Why you need a business plan

A business plan will provide you with a clear outline of all the actions that need to be taken to achieve steady growth and success. It will help you manage business critical factors, hiring, budget and revenue potential, all important factors for you as the business owner as well as potential future investors.

A business plan will also provide you with essential insights, establish timelines, and prevent potential risks. It is the foundation that will help your business grow, evolve, increase market share and respond to increased demand.

Yet when working with small business owners, we often hear them say, “I’ll be happy if we do the same as last year.” But that isn’t a plan as such; it’s more an acceptance that there’s nothing they can do to change their business performance and that their business growth is out of their hands.

VistaPrint survey results

Four in five (83%) UK SMEs are struggling to plan for 2024, according to data released by VistaPrint (VistaPrint and Enterprise Nation help UK SMEs plan for growth with £150,000 grant programme).

Despite 58% of UK small business owners anticipating growth in the year ahead – many are unclear on where this will come from. Over half (55%) have a “rough” business plan but nothing detailed, while 13% do not have a plan at all. Among the small business owners who stated they had a plan, almost half (45%) were unable to plan beyond the first half of the year.

And there is a similar picture when it comes to achieving financial targets. While just over a third (34%) are confident that they’ll hit targets, a more significant proportion (40%) are unsure and 11% suspect they will not. This uncertainty continues when it comes to their long-term business prospects. Almost two-thirds (59%) believe there is a risk they will have to close their business as a result of the cost-of-living crisis. One in five (20%) are already redirecting marketing budgets towards survival – with 57% among these, using it to pay the energy bills.

The current uncertainty results from recent economic challenges for UK SMEs, where four in five (79%) have had to change their business plan. Two in five (41%) small business owners have increased their hours over the past few months, at an average of 7 hours per week. Stress has also increased amongst small business owners, with 60% stating their stress levels have increased in recent months due to the economic landscape.

How to develop a business plan

If you are serious about growing your business to the next level, it’s clear that you will have a much better chance of success when you have a plan, one that is meaningful and achievable.

Strategic planning requires you to step back from your day-to-day operations, articulate where your business is heading and set long-term goals, objectives and priorities for the future.

Your business plan should cover a three-to-five-year period and set out the tasks, milestones and steps needed to drive your business forward. It will help you focus your efforts on the right thing and will ensure everyone in your business is working towards a common goal.

Business planning will help you agree on actions that will contribute to your business growth, align resources for optimal results, prioritise financial needs, build competitive advantage, engage with your staff, and communicate what needs to be done.

Another significant purpose of business planning is to help you manage and reduce business risks. Growing a business is inherently risky. Detailed planning may help you remove uncertainty, analyse potential risks, implement risk control measures, and consider how to minimise the impact of risks should they occur.

For the best results, set aside some time (at least half a day initially), preferably off-site, where you, your management and sales teams can run through some exercises to better understand the marketplace, opportunities, and potential challenges over the next 12 to 18 months and agree on actions.

Four key questions to ask

As a starting point, consider the following four questions – the answers will be key in forming the basis for your Plan.

What are your key drivers? In other words, why did you start the business in the first place
Where do you want your company to be in 5 years
Do you understand your market?
How big is the opportunity, and what products or services will you promote?
Who are your most valuable customers?
Who are your competitors for those high-value prospects and customers?

Essential components of a business plan

1.Executive Summary

Summarise all the sections in your business plan, including your business vision and goals.

2.Purpose, Goals and Vision

Share your core values as a business owner, collaborate with your people, and work out what means most to you collectively and carve out a meaningful set of values.

Think about what you want and expect from your team and what they want and expect from you.

This process will unite you and your people in ways you couldn’t imagine. We have seen companies who have tried to do this in isolation from their employees – it never works. It must be done together. Once you have done this, the values must pervade all.

Your values are the standard against which your company can measure everything and everyone. Describe your company goals, target audience and products or services. Think about what problem you want to solve for your customers. Read more on purpose.

3.Sales and Marketing

Develop a SWOT analysis to help assess your strengths, weaknesses, opportunities, and threats.

Describe how you will take advantage of your strengths and eliminate your weaknesses.

It’s important to know who your competitors are, document their strengths and weaknesses and consider if their weaknesses could benefit you.

Determine which market forces (drivers) are affecting your customers and, possibly, their customers. Are the social demographics within their area of influence changing? Are they growing or shrinking? Are the age profiles of their customers/end users changing?

What effect does developing technology have on your customers and their customers? Do you face stiffer competition due to cheaper manufacturing and automated delivery processes, or are traditional buying habits changing through utilisation and access to online information and social media?

Consider trends caused by economic fluctuations and the effect of currency exchange rates. Ensure you consider any political factors and their potential impact on the marketplace.

Review your current product/service sales split against total sales revenue. Then, determine which revenue stream delivers the highest gross margins and which covers costs.

4.Management Team and Structure

Your business is a system, and every part has an impact on all of the other parts. To change one thing means to change everything. Change-related problems often occur because the business has changed one or two things but attempted to keep everything else the same. Leaders and part owners must be crystal clear on the business vision. They must share the business values and understand the need or purpose in the market that their part of the business fulfils as well as the business as a whole.

Plot your current management and organisation structure. Consider whether you have the talent to achieve your business plan and if you have the right people in the right roles.

5.Operating Plan

An operational plan can ensure that a business stays on track, whether for a single project or a set amount of time.

It should include:

Who should be working on what?

How can we mitigate those risks?

How will resources be assigned for different tasks?

Are there any internal and external risks facing the business?

Who currently does what and when, and how will this need to change to accommodate your new plans?

An operational plan may also highlight any business areas that need improving. For example, if you wish to achieve a 25% increase in production over the next year, you may notice that you need the mechanical capacity to hit this target. Once you realise this, you can put another plan in place to increase your revenue streams to afford new machinery to increase production.

6.Financial Projections

Not only does a financial forecast sense check your Plan, but the process also gives you a benchmark and something to review against with the added value of the opportunity to adjust your business activities as it develops.

Eight financial questions to ask yourself

What will your next quarter’s turnover and net profit figures look like? The next year? The next five years?
What will the sales split look like across your product lines?
How much will your cost of sales (i.e. purchase cost, material cost and delivery) be?
What is your Gross Profit Margin (GPM) per product/service?
What are your fixed costs for each month (rent, rates, utilities, insurance, wages, etc.) and your break-even point?
Are there any exceptional items or purchases to be made in the next 12 months, and how will these be financed?
How do your cash flow and working capital requirements roll forward from month to month?
Looking forward, are there any sticking points you may need to cover with a loan or an overdraft facility from your bank?

Setting your cash flow forecast

Obtain up-to-date financials for the previous full year, as well as management account P&Ls sorted by month-to-date. Before you look forward, you need to assess what current trading looks like and if there are any trends. Does seasonality swing sales revenue? Do your costs of sale increase dramatically during busy periods as you hire sub-contracted labour?

If you are using sub-contracted labour continuously, consider recruiting your own employees. Having your own staff will be more cost-effective in the long term, give you more control and secure future capacity for growth. If material purchases are high, could you reduce costs by negotiating better terms or going to a different supplier? Ensure there isn’t a lot of wastage/surplus or write-off of materials in the delivery process too. If there is, where and how could this be improved?

Review your fixed costs, wages/rent/rates/energy, motor expenses, print and stationery, bank and interest charges, and general expenses and think about how you can do something different to reduce your expenses. Write down a list of actions and, before you plot the next few year’s growth plans, adapt what you can immediately, turning these items into quick wins.

Start plotting numbers and setting targets for each trading month ahead. Start with a blank sheet of paper and set a realistic but stretched sales target for each month based on each product or service offered, and create separate invoice codes so you can measure and track.

Consider how an increase in sales will affect fixed costs and the capacity to deal with more significant volumes. Do you need to spend more on marketing, staff and wages, warehousing, equipment, machinery or plant? If so, allow for these in your forecast.

Visit our article ‘12 tips for managing your cashflow‘ for tips on managing your cashflow.

Failing to plan is planning to fail

If you understand the importance of a business plan but cannot find the time to develop one, it could be a sign that you are spending too much time working in your business and not working on it.

In this case, it can be beneficial to engage with a professional to help facilitate your planning; they will have gone through the process many times and will be able to challenge you to think about your business differently.

Once you have a plan in place, make the time to sit down regularly with key shareholders and review where your business is going and how you plan to get there.

And remember to communicate your plans with your staff so they understand their part and what you expect from them.

If you would like us to help facilitate your business planning workshop, please get in touch.

This article is part of our Ultimate Guide to Business Growth.

Book a complimentary discovery call

If you want to avoid the pitfalls of business growth, book a complimentary discovery call with one of our expert advisors.

Building a Values-Driven Company: How SMEs Create Sustainable Growth | Business Doctors

Think about this before going into business with family

Before jumping head first into a new family venture,

Business Doctors launch in Northampton

How to Write a Business Plan

New SME Advisory Service in Hounslow

Planning for a Successful Year

Bringing your business growth strategy to life – Making it happen

Here comes the exciting bit in which you can

The six tentacles of the owner’s trap…

How to develop a business growth strategy

12 tips for improving your business cashflow

January is a notorious time of year for businesses

Per Jonsson recently joined forces with the business support network Business Doctors and will support businesses in Hounslow, Richmond, and Kingston.

