginning doing things that I'm like I can't, I can't handle any more ideas, like I can't do any. I can't do that, it's too much for me. And I think about that. You know, with the team too, nowadays that we have, you know, a team of 16, it's still the same thing, even though there are more of us to be able to execute on things. I don't ever want someone on my team to feel the way that I did in that moment, like I just wanted to die inside because there was no possible way that I was going to be able to make that happen.
Speaker 1:And so in the beginnings of the business, it got to a point where it was all so overwhelming for me that I knew I was going to have to have just this decision making filter, this tool, these questions that I could use before an idea even made it past just the idea stage into the possible like discussion stage, let alone the execution stage. And I think this might be really helpful for you to just have these list of questions to consider and ask, because I think sometimes we will make decisions very swiftly, very quickly, and we won't really put it through any sort of a process of you know, is this really a good idea? Like, should I actually be going out and doing this? And that's one thing that I really. There's one other thing that I want to point out before we dive in that I think is really important. There is no such thing as a bad idea Like. I really think it's important for you to understand that nothing's a bad idea, nothing's inherently bad or good about ideas.
Speaker 1:Ideas are ideas, right, especially when you're brainstorming or you're thinking of you know new ways to innovate. I don't ever want you to be like, oh, that's a bad idea, we're not going to do that, Like no, let's, let's write it down, let's put it through this process, because I do think, while there are not bad ideas or good ideas, there might be ideas that are distracting, ideas or ideas that move us away from the end goal or the vision that we have for our businesses. So, while they're not inherently good or bad, they might be distracting, they might not be the best use of our time. So, while we can absolutely create a brainstorming document or a process in our project management tools, that just it doesn't mean that every idea needs to see the light of day. Right, that just is what it is and, in fact, most won't ever see the light of day, and that's absolutely okay, and one might even argue that that's absolutely necessary.
Speaker 1:Imagine if you think about all the ideas that you have your business, if you sat down and went and executed on half of them or you know 40% of them, or 30%, it would be incredibly overwhelming and not a good use of resources, not a good use of time, all of those things. So I think it's okay and maybe for you to need to accept that you know it's kind of necessary that not all of the ideas make it past this idea phase. And that's why I put this episode together for you, because I really believe that having a decision making filter to use just can be so incredibly helpful in ensuring that you don't really get easily distracted by shiny objects or seeing what other people are doing right. It allows you to keep your eye on the prize, and I think just having these questions is a nice little backup, it's a nice little backstop, it's a nice little filter for us. And I even think recently this happens to me still right when I'm like, oh, I want to go do that. And then I'm like, well, hold on, let's back up. And I want to give you an example of when I was recently at a mastermind retreat the one that I was at in New Orleans one of the women was sharing a launch strategy that worked really well for her, launching her membership. Like really freaking well, I'm sitting there listening to just the numbers and the data and the success, and I'm sitting there having such a hard time, not wanting to go and try the same thing for our business at EB. But the thing is, is we already have something that we know works, we have all of the deliverables for it, it converts really well, it's what we've planned for, it's what's on our calendar and so on and so forth, right, so many other things. So, while perhaps I might test her approach at some point in the future, right now is not the time to do that because it would highly distract the team. It would utilize time, it would utilize energy, attention, money, all of the things that we don't need to waste. So while I still experience this, I'll have that like, oh, I really want to go do that feeling. I still got to take a step back and be like, okay, hold on. Why am I feeling this way? What's best for the business? What do I know works all of that stuff. So my first one to dive in by talking about shiny object syndrome, and if you haven't heard this term before, I actually found a really great definition that I came across in a Forbes article that defines it as the following Shiny object syndrome is the phenomenon of being distracted by new and exciting opportunities.
Speaker 1:For entrepreneurs, this can mean new business ideas or products or services that aren't part of their current business plan. They have an urge to try this new thing that someone else seems to be doing successfully. So raise your hand. If you have ever had this experience, raising my hand right. We all go through this, and perhaps you can even think back to a time in your business where you've experienced it. Maybe it's something that recently came up for you. Perhaps a bunch of other business owners in your circle are talking about how they added an SLO to their offers, or maybe there's an evergreen webinar that they're doing that's converting really well, that you want to try, or maybe there's a new retention strategy that someone shared with you that you think is going to be amazing for your members. Whatever it might be, it happens all the time. It happens all the time, especially when we are in peer groups, where peers are sharing their wins or things that are working really well for them.
Speaker 1:And while this is all well and good, I do think where we make a mistake sometimes as entrepreneurs is not really fully understanding the implications of what implementing one of these new ideas might have on the business. It's very possible that adding an evergreen funnel into your membership is going to take time, energy, resources and effort away from building your waitlist leading up to your launch, and then maybe your launch isn't as successful and I'm just using that as a random example right, that could or could not be true for your business. You're like, oh, this person's doing evergreen, that's going to work really well for me. I'm going to just do this same exact way. Well, your audience might be very different. The way in which your webinar converts might be really different. The way in which you bring new members from that webinar into your membership might impact the culture of your membership.
