Are You Growing Your Business On Solid Foundations?
Survive before you thrive ...
POSTED BY PAUL BROOKSBANK ON 11/04/2019 @ 8:00AM
As a business owner, you can put a lot of time, energy and money into growing your business, before you have solid foundations in place ...
Growing your business successfully means it must be built on solid foundations!
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To use a clichéd analogy, "you wouldn't want to live in a house built on weak foundations", and it's no different in business! Given it is estimated that 90% of small businesses fail within the first 10 years, it's vitally important that you build solid foundations and learn to survive before you thrive.
Our top tips for business survival and building solid foundations:
Understand that cash is always king
Poor cashflow is the number one reason that businesses fail; particularly rapidly growing ones. So, it's vitally important to keep a close eye on your cashflow and ensure you get money in as quickly as possible from your debtors.
Build a great team
An underperforming team won't allow you to grow and sustain a successful business, so focus on making your business a great place to work and building a high performing team from the outset. Get a robust recruitment system in place to hire the right people and then ensure you motivate and retain them.
Ensure your marketing is an investment
If your business is not able to attract paying customers in a cost-effective way, it is impossible to succeed. Get a marketing plan in place, test and measure your activities to see what works and what doesn't and when preparing marketing material, remember the phrase, "Target, Offer, Copy"!
Systemise the routine, humanise the exception
Without the right systems in place, your business will remain chaotic. Service delivery will be inconsistent and you, the business owner, will be constantly fire-fighting day to day problems. For stability in your business, you need to systemise as much as possible.
Keep educating yourself!
A lot of business owners started out in business because they were good at their trade or profession, not because they already had the knowledge and skills to run a business. And yet many are still reluctant to ask for help. To get solid foundations in place, ensure you educate yourself on the fundamentals of running a business. To succeed and grow you need to be willing to learn and develop yourself!
Begin with the end in mind
A lot of business owners end up drifting along, without a clear plan of what they are doing or where they are heading. Part of building solid foundations includes setting aside regular time for working on your business. Ensure you have a clear vision of the future, a plan of how to get there and then regularly review and revise that plan as necessary. Always have your end goal in mind!
If you'd like to find out more about growing your business then do give me a call on 07590 584642 or click here to ping me an email and let's see how I can help you.
Until next time ...
If you're looking for a specialist business coach in the Bedford area, you can find out more about me by visiting paulbrooksbank.actioncoach.co.uk . Let's see how I can help you achieve your goals!
Are you a motivated business owner working far more hours than you would like in an average week? Do you feel frustrated that despite the hours you work, your business isn’t growing as fast as you’d like and profits aren’t at the level you think they should be? Is a lot of your working week spent fire-fighting and do you think that your time spent in the business could be more productive?
Do you feel like there’s untapped potential in your business but you are so bogged down working ‘IN’ your business, that you lack the time, energy and resources to work ‘ON’ your business and take it to the next level? Would you like to know how you can both reduce the hours you’re working and grow your business faster? And yes, it is possible.
If so, business coaching could be right for you!