“I am not a business coach who just advises; my joy is helping it happen.

“My personality type is that of a mechanic. I take things apart and put them back together in a better-performing order. I take huge satisfaction in helping companies improve and grow and like to get my hands dirty doing it.”

Per has lived in Richmond for 18 years with his wife and feels that now is his time to start giving back to the community by helping local business owners.

Business Doctors is a network of real business people, and Per is no exception. His career saw him living and working in six countries in 16 years for GE, the U.S. conglomerate, and after moving to Richmond in 2005, he headed up four companies, two public and two private.

In his spare time, Per likes to keep fit by running in Richmond Park and playing tennis. He also has a passion for cooking and wine and leads a local group called “The Wine Thinkers of Richmond”, which meets regularly and travels to wine regions.

Matthew Levington said, “Per is a perfect fit for Business Doctors. He has amassed a great deal of experience in the world of business yet remains humble. We are certain he will be an asset to business owners in his area.”

Find out more about Per here.

Matt Levington and Rod Davies launched Business Doctors in the Northwest of England in 2004. The company now has offices in Bulgaria, Belgium, India, the Republic of Ireland, Malta, Myanmar, Portugal, and South Africa.

Book a complimentary discovery call

If you want to avoid the pitfalls of business growth, book a complimentary discovery call with one of our expert advisors.

Building a Values-Driven Company: How SMEs Create Sustainable Growth | Business Doctors

Think about this before going into business with family

Before jumping head first into a new family venture,

Business Doctors launch in Northampton

How to Write a Business Plan

New SME Advisory Service in Hounslow

Planning for a Successful Year

Bringing your business growth strategy to life – Making it happen

Here comes the exciting bit in which you can

The six tentacles of the owner’s trap…

How to develop a business growth strategy

12 tips for improving your business cashflow

January is a notorious time of year for businesses

How are you feeling about this year?

You probably spent the latter part of December talking, eating, drinking and hopefully relaxing with loved ones. And one frequent topic of conversation was likely “What are your New Year’s resolutions?” If you’re anything like me, when you made those well-intended statements of what you will do differently, you genuinely meant it.

Then January comes and goes, and you return to working reality, and all too soon, you’re right back doing what you always did in the way you’ve always done it.

And your job as a business owner hasn’t been easy since COVID-19. The turbulent economic climate has taken its toll on many business owners, affecting their interpersonal relationships and ability to make sound decisions and apply creative thinking.

On the positive side, an economic downturn can allow your company to expand and thrive, so perhaps this year will see you achieving your resolutions by taking a different approach and setting new goals.

Whether embarking on your first venture this year or managing a long-established company, take time to refresh your planning and strategy skills. The long-term benefits are enormous.

Firstly, let's talk mental health

Entrepreneurship is often portrayed as a glamorous, exciting journey filled with success and rewards. However, the reality is that it can be an incredibly challenging and stressful experience that often takes its toll on a business owner’s mental health. The link between mental health and business success is a topic that is often overlooked in the business world, yet it is essential to thrive.

Mental health will play a significant role in your performance and decision-making. When you are stressed or experiencing mental health issues, you may struggle to focus, make sound judgments, and effectively manage your businesses. The pressure and demands of entrepreneurship can lead to burnout, anxiety, and even depression if not addressed.

Your mental well-being will also affect your ability to handle setbacks and failures. Resilience is crucial when facing challenges, and good mental health enables us to bounce back, learn from our mistakes, and adapt our strategies accordingly.

Strategies for managing stress in the workplace

Here are some practical strategies to help you manage stress and maintain well-being in the fast-paced business world.

1. Prioritise self-care

Make it a point to prioritise activities that promote well-being. This includes getting enough restful sleep, eating nutritious meals, and engaging in regular exercise. Taking care of your physical health can have a positive impact on your mental well-being.

2. Practice stress management techniques

Find healthy ways to manage and reduce stress. This can include practicing mindfulness or meditation, deep breathing exercises, or engaging in hobbies and activities you enjoy. Taking breaks throughout the workday to relax and recharge can also help alleviate stress.

3. Create boundaries

As a business owner, it’s easy to work around the clock. However, setting boundaries between work and personal life is vital for maintaining balance and preventing burnout. Set specific working hours, delegate tasks when possible, and make time for activities outside of work that bring you joy.

4. Seek support

Don’t be afraid to reach out for support from friends, family, fellow entrepreneurs or a business coach. Surrounding yourself with a supportive network can provide a listening ear, valuable advice, and understanding, especially during challenging times.

5. Regularly assess your mental health

Check in with yourself regularly to evaluate how you’re feeling mentally and emotionally. If you notice signs of burnout, anxiety, or depression, seek professional help.

Read our article The SME and mental health for more in-depth information on the subject of mental health and how it affects business owners.

Familiarise yourself with the latest Business trends

It’s important to keep yourself up-to-date on industry trends so that you will be better placed to make informed decisions, innovate, and adapt to changing customer needs and expectations.

Forbes report that the general global economic downturn is expected to worsen before it improves, making business owners cautious regarding spending and investing.

Stay ahead of the curve and future proof your business, with their top 10 business trends for 2024.

Artificial Intelligence (AI)
Soft Skills – the Human Touch
Skills Shortage
Sustainability
Personalisation
Data economy
Customer experience revolution
Remote and distributed work
Diversification and inclusion
Resilience

Take a new approach to running your business

Are you stuck in the owner’s trap, running the business in the same way, failing to delegate, replying ‘we’ve always done it this way’ when challenged.

Einstein’s famous quote “Insanity: doing the same thing over and over again and expecting different results.”

Your business may sell the same products to the same people, but are fewer people? Is there more competition? Have you managed to retain your key staff? Do you need to re-evaluate your cash flow and supplier relationships?

Don't be an Outlook Warrior

Are you spending too much time on Outlook, reacting to emails, customer complaints, and staff issues instead of being proactive and planning for the future? Ask yourself, is what you are doing today getting you closer to where you want to be tomorrow?

Free up some time by delegating tasks to your staff and ensure you schedule planning time.

Reignite your Excitement and Passion

You have probably worked hard to achieve a reasonable income as your business achieved its original objectives. Still, if your original energy and passion have waned, it may be time to stand back from your company and set new goals and objectives.

Get the fundamentals right

1. Formalise Job Roles

The business started with you, and then over time, you will have been joined by others – a relative or friend who helped to take on some of the burden as your business grew. Then came actual employees, and you now have a mix of the formal and informal. It’s time to formalise job roles.

Formalising job roles helps people understand what is and what isn’t their job. Untangle personal assets and business assets and make them separate. If there are two of you, enter into an owners’ agreement and get the appropriate insurance.

I spoke with a business owner who had lost his business partner to a heart attack. The partner’s wife inherited his shares and, therefore, had a claim on half of the company’s profits for the following fifteen years, even though she contributed zero to the company. Look for any oral agreements you have made and formalise them in writing.

2. Reduce your reliance on any single entity.

Being heavily reliant on any single entity, suppliers, employees, or customers will prevent your company from achieving growth. While many business owners recognise the risks associated with dependency, they often ignore them.

3. Review critical contracts

Schedule time to review crucial contracts and ensure that you understand them fully and that they are fit for purpose (your lawyer will help you with this). Check that you are not bound by anything that you do not find acceptable. Review your insurance policies to make sure that you are not overpaying, inappropriately insured, or both.

4. Finance for growth

Have a look at the financing you have in place. Is it the right price, and is it appropriate to support your growth plans? Ensure you manage your cash flow effectively, or it could seriously hamper your growth.

5. Review your business plan

Do you have a business plan? Was it written to get finance or as a temporary measure, or is it a living and breathing document that is familiar to all of your people? If not, get your Business Advisor to help you create a true plan that leads to your definition of success, and then use the professionals to structure the details to support your plan. How to write a business plan.

Give yourself the best chance of success.

1. Seek and engage with people that can help

You don’t need to feel isolated, there are a number of individuals and organisations that can help. Make your first task this year to reach out and engage with people who can support you and your business, whether it be your accountant, financial advisor or business coach/mentor.

2. Join business support groups

There are a number of online business support groups, find your local one and join. Examples are your local authorities, The Federation of Small Business (FSB) or your Local Chamber of Commerce.

3. Attend business workshops

Attending local business seminars and workshops is a great way to meet and chat openly with other business owners.

I will be running a Mental Health in the Workplace Seminar on 16th January with some fantastic guest speakers including, Chas Howes – ex CFO of Superdry, Dr. Helen Scott, Head of School, Psychology, University of Worcester, Chris Hopkirk of The Business of Mindfulness, Dominic Dutton-Edwards – NHS Talking Therapies for Anxiety and Depression, and Paol Stuart-Thomson – MIND Charity. Register here to attend.

Business Doctors will also be running a number of Planning for 2024 seminars, check here for one near you.

Have a fantastic year!

