Imposter syndrome is the persistent feeling that you are not as capable as other people think you are, and that sooner or later you will be found out. Many business owners recognise it, particularly when the business grows faster than their own sense of confidence.
It does not mean you are doing a bad job. It is a common response to carrying responsibility without a clear yardstick for how well you are doing. The practical answer is usually to replace vague doubt with evidence.
How it shows up in business
- Undercharging because you doubt your work is worth the price.
- Avoiding decisions, or deferring to people who know less about your business than you do.
- Over-preparing and over-delivering to compensate, at the expense of time and margin.
- Not delegating because you feel you must prove yourself personally.
- Putting off conversations about money with customers, staff or your bank.
Several of these have a direct financial cost, which is why it is worth addressing. A few hundred pounds lost on each underpriced job, or hours spent on work someone else could do, adds up over a year.
Use your numbers as evidence
Feelings about how the business is doing are unreliable. Figures are not. Regular management accounts show what you have actually achieved: sales growth, margins, cash generated and customers retained. Looking at them every month gives you a factual record to set against the doubt.
Numbers also highlight genuine weaknesses. Knowing what is not working, and having a plan to fix it, is far less draining than a general sense of not being good enough.
Price on value, not on nerves
Undercharging is one of the most common effects of self-doubt. Review your prices against your costs, the market and the results you deliver for customers. If customers never question your price, that can be a sign it is too low.
When you do raise prices, give notice, explain any change in what customers receive and stand by the new rate. Most customers value reliability and quality more than a small difference in price.
Build a support network
Running a business can be isolating. Talking to other owners, a mentor or your professional advisers helps you see that the challenges you face are normal. Peer groups and local business networks offer a place to compare notes with people in the same position.
It also helps to be clear about what you do not need to know. You do not have to be an expert in tax, law or IT to run a good business. Knowing when to ask for help is part of the job.
Focus on progress
- Keep a short record of wins, positive feedback and problems solved.
- Set clear, measurable goals so you can see when you have reached them.
- Treat mistakes as part of running a business and review them for lessons rather than as proof of failure.
- Delegate tasks that others can do, and judge the outcome rather than whether you could have done it slightly better.
What to do
- Make sure you receive clear monthly figures and review them with someone you trust.
- Review your prices this quarter.
- Find one peer group, mentor or adviser to talk to regularly.
- If self-doubt is affecting your sleep, health or wellbeing, speak to your GP or another qualified professional.
If you would like clearer figures to measure your progress, book a free call.