Speaker 1:Right, there are just all of these other implications that come up from new ideas that we might decide to implement not all of them, but a lot of them and that's what we're trying to do is create change or create cause change within our business with these new ideas. But I think it's important to really go through this decision filtering process. Something else came up recently at a mastermind that I'm in that someone was talking about adding in a high ticket one-on-one coaching aspect to their offers, and when we started to kind of get into it, well, there wasn't really enough thought put into the actual fulfillment of that. Well, what does that look like? Do you really have an extra 10 to 15 hours on your weekly calendar to not only fulfill on those actual calls but also to hold the time, energy and space to be helping that many people? Right, it's not just a simple thing that we can add in. We really got to consider the implications.
Speaker 1:So there are a lot of important questions that you might consider asking yourself before you decide to implement something big or even small into your business, and while, yes, there are 100% some ideas that are super simple and execution can be easily done within a day For example, testing like a different type of reel on your Instagram there are absolutely others that are going to have much larger implications on your business if they aren't well thought out by you. That's your job, that's your role as the leader is to be this big decision maker, and you're going to face bigger decisions. The more your business grows, the more team members you have right. Our decisions really impact the bottom line.
Speaker 1:So the other thing, too, about shiny object syndrome that's really important is that, at the end of the day, then, this is really important and we won't go into a whole tangent on this, but I do think it's something that's worth noting is that your desire to try something new so often in the business, perhaps you're the person who finds yourself like, oh, but I want to do this, but I want to do this, but I want to do this, but I want to do that that very likely has underlying causes. It's very possible that you are going after things that you shouldn't be because you're operating from a place of fear, or that you're subconsciously sabotaging your success because you're doing well, and if you haven't read the big leap yet, I would highly suggest that you do, because so often we will be on the path to actually getting what we want. Like things are going well, it's great, and then we totally screw it up for ourselves. And one really easy way to do that is by getting distracted by shiny objects, but going after something different and unintentionally, subconsciously blowing up our businesses and so I think about that too with my decisions is are these decisions coming from a place of fear, from a place of lack? Are they coming from a place of abundance, from a place of love that it feels aligned, all of those things? So there's a lot to be said about staying the course, being devoted to your cause, your goals, your vision, as opposed to being pulled away just because something looks sexy from the outside. And, as you have very likely heard at some point in your entrepreneurial career, every yes to something is a no to something else. So you really want to be strategic in your decision making to ensure that you are staying aligned to that bigger vision, and that's exactly why I decided years ago that you know what I need this decision making filter to help me decide if I really want to execute on an idea in the business. So if you're able to, as I go through this section, take out a pen and a piece of paper and you might want to write some of these questions down.
Speaker 1:So whenever I have a new idea, I very, very, very rarely just go with it Because it is such a yes that like I can feel it in my bones and I know it's aligned to the vision that I have for the business. And sometimes I will even have an idea that comes to me that I absolutely do not want to do. I just don't want to do it. Like in my conscious mind and my logical brain I'm like no, but every part of my soul like knows deep down that this decision is what the business and the business's vision needs from me. And the reason that I don't want to do it is out of fear or discomfort. And in that case I put myself in a place where I refuse to allow fear or discomfort to talk me out of executing on something that is going to pull the business closer to that future vision. I'm going through that right now with EB. It is scary, it is hard. This decision is a big fricking decision with a lot of money on the line and it's scary, and I am going to never allow fear or discomfort Remove me from being able to execute on what the business vision needs from me.
Speaker 1:So I really want you to think about that, and that's why having a vision for your business is so incredibly important. So that brings me all to the very first question that I use. Two-part question really is does this idea align with the company's vision and the core values? If the answer at this level is even kind of a no, it's a no. I wouldn't even put the idea further down the questioning line because really, everything that we're doing should be aligning to that overall vision and should fall within our core values. And if you have not listened to that core values episode, go back and listen to it. I know it's not sexy, it is incredibly important. And an aside here too, like I said, that is why having a crystal clear vision for the future of your business is so incredibly important, because if you don't know where you want to go, then how are you even going to be able to decide which way you're going to row your boat? You've got to get super clear on the vision for your business. What do you really really actually want? What do you want and what are you willing to do to go get it?
Speaker 1:Next question that I go through with the filter is what are the potential risks and rewards associated with this idea? This is where I ask myself the question of what am I willing to risk to see what happens. I love that question. That's one of my favorite questions what am I willing to risk to see what happens? And that question allows me to get curious about the possibilities that this decision could bring to the company.
Speaker 1:I also think about what potential risks are associated with not executing on this idea. What happens if I don't do this? The app that we're building? It's costing us a lot of money. It's a lot of money, but what are the risks associated with not doing that? The benefits of doing it far, far exceed the risks of not doing it, of not executing on it.
Speaker 1:And then the other question I ask is what is the impact that this idea will have on the team, on the business, both positive and negative? Right, I'm looking at the impact from both of those angles. I'm trying to look at every single possibility here. What impact is this gonna have on my staff. What impact will this have on our customers? Are there any downsides? What are the upsides? Are there any holes in this idea that will detract from the goals of the business? Are there any holes that will detract from what I want the idea to accomplish? So this is a very important question actually.