Steve Ennis

How to write a successful business plan

Mental health and the SME

Embracing new trends – Sustainability

People, skill shortage, innovation

Embracing new trends (2) AI/human touch

The road to personal freedom

A simple guide to strategy

Book a complimentary discovery call

If you want to avoid the pitfalls of business growth, book a complimentary discovery call with one of our expert advisors.

Building a Values-Driven Company: How SMEs Create Sustainable Growth | Business Doctors

Think about this before going into business with family

Before jumping head first into a new family venture,

Business Doctors launch in Northampton

How to Write a Business Plan

New SME Advisory Service in Hounslow

Planning for a Successful Year

Bringing your business growth strategy to life – Making it happen

Here comes the exciting bit in which you can

The six tentacles of the owner’s trap…

How to develop a business growth strategy

12 tips for improving your business cashflow

January is a notorious time of year for businesses

“Growth is never by mere chance. It is the result of forces working together.” — James Cash Penney.

In our series of business growth articles, we have explored some key components for building a successful business growth strategy, the importance of having a purpose, some roadblocks to achieving growth and how to develop a winning business strategy.

Now comes the exciting bit, making it happen, where you will see your plans come to fruition, and you and your team can start to put all your plans into action.

Ready, steady, grow!

“Your value proposition is what sets your business apart from the competition and is the reason why customers choose your business over others. To scale your business exponentially, it is essential to have a value proposition that is both unique and compelling. This means understanding what makes your business different and why it matters to your target market.” Forbes

You have decided upon a business growth strategy; you should have also identified your market, the opportunity size, and what products or services you will promote.

You should also know who your most valuable customers are and be aware of your competition.

Before diving in, take a deep breath and ask yourself if your plans are feasible, achievable and deliverable. Think about and document your strengths and weaknesses.

What are you great at?

They might be a high service level, prompt delivery, high-quality product or the ability to listen to your customer’s needs before offering a solution. Keep doing these things well, and tell people about them. Obtaining testimonials and case studies is a great way to share your strengths and promote your business through marketing.

Where can you improve?

Be honest and list improvement areas; these become your first actions in your business improvement plan. You may need to improve systems, branding, corporate image, and communications across the business, refine team meetings, host one-to-ones or enhance the measurement of business metrics.

Where are you vulnerable?

What are the significant risks in growing your business? Does your business revolve around one or two key people? Dependency on specific individuals poses a risk and can restrict your business growth, so you will need a plan to mitigate this.

What is your competitive edge?

What makes you stand out from the crowd? What’s your Unique Selling Proposition (USP)? Write these down and form your key messages around them.

Create a winning team

Look at your current organisational structure and ask yourself if it is adequate and able to handle an increase in business. If you don’t currently have the right people in the right roles, you may need to make some tough decisions.

Focus on the job roles and competencies you need rather than building the business around existing individual staff members.

Consider recruiting a business development executive who can get to know your customers and your business inside out to prepare you for new growth opportunities.

Get your team onboard

If you want your business growth strategy to have the best chance of success, you will need to get your team on board. Share your purpose, so your staff have a clear understanding of what the company stands for and delivers. See our Staff engagement post for more information.

Establish real sales targets and share these with your team. Give your staff ownership and the tools to deliver. Measure their performance and follow up with them regularly, providing praise and managing poor performance face-to-face.

Chase margin, not turnover

In the first few years of your business, you may have said yes to every opportunity; now, it is about chasing margin, not turnover and being confident in saying no.

Focus on high-margin generating revenue and do more of those pieces of work which make higher profits and have less hassle factor.

Develop strategic partnerships

Build relationships with strategic partners – for example, businesses that are selling something different to you but to the same target market; you may well complement each other.

Work smarter, not harder

Outsource non-core activities such as marketing, social media, website development, accountancy/bookkeeping, and HR so that you can spend your time strategically and operationally on high-revenue generating tasks. It might seem expensive to pay someone, £25-£50 per hour or £400 per day, to do something you could do yourself, but free up more of your non-productive time, and you’ll be surprised what new business you can generate.

Systemise your business processes

Invest in IT software to secure processes and take human interaction out of as many tasks as possible – this helps with consistency, customers will get a consistent and robust level of service, allowing you to step out of the business. Consider ERP – Stock ordering/management systems; CRM – Customer Management and accounts systems. There are many on the market, and some are even sector-specific.

“If you always do what you’ve always done, you’ll always get what you’ve always got.” Henry Ford

Navigate your route to business growth success

Here are some common pitfalls you may encounter as you begin your business growth journey and how to avoid them.

Set SMART objectives monthly, quarterly, and annually. Stretch these and aim for the moon. One tip is to work to a 90-day plan. When faced with many tasks on the to-do list, ask yourself: What could I do today or tomorrow that will make a positive impact on my business this month? Then do it.
You cannot do everything yourself, so think about outsourcing or delegating and escape the Owner’s Trap
Have a plan and review actuals versus budgets and do something different to rectify any variances. Why not ask yourself every Friday afternoon: What went well this week? What didn’t go so well? What am I going to do differently next week? Then, plan those tasks in the diary.
Surround yourself with like-minded associates and a support network because running a business can be lonely.
Fail fast and bounce back from the falls and disappointments – James Dyson once said that if you haven’t failed, you are not trying hard enough.
Find out how to effectively get your product or service to market; if it is a challenge, outsource to a marketing or sales specialist, particularly if it is not your forte.
Get out there – Be sociable, network, go to seminars, events, Expo’s. Interact, learn and get yourself known in your marketplace.
Your best salespeople are your customers – make sure they become advocates. Ask for testimonials and case studies to build social proofing. Keep in close contact with these customers as they will have many contacts they could introduce/refer you to.
Keep a close eye on your finances and future working capital requirements. Rapid growth can cause just as many company failures as having no growth. Ensure you use accountancy software such as Xero, QuickBooks, Sage One etc. Create and have current robust business KPIs at your fingertips; this helps when you go for funding or to the bank to finance growth. Take a look at our 12 tips for managing cash flow.

Don’t let doubt stop you from growing your business

We all have moments of doubt from time to time. As business leaders, we must push through them and believe in ourselves. As if this wasn’t hard enough, we have to learn how to believe in ourselves when we are feeling at our most alone and vulnerable. In amongst that noise, we then have to be able to recognise when we are the very factor that is holding back the company’s growth! The only way to do this is to commit to growing your business by making the changes necessary whilst maintaining our self-belief!

Don't become an employee in your own business.

Working long hours seven days a week will not make you more productive, effective or successful. It will make running your business a chore and a millstone around your neck; you will become a slave to the tasks and needs of the business.

Take time for yourself by planning your downtime in the diary now at the start of the New Year – plan your family holidays and put these in the diary first. Work around these dates and don’t cancel, because if you don’t take your holidays, you’ll compromise your most important relationships.

I hope that our series of business growth articles has motivated you to think about some of the things that you need to implement in order to grow your business. If you feel overwhelmed by these considerations, that’s normal; no one can achieve their aspirations without help and guidance.

If you think you could benefit from help and guidance from someone who has been where you are and encountered the same challenges, please contact us.

We can arrange a free business health check to help you set a clear vision and understand the key steps you need to take to fulfil your aspirations for business growth.

Business Growth Article 6/6

Book a complimentary discovery call

If you want to avoid the pitfalls of business growth, book a complimentary discovery call with one of our expert advisors.

Building a Values-Driven Company: How SMEs Create Sustainable Growth | Business Doctors

Think about this before going into business with family

Before jumping head first into a new family venture,

Business Doctors launch in Northampton

How to Write a Business Plan

New SME Advisory Service in Hounslow

Planning for a Successful Year

Bringing your business growth strategy to life – Making it happen

Here comes the exciting bit in which you can

The six tentacles of the owner’s trap…

How to develop a business growth strategy

12 tips for improving your business cashflow

January is a notorious time of year for businesses

Roadblocks to business growth

The Owner’s Trap

Many individuals set up businesses because they are looking for freedom. Freedom from bosses, from routine and drudgery and the freedom to work with who they want, how they want.

Unfortunately, the reality is somewhat different for many business owners, particularly after the first two or three years.

By now, things have fallen into a pattern, and you’re the first to unlock the business in the morning, the last to get paid, and you generally deal with all the complaints and problems. And you’re working longer hours than ever.

Sales slow whenever you are away, and your company seems to have stalled in its growth.

No one is taking responsibility, all phone calls seem to be for you, and staff are hanging around waiting for your instructions.

Being in the Owner’s Trap is bad news for you and bad for your business.

Signs that you are in the Owner’s Trap

Has your revenue reached a plateau?
Does your business slow down when you are away?
Do customers come to you when something goes wrong?

If you were to draw a picture representing your role in your business, would you be at the top of a traditional Christmas tree-like organisational chart, or are you stuck in the middle of your business, like a hub in a bicycle wheel?

Are you able to leave the business for a month without serious repercussions? Do you need to be consulted whenever decisions are required?

If this sounds familiar, you are not alone. Most business owners and CEOs face this challenge at one time or another in the evolution and growth of their businesses.

More than 60% of businesses fail within the first three years. And many that do survive past this start-up stage are firmly in the owner’s trap.

