The Myth of the Growth Plateau

The Myth of The Growth Plateau

03/07/2025 15:30:00 +0800
● Discover the surprising psychology behind why we underestimate our future potential
● Learn why now is the time to broaden your skill set
● Understand the mindset shift that could make your next 5 years your best years yet
I just finished Surfebruary; twenty-eight days of surfing every day to raise money for cancer research. As I paddled out each morning, I often found myself reflecting on how much life has changed for me in the past five years.
 

Back in early 2020, I was living my best Inner West life in Balmain, far from the beach. I had started my own business, but I was still picking up consulting work on the side, too afraid to go all in and coach CFOs full time. Whispers of Covid had begun to reach Australian shores but none of us had any idea just how much the world was about to change.

The idea that I'd be living by the beach, surfing every day and coaching CFOs to live up to their full potential full-time, seemed impossible. Yet here I am. The last 5 years have stretched me in ways I could only have imagined. I'm still me but the person I am today is very different to the person I was 5 years ago.

For CFOs, it's tempting to think that the best part of our personal growth is behind us. Most of us are at an age where we are established in both our careers and in life. It's easy to feel like you've reached a plateau.

But what if our biggest years of personal growth are yet to come? What if your potential has less to do with your past achievements and more to do with your mindset and the intentional practice of growth?

Why We Underestimate Our Future Potential
In a 2013 study published in Science, psychologists Jordi Quoidbach, Daniel Gilbert, and Timothy Wilson identified a phenomenon called the "End of History Illusion." Their research showed that, no matter our age, we tend to believe we've become the person we'll always be and that our preferences, values, and abilities have stopped evolving.

This bias was not just observed in the young. In fact, the phenomenon was almost as strong at 70 as it was at 30. Participants recognised how much they had changed over the previous decade, but at every age, their assumption was that their personality would remain relatively stable in the next. As Gilbert put it:

"Human beings are works in progress that mistakenly think they're finished."

But why do we think like this? It comes down to a few key psychological mechanisms. First, looking back at how much we've changed is easy; it's just a matter of memory. Imagining how much we could change in the future, however, takes creativity and a willingness to face uncertainty, which requires more cognitive effort than our brains naturally like to spend.

We also have a natural tendency to believe that our current preferences and skills are fixed. This stability bias helps us feel grounded but can also reinforce the idea that we've already reached our peak. On top of that, we tend to overvalue our present identity, seeing it as the most authentic version of ourselves.
 

For senior leaders, admitting there's still room for growth can feel like admitting vulnerability. Which makes it easier to default to the belief that we've already arrived. It's easy to assume that if you're not planning any big life changes (like moving countries or switching industries) that your personal growth potential is also limited. But that assumption underestimates the impact of small, deliberate adjustments in our approach to work and life.

In reality, personal growth is more like navigating a sailboat. Even the smallest shift in direction can, over time, lead you to a completely different destination. Particularly if you are deliberate about the course you set.

Why Your Future Growth Will Be T Shaped
By the time you reach the role of CFO, you've built deep expertise in finance. But to keep growing, you need to broaden your influence across the business. This is where it can be helpful to think of your skill development in the context of the T-Shaped Leadership model.
 

The T-shaped model was first coined by David Guest in 1991 to describe the ideal mix of skills for technical professionals; deep expertise in one area (the vertical bar of the T) combined with a broad ability to collaborate across disciplines (the horizontal bar).

I recently renovated The CFO Boardroom to offer further niche study into those broader, more strategic skills necessary to take the next step beyond the role of CFO. They four options reflect the career pathways that CFOs have most often discussed with me over the past two decades:

 CEO: For those ready to lead the whole business.
● Consultant:
For those who want to use their expertise outside the corporate world.
● Board Member:
For those who want to influence strategy at the highest level.
● World-Class CFO:
For those who want to deepen their leadership skills within the CFO role.
 
The point of these program pathways isn't to lock CFOs into one career pathway. You can pick and choose and one program builds on the other. It's to help you make a conscious choice based on the skills you would most like to develop. Deciding in advance who you want to become and what you need to learn to get there is what turns growth from something that might happen into something that will.
Your Future Self is Calling

If there's one thing that becomes clear when you look ahead, it's that growth is a choice. You get to decide for yourself who you want to be in 2030. The only thing stopping you from making huge leaps forward in your personal and professional growth is the belief that you can't. The path you take depends on the vision you're willing to commit to today.

So here's a challenge: draft a one-page vision for your next five years. Capture where you want to be, the impact you want to have, and the skills you'll need to get there. Then, jump on a call with me to discuss how to make it happen.

The next five years could be your most exciting yet - if you're willing to choose your path with intention.

As Peter Drucker famously said;

"The best way to predict the future is to create it."

So, what does your next five years look like?
And what's the first step you'll take to get there?

I'd love to hear your thoughts.

 


Author: Alena Bennett

Alena works with leaders and their teams to connect technical and leadership skills so they can deliver to deadline without killing their people.
 
She is a mentor, trainer, facilitator and coach. Contact her today on [email protected].
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We acknowledge the Darkinjung people, the traditional custodians of the land on which we live and work and pay our respects to the Elders both past, present & emerging.