Speaker 1:So let's say that I'm like, hey, I wanna put this new offer into the business. Okay, that's great, that's well and good, but what is at the heart of wanting to do that? Well, let's say that the answer is that I want to increase the lifetime customer value. Well, do I need to include a new offer or do I have a retention problem that I need to solve first? Right? So I wanna think about, like, what is at the heart of me wanting to even do this? Why am I even executing on this? That's important too, because that's actually the underlying thing that you're trying to solve for, and it might not be the shiny object that you're initially going after.
Speaker 1:So here I'm trying to think about the positive outcomes, the blind spots of this idea, all of the things, and this is where it's helpful to have a thought partner, to have someone to kind of talk through this with you. I talk through my husband, talk with my husband through a lot of these things. I have business friends. Sometimes I'll bring it to my staff, trusted partners in the business, things along those lines. And then the last part that I wanna talk about is I think through three different things what is the ROI? What is the return on investment? What is the ROE? What is the return on energy? And then what is the ROT? What is the return on time? So in looking at from the ROI financial perspective, I asked myself the question what is the potential revenue opportunity for this Like? Is it even worth it for the business to go after this?
Speaker 1:And a great idea that the team at EB recently had was to create a magazine to send out to every one of our members. As this great retention idea, culture building idea, loved it, I thought it was great. I'm like yes, let's talk about it more, let's brainstorm with the team. I think it's a really cool idea. But then I ran some numbers and I did some math and the execution of that beyond like the overhead of the team in terms of like salaries to actually create it just the mere printing and delivering, like actually shipping it out to our customers. That would have cost the business over 50 grand. That is a number that, even if we could get our retention to 100%, would never provide a return for the company. So it would be an idea that would result in a loss for the business every single year if we implemented it. But what's cool about this is that, while that idea didn't actually come to fruition, the ideas that came from the discussion of potentially doing a magazine resulted in something that's actually way cooler for the business that we never would have thought of if we hadn't had a conversation about the magazine to begin with, which was my point from earlier that no idea is necessarily a bad idea.
Speaker 1:So I also look at an idea from an ROE perspective. What is my return on energy? I asked myself. What is the commitment that is going to come from my team? What is my team going to need to do? How many members of the staff are going to be required to fulfill on this? Is it going to be worth the energy that they put into this project for the potential output? And in a lot of instances, honestly, the answer's no. But sometimes the answer is a hell yes, and in that case, yeah, it's absolutely worth the energy that you're going to put behind it. And then I also ask myself the ROT what is the time commitment? What is the return on time for my team?
Speaker 1:So I ask myself what is the time commitment from my team for this project? Does the amount of time that this idea will take even fit into the number of hours a week that the team is working? Am I going to have to increase my overhead? Am I going to have to move an employee or staff member from 15 hours a week to 30 hours a week? And then, if I do that, am I going to have to backtrack once the project is finished? How am I managing everybody's expectations around this? So, going back to the magazine example, that would have also been a huge energy and time sack for the team to create, to edit, to orchestrate logistics around all of those things. So, beyond just the $50,000 cost of the actual magazines and shipping them, the amount of woman power to execute on it would have completely distracted from all of the other projects that we've got going on that are actually focused on the bigger mission and vision for the company. And so the answer very quickly became a no, or perhaps just a not right now. And then, lastly, if I say yes to this, what am I going to be saying no to?
Speaker 1:One phrase that keeps coming up in recent weeks at both of the mastermind retreats that I've been to this year is is the juice worth the squeeze? Is the juice worth the squeeze? And I truly believe that when we can be just more disciplined in our decision-making with the business, more devoted to the vision that we have and staying the course toward that vision that we really really actually want, that we really really actually believe in the business and the vision that we have for the company, are going to reap the benefits of that tenfold. And one thing that my friend, bonnie Christine, once said that will forever stay with me, that I'm going to leave you guys with, is do less and obsess, and I think that at the end of the day, we can all take a lot away from that. So I really hope that this episode serves you. I hope it helps you. I know this is a huge part of being the CEO, the visionary, the leader of the company are our decisions.
Speaker 1:And one last thing that I'll leave you with I should have put this in my show notes to say earlier, but it just came to my head, and I think it's so, so important is oftentimes we will say to ourselves I don't know, I don't know.
Speaker 1:And one thing that my trainer always says to me that I love and appreciate so much is pretend you knew the answer. What would it be? And I think phrasing it that way allows us to really tap into, at our heart center, what do we really really actually want? And when we make that decision from that place, more than likely it's gonna be aligned to the vision that we have for our business. So I hope that this serves you. If it does, let me know over on Instagram. And just to let you guys know, we're probably going to be moving to releasing episodes on Wednesdays instead of Tuesdays, so I apologize for not being aired yesterday, but that's probably gonna be the new cadence of the podcast, just with my schedule and things like that. All right, you guys, I will see you next week on the podcast.