(See our Ultimate Guide to Business Growth for more roadblocks to growth).

Six tentacles of the owner’s trap

Those businesses that go on to be successful and sustainable enterprises have learned the key to standing back from the coal face and focusing on growth.

So why do a handful of start-ups make it through this critical stage whilst others languish and become a lifelong burden for the owner?

Let’s review the six tentacles of the owner’s trap and examine how each may hold you back.

Technical competence

Competence is probably the leading cause of falling into the owner’s trap. Most entrepreneurs start a business because they are technically competent at something. They have a skill and assume that no one else can deliver the product or service as well as they can.

Customers go to the owner for issues, employees go to the owner for decisions, and suppliers go to the owner for orders. The growth of the business ultimately becomes dependent on the amount of time the owner can devote to it.

The owner mistakenly believes they are working hard for the business’s good but, in reality, may be sacrificing family for nothing. When a company depends on the owner in this way, it is not a valuable business.

Striving for perfection

Many entrepreneurs caught in the owner’s trap believe their delivery to the customer must be perfect, creating an immense strain on both owner and business. Good and on time is far superior to perfect and late. Perfection is always elusive and cannot be accurately specified; it lives in the owner’s imagination and holds back productivity and growth.

Fear of delegation

Fear of delegation results from an owner’s belief that no one can perform a task better than them. In this situation, the owner mistrusts their employees, believing they are not as dedicated as them —lack of delegation can result in low employee engagement and high staff turnover, seriously impacting business growth.

Customer satisfaction

Business owners caught in the owner’s trap often know their customers on first-name terms and deal with them directly; they are eager to satisfy their needs and believe they are always right. As a result, customers may become more demanding, requesting additional services that are typically outside the primary offering.

Turnover over profit

Focussing on growing turnover rather than profit can manifest itself with the owner adding more products or services for incremental growth in turnover without understanding the cost of providing such additional services.

This leads the business to experience cash flow issues where the working capital required to grow the company cannot be covered by the low margin return

Scaling up

Anything more than incremental growth may strain resources and result in a poor customer experience. On the other hand, Scale is about exponential growth in turnover with incremental growth in resources, which is far less risky

Three cost-effective strategies to help you escape the owner's trap

If you aspire to build a valuable company, the ability for your business to operate independently without you is crucial.

Let’s explore three cost-effective, simple strategies to set your business on a path to autonomy and allow it to thrive without your constant presence.

1. Narrow down your offering

Most owners can’t replace themselves because a substitute would be too expensive. Trying to replace your breadth of experience would likely require a very high-salaried employee. If you can’t afford to replace everything you do, narrow down your core offering.

Attempting to be all things to all people may spread yourself too thin. Think carefully about your target market and your range of products and services.

When you narrow down your offering, you can bypass the high salary that comes with someone with a wide breadth of experience.

2. Create a question diary

When Steven Davies was building his digital marketing agency, he made a conscious choice every time an employee came to ask him a question.

The easy thing to do would have been to answer the question, but he forced himself to write each question down. He turned that question diary into a business manual that documented how to do every task his employees required.

His manual came in the form of an Excel spreadsheet with 50 tabs, each documenting a specific process.

Challenge yourself to do the same: When an employee asks you a question, resist the urge to answer and move on. Document those queries and turn them into a standard operating procedure (SOP) that enables your staff to develop expertise. The go-to reference will become the manual instead of you.

3. List your employees alphabetically on your site

Most companies list their employees by seniority, with the owner and CEO as the top listing. However, this communicates that you are the most important person in your company, which will trigger everyone, from salespeople to suppliers and prospective partners, to want to go straight to the top by calling you.

An effective strategy for downplaying your role in your company (and getting others to step up and shoulder more) is to list employees alphabetically rather than by seniority on your company’s website. This approach can minimise the spotlight on you. Additionally, using titles like “Head of Culture” and “Head of Product” instead of “CEO” or “Owner” can further obscure your seniority, making it less likely that customers will call you by default.

“Many years ago, my wife and I were starting up our software business. After a few months, we were fully-fledged residents of the Owners Trap. I knew we had to break out somehow, and we took on our first employee, a field engineer. Naturally, it took a few months to get him to become useful.

“One memorable day, the phone rang, and someone asked to speak to someone else but me. I’d never even met the customer! It was a great feeling, although a scary one. I wasn’t the hub of the business any more; I was out of the Owner’s Trap.”

Step out of the owner’s trap and manage yourself out of the business

Find out what’s holding you back

Diagnose what may be holding you back from creating a company that can fully thrive without you.

Take our 15-minute survey and see how you fare against the industry averages. Your answers will also unlock a 21-page report with recommendations on escaping the owner’s trap. Take the survey

“If you can remove yourself from the day-to-day stuff of the business, you can get into your helicopter and see how things look from above.”

Getting your business to thrive without you gives you the freedom to cherry-pick the projects you want to work on or own your business and collect passive income. A company that runs without you is also a valuable, sellable asset if you decide to move on to a new chapter in your life.

Narrowing down, creating SOPs, and downplaying your role on your website are all tactical things you can do today to get your business running more independently in the future.

If you’re experiencing the owner’s trap, or would like further information about the services Business Doctors provide – get in touch.

Business Growth Article 5/6

Book a complimentary discovery call

If you want to avoid the pitfalls of business growth, book a complimentary discovery call with one of our expert advisors.

Building a Values-Driven Company: How SMEs Create Sustainable Growth | Business Doctors

Think about this before going into business with family

Before jumping head first into a new family venture,

Business Doctors launch in Northampton

How to Write a Business Plan

New SME Advisory Service in Hounslow

Planning for a Successful Year

Bringing your business growth strategy to life – Making it happen

Here comes the exciting bit in which you can

The six tentacles of the owner’s trap…

How to develop a business growth strategy

12 tips for improving your business cashflow

January is a notorious time of year for businesses

“A business growth strategy is a long-term document that sets out how your company will evolve to meet current and future challenges, identify new opportunities and give your company a purpose.”

Growing your business could involve:

Selling more products.
Increasing revenue.
Expanding products and services.
Moving into new countries or markets.

The importance of a Business Strategy

A business growth strategy is the foundation that will help your business grow, evolve, increase market share and respond to increased demand.

Unlike business and marketing plans that focus on achieving your short-term goals, a business growth strategy goes beyond what is happening in the market today; it will set out how your company will evolve to meet current and future challenges and help you identify new opportunities.

A business growth strategy will give your company purpose and clarify what growth will mean for your customers, partners and employees. It will help keep leaders and employees focused and aligned.

Planning to grow your business without a clearly defined strategy is a recipe for disaster. For example, scaling your sales operations in isolation without scaling the whole company could result in failing customer expectations, leaving you, your customers, and your employees frustrated.

8 Business Growth Strategies

Here are eight well-known business growth strategies for your consideration.

1 Market Penetration

The least risky growth strategy is to sell more current products to your existing customers, a technique perfected by large consumer goods companies. Finding new ways for your customers to use your product, like turning baking soda into a deodoriser for your refrigerator, is another form of market penetration.

2 Market Development

Devise a way to sell more of your current product to an adjacent market, offering your product or service to customers in another area. An example of a successful market development model is franchising.

3 Alternative Channels

This growth strategy involves pursuing customers differently, such as, for example, selling your products online. When Apple added its retail division, it adopted an Alternative Channel strategy. Another Alternative Channel strategy is using the Internet as a means for your customers to access your products or services in a new way, such as by adopting a rental model or software as a service.

4 Product Development

This classic strategy involves developing new products to sell to your existing customers and new ones. If you have a choice, you want to sell your new products to existing customers. That’s because selling products to your existing customers is far less risky than having to learn a new product and market simultaneously.

5 New Products for New Customers

Sometimes, market conditions dictate that you must create new products for new customers. Apple pulled off this strategy when it introduced the iPod. The iPod was a breakthrough product because it could be sold alone, independent of an Apple computer. But, at the same time, it also helped expose more new customers to the computers Apple offered.

6 Turn your services into products

Service companies were among the worst hit by the pandemic. Consumers and businesses drastically cut service expenditures to conserve cash and avoid human contact. However, we’re still buying products that meet an immediate need.

Productise your services by developing a process, idea, skill, or service to make it marketable for sale to the public. Productisation involves using a skill or service internally and developing it into a fully tested, packaged, and marketed product. 8 ways to productise your service – Download eBook.

7 Turn your customers into subscribers

Nowadays, virtually anything we need can be purchased through a subscription, more conveniently than ever before. This emerging subscription economy offers companies considerable opportunities to turn customers into subscribers. Automatic customers are the key to increasing cash flow, igniting growth, and boosting your company’s value. Subscription models – Download the white paper.

8 Create systems that can grow your business without you

If your company lacks organisation around basic tasks and your employees are too dependent on you, implementing standard operating procedures could help to make your staff more autonomous. Download the definitive guide to standard operating procedures.

Strategic Planning for Successful Growth

Creating a business strategy is relatively easy, but it does take a little time and focus to get it right. It’s not always easy when you’re busy running a business, especially when urgent meets important; urgent usually wins.

Making the time is the first step.

