The main and the biggest vulnerability with SMBs (small and medium businesses) is their dependency on the founder, absence of succession planning, and running out of steam.

SMBs are typically founded by strong and creative people, who have had for a while what seems like limitless energy and tons of ideas. But after a while, they get tired. They are constantly worried about cashflows and daily tasks and forget (or not motivated) to take a step back and see what’s no longer working. The kids and other family members of SMB founders are typically not interested in taking over and running these businesses, because they see how burned out and drained their parents became over time.

Without new energy, re-invention, and succession planning, there is no hope, which is why so many SMBs just slowly die. Most of the time, even when SMBs hire external consultants or strategists to offer a new perspective, it does not work, because the business is way too personal and harder to change.

The same lifecycle happens to mid-lifers somewhere around the late 30s to early 50s. We get tired of doing what needs to be done, maintaining the cash flows, raising kids, and generally keeping up. Then we discover that life is no longer as exciting or fulfilling as we expected, so we start doing yoga or meditating, sign up for Tony Robbins events, pick up new hobbies, join personal transformation programs and otherwise try to make peace with everything, but unfortunately, the majority of us drops out, loses motivation, and very few are able to really reinvent themselves and create “a second life”.

The progress eventually ends when you run out of that initial energy, don’t generate new ideas, get complacent.

Not sure about you, but I personally dropped out of signing classes and never learned to speak decent French because it was not that urgent or critical. Why bother?

By contrast, when I launched my digital business, applied for the MBA, started podcasting, or decided that all of my kids will go to university (this is what they will complain about to their therapists later), I was “in it to win it” and there was no way I’d quit or lose motivation. When you want a certain result or outcome – it has nothing to do with motivation or having enough time, luck or things being convenient. There is nothing convenient about raising kids or doing an MBA or reaching any important goal. You just keep at it, until it works or gets done.

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This is exactly why, if you work in FinTech compliance, I’d like you to seriously consider joining the FCA program, which closes its doors on June 1st. 

Many of my followers continuously tell me how much they want to advance their career, be more strategic, get noticed in the industry, create a name for themselves, get exposure to new opportunities, and at the end, have more time and more money without working long hours for people who don’t value them. This program is intense and value-packed and if you know me at all, you can probably guess that there is no way I would encourage or bless self-pity, procrastination, slacking, or other popular excuses for not doing things because it’s not convenient. 

So, if the reason why you have not been able to make progress in the past is a lack of accountability and consistency, if you work better with a bit of external discipline and motivation, you’ve come to the right place, because the FCA program is all about getting things done!

Click HERE to learn more about FCA and let’s make this summer season your most productive summer yet!