Imagine the scenario…
You’ve been in business a few years, your business is doing pretty well, annual turnover is at six or even seven figures, profit margin is respectable.
And yet, you’re still not seeing the huge growth you aspire to.
You’ve had to work hard to achieve your current level of success though, you’ve put in the hours and shouldered a lot of the stresses of building a business from scratch. Maybe some of that’s shared with your fellow directors or perhaps you’re still solely responsible for the business.
And yet, you still don’t feel like you have enough time for you, family, friends or hobbies.
You know you’ve got a great product or service; perhaps its something you designed and built yourself and you’ve seen it evolve through a number of iterations, its your baby.
And yet, you’re still not the industry leader, either locally or nationally.
Somehow, you’ve reached a plateau that you simply can’t get passed to move onto the next level. You can’t scale up your business.
You’re not alone…
According to the December 2019 Business Statistics briefing paper from the House of Commons Library, of the 5.9 million UK private sector businesses, only 36k, or a tiny 0.61% have 50+ employees.
And the Office For National Statistics reported that in 2019 only 4.6% of the 283,000 UK businesses that have 10 or more employees, have been classed as being high growth.
So, how can you set your business on course to achieve substantial growth and massive results?
The first thing that needs to happen is a change in your own mindset, after a number of years in business you may feel like the growth you desire isn’t possible. And those limiting beliefs will most definitely be one of the factors holding you back.
You will also need to change your focus in a number of key areas, and as with any change this can be challenging and you’ll need to adopt new habits to succeed. Here are some of the things that will need to change;
- You’ll need to reduce the time you and your fellow directors are spending on operational activities by around 80%. Only by doing this will you create the time you’ll need to focus on the strategic planning for your business
- Your senior management team will need to spend far more time on market-facing activities to better understand what clients want, and need, from your business
- Growth takes a huge amount of investment, or cash! So, you’ll need to be more focused on cashflow
- And finally, once you’ve designed the strategic plans for your business, you’ll need to ensure your entire team understands the vision for the business and the role they play in achieving it. This is the only sure-fire way to improve execution and results
Isn’t it easier to just continue as I am then?
The short answer to that would, of course, be yes; it would be easier. For some business owners that’s ok, maybe they’re near to retirement or considering selling up anyway.
What if you’re not though? How will it feel knowing that you have untapped potential in your business that you’re not exploiting? What would be your motivation for going to the office everyday and how would that lack of motivation affect your team? At best your business will continue as it is, at work, you and your team will lose your passion for the business, innovation will be stifled and so your products and services might become dated, you’ll lose customers and eventually the business will stall.
Now consider the alternative…
You run a thriving business that customers want to buy from and you’ve a steady stream of applications to work in your business, even when you don’t have a vacancy. You’re seen as the leader in your industry sector and the business community.
You have time to spend with your family and friends, and at last, you’re able to take time off without being constantly on call, you know your team can run the business without you. You have the time and money to support philanthropic causes which are close to your heart.
It doesn’t happen overnight, and it does take time but significant growth and massive results are in achievable if you really want them