A business growth strategy will help you scale your processes and instil disciplines into your workforce, supporting them with apt technology, training, coaching and leadership.

So, getting everyone involved from the start is essential so they understand what they’re working towards, why, and what they need to bring to the process. It will also give your business strategy the best chance of success.

Invest in a Strategy Day

Invest in a strategic planning day off-site, preferably to reduce any distractions.

One way to ensure the best outcome for your day is to bring in an outsider to facilitate it and ensure it stays on track. Just as non-executive directors can bring fresh perspectives to some boardrooms, having someone on a strategy away day who is detached and focused on the day’s objectives could prove the difference between more chat and real strategic change.

Important Considerations for Your Growth Strategy

The Harvard Business Review Article The New Rules for Growing Outside Your Core Business, poses a great question, “If a few capabilities are the crown jewels of business, what are our crown jewels?”

This is a great question and food for thought. Here are a few more things to consider.

Is the Market Ready for You?

Evaluate the current and anticipated market demands alongside your current ability to meet those demands. Evaluate your existing customer portfolio and find opportunities to supply enhanced or complimentary products and services.

Is Your Business Infrastructure Ready?

If you don’t scale the rest of your business and sales increase, you may miss deadlines and experience lower standards, which can have a knock-on effect – an increase in customer complaints will result in poor staff morale. Further backlogs may occur as you attempt to resolve these issues by diverting already stretched resources.

Ensure your IT, production, distribution, logistics, billing, and customer service functions are ready to meet even a slight increase in sales.

Assess your workforce and ensure the right people are assigned to the right roles. Consider any skills gaps within your current talent pool and think about how you can develop or train individuals to support your growth.

How will you retain your new and existing customers?

Consider how your customers will be treated after the initial sale so that you will be their first point of contact at the time of product or contract renewal.

Ensure your existing customers’ requirements have been met before going out to the broader market.

Get your ducks in a row.

Define your purpose

To expand, you must increase your reach with existing customers and acquire new ones. To do this, you need a value proposition clearly stating what you provide and why your customers need it.

Build a strong brand.

Building a brand is much more than a logo and a colour palette; your brand should be recognised by your values and measured by your customers’ experiences.

Think long-term

Invest time and energy in thinking about the future and what it may mean for your customers, partners and employees.

Develop a roadmap for success.

Once you have identified growth opportunities, you will need a clear business roadmap to help you reach your end goal.

Consider potential roadblocks

Once your strategy is in place, consider any potential issues preventing you from achieving business growth. For example, failing to manage your cashflow effectively or owning a company that cannot run without you can seriously hinder your ability to achieve long-term growth.

Summary

Planning to grow your business without a growth strategy is like driving a bus without a destination and no Satnav to show where you are going. Any obstacle could seriously impact your journey in this event; you will make decisions without an end goal and ultimately run out of fuel.

Your Strategic Plan should articulate your core purpose, values, and vision and be a rallying point for your stakeholders. It will act as a Satnav, provide you with a clear business roadmap and contain critical success factors to enable your business to address any challenges you may encounter along the way successfully.

If you have any questions regarding this blog post or need help facilitating your business strategy day, please get in touch.

Business Growth Article 4/6

Book a complimentary discovery call

If you want to avoid the pitfalls of business growth, book a complimentary discovery call with one of our expert advisors.

Building a Values-Driven Company: How SMEs Create Sustainable Growth | Business Doctors

Think about this before going into business with family

Before jumping head first into a new family venture,

Business Doctors launch in Northampton

How to Write a Business Plan

New SME Advisory Service in Hounslow

Planning for a Successful Year

Bringing your business growth strategy to life – Making it happen

Here comes the exciting bit in which you can

The six tentacles of the owner’s trap…

How to develop a business growth strategy

12 tips for improving your business cashflow

January is a notorious time of year for businesses

Roadblocks to business growth - cash flow

(See our Ultimate Guide to Business Growth for more information)

Cash flow is the lifeblood of every business. Fail to manage your cash flow correctly, and you will be putting your business at risk.

Cash flow management is the process of tracking money coming in and going out of your business. This can include property rental to your company and any other money going out of your business. It will ensure you have enough funds to pay your bills and enable you to assess what profit your business is making.

When you manage your cash flow effectively, your business will be healthy, you will be in a better position for growth or investment, and you will be creating a secure future for yourself and your staff.

Internal factors that impact cash flow

Several factors can impact your cash flow. Some of these are internal; in other words, they are mostly within your control. Look out for the telling signs – being regularly short of cash is usually a good indicator that you are not managing your money effectively.

The first consideration is to ensure your business is making a profit; in other words, you have more revenue coming into your business than your overheads.
Poor visibility of your debtors, creditors and stock position can cause significant cash flow problems. A typical example of this is a successful retailer that moves to larger premises without considering the need for more stock, higher rent, or extra staff.
Poor management and lack of internal controls can result in getting behind with your payments which can incur late penalty fees.
Buying or selling more than you need will strain your cash.
Over capitalising on purchasing assets without seeing a reasonable return on your investment.
You have borrowed too much money to fund your business and struggling to make the repayments.
Many business owners fail to set aside cash to pay the annual tax bill, and this can be particularly difficult during the first year of trading when you are expected to pay for the second year upfront.
If you regularly take too much cash out of your business for your personal needs, you will severely strain your cash flow.

External factors that impact cash flow?

Challenging economic times have a massive impact on businesses, you may find a drop in your revenue and profits, and at the same time, expenses may continue to increase. Whilst these factors are not within your control, effective cash management can make a massive difference.

Political, economic, social and technological advancement can all seriously impact your business.
Rising interest rates
New competitors coming to market

Poor cash flow can affect your mental health

Managing cash flow effectively can make a difference. If you don’t pay your bills on time, you may face late fees, penalties, and damaged relationships with your suppliers and customers, which can put your business at risk and harm your mental health.

“In 2022, small and medium-sized businesses were owed on average, an estimated £22k in late payments” Source Gov.UK

Poor cash flow will impede your business growth.

If you are embarking on a business growth strategy, remember that as your business grows, so do your outgoings! Finding yourself regularly short of cash may be a sign that you are not managing your cash flow effectively. And if you are growing fast, you will likely experience cash flow problems more frequently,

Learning how to manage your cash flow effectively will give your business growth strategy the best chance of succeeding. Look at our 12 tips designed to help you manage your cash flow more effectively and avoid the stress of being cash-strapped.

Read our Ultimate Guide to Business Growth for other Roadblocks to Business Growth.

Managing cash flow - how to ensure that your business doesn't become a casualty

#1 Be clear and agree to your payment terms upfront before doing any work

Many small businesses need to do this and are often taken advantage of. Do you have the Terms and Conditions on all paperwork?

#2 Invoice products and services as soon as you can

Ask for deposits and, at worst, invoice on the day of completion. The clock starts ticking on your payment terms when your customer receives, or evens accepts your invoice.

#3 Know your customer's payment process

If you need an order number, know who to ask and obtain order numbers up front before starting work.

*According to a survey by Dept. for the Business Energy and Industrial Strategy, 24% of UK businesses reported late payments as a threat to their survival.

#4 Offer discounts for prompt payment

If your payment terms are 30 days or more, consider offering a 1-3% discount for payment within five days, a much cheaper way of improving cash flow than a loan or invoice discounting.

#5 Protect yourself against bad debt

Regularly credit check existing and new potential clients. That new customer you may have gained a large order from may be a slow payer or in financial difficulty.

#6 Chase debtors

Send timely statements and reminders. Also, a phone call rather than an email to those who owe you money will be more effective. An online accounts system is an excellent way to track and manage debtors.

#7 Don't offer your customers extended terms unless you fully understand the risks

They may have cash flow issues themselves, compounding yours. Put repeat offenders on the stop!

#8 Understand your tax liabilities

Approximately 30% of your revenue, takings, and bank balance differs from yours! If a VAT is registered, ensure you keep a tally each month of your quarterly VAT bill. Likewise, plan for any corporation tax or personal tax that is due. A good tip is to set up a second business bank account and continually top this up each month with any surpluses to pay VAT and tax bills. HMRC is usually the first to file for insolvency proceedings due to debts owed by businesses.

#9 Pay your suppliers on time

Ultimately you need to keep a good relationship with your suppliers to continue trading, and on occasions, you may also need to lean on them for extended payment terms.

#10 Have a good relationship with your bank

Talk to your bank if your business is seasonal or you will have a few quiet months. They will likely be more supportive, particularly if they can see you manage your business well by having the necessary controls in place.

#11 Asset rich, cash poor?

Only tie up some of your cash in assets; you could rent and lease equipment from cars, vans, forklifts, machinery, printers, photocopiers, and office furniture. Whilst this may seem more expensive, at least you won’t have your cash tied up. There may be some tax advantages too. Outsourcing or using subcontractors may also be more cash efficient than having too many employees on your payroll, giving you flexibility at quieter times or if workloads can be unpredictable.

#12 Turnover is Vanity, Profit is Sanity, and Cash is Reality!

Don’t chase turnover; chase margin!

