How Patience In Business Drives Long Term Business Success

Written by Kevin Izevbigie

Published or Updated on

December 25, 2021

How Patience In Business Drives Long Term Business Success

Over the last 10 years, I have seen how the desire for quick results can destroy online businesses.

Rushing is the root cause of bad decision making. When you rush, you make it impossible to think for yourself or make good decisions. We have been trained to rush. A quick Google search will reveal countless stories of people winning at their online business. Headlines like: “$0 - $100,000 per month in 6 months” are commonplace.

Additionally, I can get answers to any question I have on YouTube or Google in 5 seconds. And I can learn complex skills in a few weeks from books or courses.

Business owners often make decisions based on the potential size of the result and the hope that the result will come quickly.

Everything is fast. Except for the results.

For example, I had a client that I worked within my email marketing agency S2 Digital. We were generating 4x return on our service fee (They paid us $3,000 per month, we generated $15,000 per month on average). But they were impatient. They were chasing top line revenue instead of profit.

They emptied their bank account into a new paid traffic guru.  They were promised a 7x return on their advertising investment within 90 days (stupid, you cannot promise that!). 90 days later, they ran out of cash. They couldn’t pay their staff.

Their impatience destroyed them.

In this article, I will cover 4 strategies that will help you grow your online business while you remain patient.

4 Strategies for Patient Success

Strategic Marketing (Anti-Ego Strategy)

How does a $3m per year product business fail?

Answer: spend more on marketing than you generate.

Aggressive growth is the cause of almost all my business failures.

For years, I chased top-line revenue in my own businesses. I wanted that number to sing my worth as a person. it was ego chasing. But revenue is not impressive. Nor is how big your team is. Becoming the kind of person that builds a profitable business is impressive.

Ryan Holiday, in his book Ego is the Enemy summarised this issue perfectly when he said:

“Impressing people is utterly different from being truly impressive.”

When you chase revenue growth, your marketing often leans towards aggressive strategies. Aggressive growth will accomplish the goal of growth in the short term. But what will it cost you?

There is a difference between the speed of action and the speed of results. You have 100% control over what you consume, what decisions you make and how you act. But you do not have 100% control over the result.

Guru’s will tell you to trust the process. They will say “believe that it will work” (more mindset garbage). But belief has nothing to do with it.

When the results come is not up to you.

So if we do not know when your results will come, then patient marketing strategies become your secret weapon. How do you survive until the results come in?

I will argue that instead of trying to grow quickly you can grow strategically. Strategic growth is about installing processes that allow you to grow consistently, over the long term.

There are two great options for strategic, long term growth that are also cash generative: Email Marketing and Social Audience Building.

Live by Numbers (Objectivity Strategy)

I noticed that when entrepreneurs get impatient, they are more open to being swayed by the promise of quick results. They then make the worse mistake —they ignore their numbers.

They do not want to know their aggressive growth plan is viable. They have been sold on the promise of quick results.

Numbers do not lie. It’s easy to be patient if you know the truth about your current financial situation.

If you had $100 in your pocket, you couldn’t buy a brand new car. Similarly, if your current marketing strategy is creating negative profits, and you knew it, it would be unwise to spend more money on it. Your numbers will tell you everything you need to know about your business. I use the Profit Calculator Tool with my clients to understand their business and guide their decisions.  

Living by numbers is a strategy to stay objective about your current situation. Objectivity breeds patience. For example, if you have $12,000 in the bank, it would be unwise to hire a Facebook ads agency and expect them to turn it into $150,000 with Facebook ads.

The promise of generating $150k profitably is nice to think about. But time is not on your side. You will run out of money before you see it.

But with a little patience, you can use strategic growth to turn $12,000 into $89,000. Something I have done for my clients countless times.

Your numbers will help guide you towards decisions that make sense for you. Live by them.

Income (Realism Strategy)

One of the most common “rushed” decisions entrepreneurs make is to leave their job too early. They cut their income supply, and hope that their idea will work. Unfortunately, enthusiasm, optimism and hard work will not make you successful. They are only part of success.

Solving a problem in a unique way is how your create a successful online business. And it might take you some time before you land on the right problem, with the right solution and the right business model.

So the realism strategy is to never eliminate your income source until your idea proves itself in the market. That proof must be numerical.

Stop Expecting the Same Result (Expectation Adjustment Strategy)

Solving a problem in a unique way is how you create a successful online business. Thinking deeply about the problem you solve, and how to solve it is hard work. It requires you to think for yourself.

Most of my successful clients are entrepreneurs that did this.  

More often, I have seen many online entrepreneurs copy other successful businesses. They decide to copy a business that is generating $200,000 per month, because they want the result. But they do not want to wait for the result.

The internal conversation sounds like this:

“Brad has an e-com store selling mattresses, he generates $10m/year. I want to start a mattresses business too. Wouldn’t it be cool if we were earning $10m in 3 years?”.

Nobody looks at the fact that Brad has been running his business for 8 years. He knows everything about mattresses, sleep and mental health. He had an offline store selling mattresses too.

(Quick aside — It’s possible to find an opportunity that allows you to grow quickly. But trying to engineer these opportunities could leave you penniless. The most unspoken topic in online business timing and luck.)

Are you willing to go through 8-years of fighting to get to $200,000 per month like Brad?

Most people cannot wait that long. So they push harder. They work longer. They try and come up with new strategies.

In reality, their expectations are wrong. If they fix their expectations, they can focus on making good decisions for the business. Rather than rushed decisions.

I am not suggesting that everyone should focus on finding a completely unique business idea and product. I am suggesting that if you want to sell mattresses online, find a micro-competitive advantage that you can leverage, to be different in the market.

Final Thoughts

The patient mind can see opportunities the impatient, busy hustler often misses.

Your success is more aligned to WHAT you decide to work on, and the decisions you make rather than how hard you work (or how smart you are).

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