*The Office for National Statistics (ONS) states that only 45% of start-up businesses survive five years, and 70% of VAT-registered businesses don’t trade past ten years. Several other studies show that 80% of small business failures are due to managing cash flow poorly.

If you are experiencing stress due to poor cash flow management, please don’t suffer in silence. We want to offer you a free business health check and a no-obligation chat with one of our advisors where you can confidently discuss your challenges with someone who can provide you with some advice. Find your local advisor here.

Book a complimentary discovery call

If you want to avoid the pitfalls of business growth, book a complimentary discovery call with one of our expert advisors.

Building a Values-Driven Company: How SMEs Create Sustainable Growth | Business Doctors

Think about this before going into business with family

Before jumping head first into a new family venture,

Business Doctors launch in Northampton

How to Write a Business Plan

New SME Advisory Service in Hounslow

Planning for a Successful Year

Bringing your business growth strategy to life – Making it happen

Here comes the exciting bit in which you can

The six tentacles of the owner’s trap…

How to develop a business growth strategy

12 tips for improving your business cashflow

January is a notorious time of year for businesses

National SME Advisory Network, Business Doctors introduces Ryan Cartern the new Business Doctor for Coventry and Warwickshire.

With over 15 years of experience in coaching senior leaders to create thriving businesses, Ryan knows all too well the challenges that companies, and their owners, can face.

As a Business Doctor, he specialises in providing practical, hands-on support and advice to small and medium-sized businesses and their owners to achieve their vision.

Ryan said, “I believe the heart of any business is the people within it, and I am looking forward to supporting my local SME community by mentoring and developing individuals so they can achieve their best self.”

Ryan is an associate of the Chartered Institute of Personnel and Development, a Prince2 Project Manager, and a certified Occupational Psychometric Instrument Profiler.

Ryan is also an MTa Experiential Learning Facilitator, a methodology that draws out individual and team issues and fixes them at a behavioural level.

Matt Levington, Co-Founder of Business Doctors, said: “Ryan possesses a naturally friendly and outgoing personality; he is a people-person and a great listener, which are all qualities that make a great business mentor.”

Out of work, Ryan enjoys spending his spare time with his wife and three children. Ryan is also a British Army Reserve Officer, and having graduated from the Royal Military Academy Sandhurst, he has led troops worldwide.

Business Doctors launched in the Northwest of England in 2004 and has offices in Bulgaria, Belgium, India, the Republic of Ireland, Malta, Myanmar, Portugal and South Africa.

Book a complimentary discovery call

If you want to avoid the pitfalls of business growth, book a complimentary discovery call with one of our expert advisors.

Building a Values-Driven Company: How SMEs Create Sustainable Growth | Business Doctors

Think about this before going into business with family

Before jumping head first into a new family venture,

Business Doctors launch in Northampton

How to Write a Business Plan

New SME Advisory Service in Hounslow

Planning for a Successful Year

Bringing your business growth strategy to life – Making it happen

Here comes the exciting bit in which you can

The six tentacles of the owner’s trap…

How to develop a business growth strategy

12 tips for improving your business cashflow

January is a notorious time of year for businesses

Most entrepreneurs are driven to start a business ultimately; they want to see it grow, yet they often reach a certain level of success and become reluctant to change anything.

This can be risky because business growth is essential for long-term survival. Without business growth, operations can become stagnant, and standards can be lowered along with staff morale.

In this article, we look at the definition of business growth and the different types of growth. We wil also advise on building a growth strategy and consider some obstacles to business growth.

What is Business Growth?

Growth is essential for the long-term health and survival of a business.

The MBA Knowledge Base defines business growth as follows:

The term ‘business growth’ can refer to several factors: increases in sales volume, production capacity, employment, and use of raw materials and power.

Simply put, business growth means an increase in the size or scale of operations of a business and is usually accompanied by an increase in its resources and output.

A healthy business that can demonstrate continuous growth will be able to acquire assets, attract the best talent and secure funding for investments.

Grow your business, and more opportunities will follow. You may wish to explore new avenues, expand your products or services, or move into different markets. You will be better placed to respond to market demand and increase your market share and your revenue.

Before taking any action to grow your business, you will need to define your purpose – A company with a clearly defined purpose is more likely to experience growth, achieve greater customer satisfaction and retain talent.

Is your business ready for growth?

We can usually spot the signs that a business and its owners are ready to invest the energy needed to take it to the next level.

5 signs your business is ready for growth

1 Your heart is in the right place

Owning and running a business takes its toll emotionally. Is your passion there for all to see, even after years of a 60-hour working week? If you answer yes, you are ready for growth.

2 You want to improve your work-life balance

60-hour working weeks! Yes, it may not sound good, but in many cases, accurate. Business owners often approach us wanting to rein in the time spent on their business, a good sign because they recognise a need to work more efficiently.

3 You know your strengths

Chasing big money contracts that involve non-core work can be distracting. Know where to focus your efforts and which new contract to take on. Accept that you can’t do everything yourself, so invest in new staff to help your business progress.

4 You can visualise your future

A business owner’s vision of the future is a great starting point to work from when developing a strategy and plan. Sadly, a lot of the time, the vision stays in the owner’s head. The ability to turn your vision into an achievable goal will give you a better chance of success.

5 You understand that you need a long-term commitment

The road to sustained success is often long and winding. Committing yourself, your family and your finances to this journey can be the most challenging element of business growth.

Small Business Growth

Turning a small business into a big one is never easy. The statistics are grim. Research suggests that the average turnover for a UK SME is £286k. Most businesses start small and stay there. Of course, there are examples of companies that have successfully transitioned from start-ups to small businesses to fully thriving large businesses. Growth strategies resemble a ladder, where lower-level rungs present less risk but less quick-growth impact.

The bottom line for small businesses, especially start-ups, is to focus on strategies at the lowest ladder rungs and then gradually move your way up as needed. As you develop your growth strategy, you should first consider the lower rungs of what are known as Intensive Growth Strategies. Each new rung brings more opportunities for fast growth but also more risk.

Types of Business Growth

Once you have committed to business growth and you have a good understanding of some of the factors that influence growth and development, you will need to decide upon the best route for achieving it.

There are two main types of business growth. Internal growth (also called organic growth) is when your business grows from within, for example, by ploughing back profits into your business every year.

External growth usually involves a merger of two or more businesses. A business may acquire or combine another company with another business to improve its competitive strength.

Organic Growth

Organic growth may occur either through an increase in the sales of existing products or by adding new products.

This approach can be a slow process with comparatively little change to your existing organisation structure, or it can be accelerated by developing and executing a robust business growth strategy.

The Stages of Business Growth

Every business goes through four phases of a life cycle: start-up, growth, maturity, and renewal/rebirth or decline. Understanding what phase your business is in can make a huge difference in your business’s strategic planning and operations.

The Harvard Business Review categorise the five stages of small business growth as follows:

Stage 1 – Existence – In this stage, the main problems of the business are obtaining customers and delivering the product or service contracted for

Stage 2 – Survival – The business has demonstrated that it is a workable entity. It has enough customers and satisfies them sufficiently with its products or services to keep them. The key problem thus shifts from mere existence to the relationship between revenues and expenses.

Stage 3 – Success – The decision facing owners at this stage is whether to exploit the company’s accomplishments and expand or keep the company stable and profitable, providing a base for alternative owner activities.

Stage 4 – Take-Off – In this stage, the key problems are how to grow rapidly and finance that growth.

Stage 5 – Resource Maturity – The greatest concerns of a company entering this stage are to consolidate and control the financial gains brought on by rapid growth and, second, to retain the advantages of small size, including flexibility of response and the entrepreneurial spirit.

At this point, where do you think your business sits? Are you ready to embark on business growth and achieve great things

Business Growth Strategies

Are you ready to take your business to the next level?

To achieve steady business growth, you will need to develop a robust and sustainable business growth strategy that will allow your business to break through to the next level.

Here are eight common growth strategies to consider; detailed information on each can be found here

1 Market Penetration

Sell more of your current product to your existing customers.

2 Market Development

Sell more of your current product to an adjacent market.

3 Alternative Channels

Sell your products via an alternative channel, e.g. online.

4 Product Development

Develop new products to sell to your existing customers.

5 New Products for New Customers

Sometimes, market conditions dictate that you must create new products for new customers.

6 Turn your services into products

Productise your services by developing a process, idea, skill, or service to make it marketable for sale to the public.

8 ways to productise your service – Download eBook.

7 Turn your customers into subscribers

Automatic customers are the key to increasing cash flow, igniting growth, and boosting your company’s value. Subscription models – Download the white paper.

8 Create systems that can grow your business without you

Make your staff more autonomous and remove the company’s dependence on you. Download the definitive guide to standard operating procedures.

Increasing the value of your business will also help your business to grow. Five surprising ways you can boost the value of your business are 1) sell more stuff to more people, 2) achieve a 50%+ net promoter score 3) Create recurring revenue streams, 4) reduce reliance on customers, employees, and suppliers and 5) Find an acquirer. For more information, Download Five surprising ways to boost the value of a business

Creating Your Business Growth Plan

5 Point Plan for Business Growth

If you choose to follow one of these Growth Strategies, you should take only one step at a time since each step brings risk, uncertainty, and effort. The strategy you choose may be a natural extension of the business, or it may be the result of necessity. A well-defined business strategy is essential regardless of your path to grow your business.

We have devised a five-point action plan for developing a business growth plan that will help you achieve breakthrough growth in your business.

Ditch your business plan – Although business plans have a place, the first step in our plan is to create a strategy, something that is living, breathing and inspiring to everyone in the business. Whereas business plans are primarily number-based, the strategy should start with your words and tell the story.
Think about what’s in it for you – get selfish for once and ask yourself what you want out of the business. Setting your shareholder aspirations is the cornerstone of building a strategy to deliver your desired results.
Build on firm foundations – what are your values? Why are they important to you? Your values should be the DNA of your business, what it is, what it stands for, and how it operates. Knowing your values is crucial to making the right decision when recruiting staff, as building a team with a common purpose will pay dividends many times over. For more information, read What is a purpose and why is it important.
Know what business you are in – this may sound simple, but understanding what your customers buy and why is pivotal in a successful business. Take the example of Black and Decker; they sell power tools, etc. – but when a customer purchases a drill, they buy a hole in a wall. On the other hand, HMV failed to realise that customers purchased the music, not the CD, and subsequently fell foul of the digital download revolution.
Are you ready to Break Big? – Step out of the “now” and visualise how big the opportunity in your market is. Not what you’re comfortable with, but what could you achieve? Setting this visionary goal will help you think like a bigger business and make decisions accordingly. Even if you only achieve 50-60% of this visionary goal, you will still be significantly further forward than if you continued to follow the pedestrian 10% year-on-year growth target many businesses adopt.

How to develop a business growth strategy

A business growth strategy is the foundation that will help your business grow, evolve, increase market share and respond to increased demand. The starting point, is considering the following four questions – the answers will be key in forming the basis for your business growth strategy:

Do you understand your market?
How big is the opportunity, and what products or services will you promote?
Who are your most valuable customers?
Who are your competitors for those high-value prospects and customers?

Visit our article ‘How to write a business plan‘ for more information.

Get your staff onboard

You can host a Staff Engagement Session and meet somewhere where you won’t be disturbed and outside of normal business hours. A good idea is to link the gathering to a night out, fun, and a celebration. We have facilitated these regularly for clients; the most successful ones are run as open discussion workshops.

Key points to share during the session.

Open the floor up and ask some open questions of your staff:

How can we improve communication around here? Both internally and externally. Gather their ideas; write them down on a flip chart or ask them to fill in Post-it–notes and stick them on the wall.
How do we improve the quality of our processes to ensure we continue with high levels of customer service in busier times?
How do we grow the business? What are the key things we could do? There is no such thing as a ‘bad idea’, and there should be no judgment formed; let the ideas flow – there may be some gold nuggets hidden in there; chances are that your staff are closer to your customers, competitors, and the market than you are.
How do we share the rewards of future growth based on improved communication, quality, and sales? Likely, the answers won’t be purely about money.

Once you’ve obtained staff input, you must implement some of the ideas. Some will be quick wins, and you will probably have thought of many ideas. Once your employees have observed that things have happened based on their beliefs, introducing change and giving them ownership becomes much easier.

A word of warning: the chances are that one or two of your existing staff won’t want to be part of your plans or may realise they could be asked to be accountable and, therefore, could potentially leave your business. In such circumstances, never make concessions, make room or build the business around these individuals. In the long run, you will be better off letting them go and filling any gaps by retraining or recruiting the right-minded individuals who match your core values and want to help you achieve your vision. Are your staff on the same page?

Making it happen!

The next step in planning business growth is to project future income streams and gross margins. This may appear difficult in times of economic and social volatility, but it is possible to encompass such uncertainty into your plans and build safeguards to increase the likelihood that your business will survive into more stable times.

When working with small business owners, they often say, “I’ll be happy if we do the same as last year.” But that isn’t a plan as such; it’s more an acceptance that there’s nothing they can do to change their business performance and that their business growth is out of their hands. They may as well open their doors and see what happens!

“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.” – Jimmy Dean

A successful plan will mean that you can go to market with firm foundations in place, meaning that you’re less likely to stall in your tracks or set yourself up for failure. Establish real sales targets, share these with your team, and give them ownership and the tools to deliver. Ultimately, it’s about giving people accountability but ensuring you measure and follow up regularly, praise face-to-face, and manage any poor performance. If this sounds too tricky or something you’re uncomfortable with, then seek help from a professional.

Thereafter, continue to update and involve the whole team. Only by surrounding yourself with the best team possible and ensuring everyone buys into your vision will you create ‘goal congruence’, which will help you realise your personal and business dreams.

1 Brainstorm

Set aside some time (at least half a day initially) in which you and your management and/or sales team can run through some exercises to better understand the marketplace, opportunities, and potential challenges over the next 12 to 18 months. Agree on actions.

2 Assess market forces

Step back and determine which market forces (drivers) are affecting your customers and, possibly, their customers. Are the social demographics within their area of influence changing? Are they growing or shrinking? Are the age profiles of their customers/end users changing?

What effect is developing technology having on your customers and their customers? Do you face stiffer competition due to cheaper manufacturing and automated delivery processes, or are traditional buying habits changing through utilisation and access to online information and social media?

Consider trends caused by economic fluctuations and the effect of currency exchange rates. Are these having a positive or negative effect on your own customer’s buying habits? BREXIT continues to cause uncertainty and delays to big-ticket item purchases.

Ensure you consider any political factors and their effects on the marketplace, from the ever-increasing turmoil, political unrest, or terrorist threats across the globe to new legislation that can close or create market opportunities. Remember how UK solar panel (PV) suppliers and installers experienced a huge drop-off in business when feed-in tariffs legislation changed?

3. Consider your customers

The next step is to look at your current customer base. Which sectors of industry or demographics are they operating in? Which companies and sectors will likely be the winners, and who could be the losers? If you don’t know, don’t assume; find out from your customers. What are their challenges and expectations for the future? An extended exercise of this phase is highlighting prospective customers in sectors you believe will prosper over the next few years and making this your hit list.

4 Know where your profits lie

Review your current product/service sales split against total sales revenue. Then, determine which revenue stream delivers the highest gross margins and which covers costs. Understand why there are differences. Are some services delivered by in-house labour rather than outsourced, or are the increases in purchase prices of material not being passed on to your customers? Highlight the products or services that generate a higher margin, as you need to promote and sell more of these. For the remainder, either review your prices or don’t promote them unless they are a strategic loss leader to obtain bigger opportunities.

5. Promote your low-hanging fruit

Focus on the areas in which to increase sales over the short term. For each existing customer, highlight what products or services they buy from you and, importantly, what they don’t buy. Ask yourself if you’re getting your ‘share of their wallet’ or if there are further products you could sell to them. What are your customers buying elsewhere that you could supply? Again, don’t assume; contact and revisit all your top customers, not to sell, but to raise awareness of your products and services and find out why they don’t buy these from you.

These are low-hanging fruit, and chances are, your customers don’t know you even offer them. If you carry out this process effectively, I wouldn’t be surprised if you increased sales revenues over the next 18 months by 18-20% and were more profitable too.

6 Aim and fire

Select five or six target customers from your hit list and draw up a plan to visit and market to these businesses over the next 12 months.

7. Forecast your sales

Consider, if customer A only bought 50 of product X and five of service Y in 2021, what could they potentially buy in 2023?

And what other products and services could they buy throughout the next 12 months? Do this for each key customer and ensure that whilst you plot the sales revenue, you also tally the cost of sale for each month. Even if you only reviewed 80% of your existing customers, your sales prediction will be higher than your current year. Don’t forget seasonality; don’t be over-ambitious with obtaining new business from new customers. Ideally, you want a mid-range forecast rather than being too optimistic or reserved.

“The odds of hitting your target increase dramatically when you aim at it.”

Mal Pancoast

You may have to review this exercise a few times, and it’s worth sharing the plan with your team before you agree on any actions.

Consider how an increase in sales will affect fixed costs and the capacity to deal with greater volumes. Do you need to spend more on marketing, staff and wages, warehousing, equipment, machinery, or plant? If so, allow for these in your forecast.

“Unless commitment is made, there are only promises and hopes; but no plans.” – Peter F. Drucke

Roadblocks to Business Growth

Owner’s trap

If you have embarked on business growth strategies, but you are struggling to grow your business, you may be stuck in the owner’s trap.

What would it look like if you were to draw a picture that visually represents your role in your business? Are you at the top of a traditional Christmas tree-like organisational chart, or are you stuck in the middle of your business, like a hub in a bicycle wheel? Are you able to leave the business for a month without serious repercussions? Do you need to be consulted whenever decisions are required?

If this sounds familiar, you are not alone. Most business owners and CEOs face this challenge at one time or another in the evolution and growth of their businesses.

Symptoms of being in the owner’s trap

1 Only you can authorise all the outgoing payments

What would happen if you’re away for a few days and an important supplier must be paid? Consider giving an employee signing authority for checks up to an amount you’re comfortable with, and then change the mailing address on your bank statements so they are mailed to your home (not the office). That way, you can review all payments and make sure the privilege isn’t being abused.

2. Your mobile phone bill is ridiculous

If your employees are out of their depth, it will show up in your mobile phone bill because staff will call you to coach them through problems. Ask yourself if you’re hiring too many junior employees. Sometimes, people with a few years of industry experience will be much more self-sufficient.

3. Your revenue is flat when compared to last year’s

Flat revenue from one year to the next can signify you are a hub in a hub-and-spoke model. Like forcing water through a hose, you have only so much capacity. No matter how efficient you are, every business depends on its owner reaching capacity at some point. Consider narrowing your product and service line by eliminating technically complex offers that require your involvement and instead focus on selling fewer things to more people.

4. Your holidays aren’t really holidays

If you spend your holidays dispatching orders from your mobile, it’s time to cut the rope. Start by taking one day off and seeing how your company does without you. Build systems for failure points. Work up to a point where you can take a few weeks off without affecting your business.

5. You spend more time negotiating than a union boss

If you constantly have to get involved in approving discount requests from your customers, you are a hub. Consider giving front-line, customer-facing employees a band within which they have your approval to negotiate. You may also want to tie salespeople’s bonuses to the gross margin for sales they generate so you’re rewarding their contribution to profit, not just chasing skinny margin deals.

6. You close up every night

If you’re the only one who knows the close-up routine in your business (count the cash, lock the doors, set the alarm), then you are very much a hub. Write an employee manual of basic procedures (close-up routine, e-mail footer to use, voice mail protocol) for your business and give it to new employees on their first day on the job.

7. You know all your customers by their first name

It’s good to have the pulse of your market, but knowing every single customer by first name can be a sign that you’re relying too heavily on your personal relationships being the glue that holds your business together. Consider replacing yourself as a rainmaker by hiring a sales team, and as inefficient as it seems, have a trusted employee shadow you when you meet customers so that, over time, your customers get used to dealing with someone else.

8. You get all the freebies

Suppliers’ wooing you by sending you free tickets to sports events can be a sign that they see you as the key decision-maker in your business for their offering. If you are the key contact for any of your suppliers, you will find yourself in the hub of your business when it comes time to negotiate terms. Consider appointing one of your trusted employees as the key contact for a major supplier and give that employee spending authority up to a limit you’re comfortable with.

9. You get cc’d on more than five e-mails a day

Employees, customers, and suppliers constantly cc’ing you on e-mails can signify that they are looking for your tacit approval or that you have not clarified when you want to be involved in their work. Start by asking your employees to stop using the cc line in an e-mail; ask them to add you to the top line if you really must be made aware of something – and only if they need a specific action from you.

If some of these symptoms apply to you and your business, chances are you have been too busy running the business and have had to prioritise your activities while relegating the non-critical activities to your to-do list. Are you sure you have not had anything critical fall through the cracks?

To grow your business, you need to remove the dependency on you!

Try introducing functional leaders for the main business functions, typically marketing, sales, delivery, and finances. These people’s expertise level does not have to be particularly high, but the team dynamics must work. Step back and act as a coach for them. Many founders find this difficult and micromanage, thus removing the advantage the functional managers should give.

If you succeed in stepping back, your business is set for take-off to scale up. A focus must be maintained on profitability to finance the growth; chasing turnover to grow is pure vanity and will lead to failure. The change can occur either organically, by merger, or by acquisition. With the new-found time the owner has, they should now be in a good position to think strategically to control the growth and watch the finances simultaneously.

If you suffer from any of these symptoms, take our Value Builder Score and determine how this impacts your business. You will also get a 28-page report with suggestions on escaping the owner’s trap. Take our Value Builder score!

Poor cash flow management

Approximately half, 82% of Small to Medium Enterprises (SMEs) fail due to cash flow issues, report Score.org cash flow problems are likely to be a major reason to hold back business growth plans.

Here are 12 tips on how to effectively manage your cash flow. More information can be found in our article Managing your cash flow

Be clear and agree to your payment terms upfront before doing any work.
Invoice products and services as soon as you can
Know your customer’s payment process
Offer discounts for prompt payment.
Protect yourself against bad debt.
Chase debtors.
Don’t offer your customers extended terms.
Understand your tax liabilities.
Pay your suppliers on time.
Have a good relationship with your bank.
Don’t tie up all your cash in assets
Don’t chase turnover; chase margin!

Using a Business Growth Consultant

We hope that has motivated you to think about some things you need to implement and consider achieving business growth. If you feel overwhelmed by these considerations, that’s normal; no one can fulfil their aspirations without help and guidance.

If you are serious about growing your business, getting more customers, and increasing your profits, it’s worth considering working with a business growth consultant to ensure you hit the big time.

A business growth consultant will help you review where your business is now, recommend the best growth strategy for you, help you develop a robust growth plan, and help you implement it.

You will also receive guidance, have someone to bounce ideas off, and someone to talk to in confidence, and with this level of expertise and support, you will be better placed to reach your full potential and achieve your goals and aspirations.

What is a business growth mentor?

The Benefits of Using a Business Growth Consultancy

Whether running a small or large business, being the boss can be lonely. Cash flow, decision-making, staff management, balancing boundaries, and keeping confidence are all factors that leave business owners feeling isolated.

Working with a business growth consultancy includes confidence booster, a sounding board, being challenged, improving your business knowledge, helping you become a better leader, problem-solving, better relationships, and achieving business growth.

Business Doctors have been helping businesses like yours for nearly two decades and have business advisors throughout the UK and Europe. If you are seeking business growth and you want to give yourself a better chance of achieving it, please get in touch.

Author’s note: The information in the Ultimate Guide to Business Growth has been compiled from the Business Doctors network and partners Value Builder.

Other articles in this series:

Book a complimentary discovery call

If you want to avoid the pitfalls of business growth, book a complimentary discovery call with one of our expert advisors.

Building a Values-Driven Company: How SMEs Create Sustainable Growth | Business Doctors

Think about this before going into business with family

Before jumping head first into a new family venture,

Business Doctors launch in Northampton

How to Write a Business Plan

New SME Advisory Service in Hounslow

Planning for a Successful Year

Bringing your business growth strategy to life – Making it happen

Here comes the exciting bit in which you can

The six tentacles of the owner’s trap…

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January is a notorious time of year for businesses

What is driving you?

The Oxford Dictionary defines purpose as ‘The reason something is done or created or for which something exists’. Yet how often do we take a step back and reflect on why we exist?

It’s so easy for us to focus on what we make, sell or provide that we sometimes forget to think about the actual value, in other words, what problems we are solving for our customers.

At Business Doctors, we offer support for business owners. The problem our clients have is that sometimes they get so bogged down with the day-to-day running of their business they cannot always recognise potential opportunities or issues when they arise. So the reason we exist is to help business owners achieve their vision.

It may be easier to describe your business in terms of what you do or how you do it. But can you clearly articulate why you do it? The purpose of a business underpins everything about it and drives its reason for being.

Why is having a purpose essential?

“Often the things that we focus on what we make do or sell (products and services) are not what our customers buy (utility and value).”

The late author, management consultant and professor Peter F. Drucker had a profound grasp of economics, politics, demography, geography, sociology, and psychology. He was obsessed with the responsibilities of leaders and managers. Drucker identified the importance of purpose as early as 1954.

“If we want to know what a business is, we must start with its purpose. And the purpose lies outside the business itself. What the business thinks it produces is not of first importance. But what the customer thinks he is buying and what he considers value is decisive. What a customer buys and considers of value is never a product. It is always utility, in other words, what the product does for him.”

If your team know your purpose, they can be 100% focused and at maximum efficiency. If suppliers know your purpose, they can focus on giving you exactly what you need regarding products and services. If customers know your purpose, they are more likely to provide you with all the orders for your essential products and services.

The power of purpose

A company’s purpose goes beyond financial results; a company with a clearly defined purpose is more likely to experience growth, achieve greater customer satisfaction and retain talent.

At the World Economic Forum, EY, together with Said Business School and the University of Oxford, concluded that purpose-driven organisations tended to have better results across a variety of measures, and all recognised that purpose is a driver of innovation and transformation.

There is strong evidence to corroborate this.

38% more likely to experience strong growth

A Harvard Business Survey revealed that of the companies that clearly articulated and understood their purpose, 58% had achieved 10%+ growth in the past three years. Compared to only 42% of those whose purpose was not understood or communicated.

Employees, inspired by seeing a clear direction forward, can better align their full energies and resources to achieve progress toward the shared vision of achieving growth goals. ‘Does not having a business mission and vision hinder growth?’

Ability to transform and innovate

Fifty-three per cent of executives who said their company has a strong sense of purpose said their organisation is successful with innovation and transformation efforts, compared with 31 per cent of those who are trying to articulate a sense of purpose and 19 per cent of the companies who have not thought about it at all! The Business Case for Purpose

Attract and retain talent

A Deloitte survey of over 4,000 respondents* found that over half of employees (62%) consider an organisation’s purpose before deciding to join, with over a third (36%) saying that an organisation’s purpose was just as essential as their salary and benefits package.

Customer loyalty and employee satisfaction

Harvard Business Review conducted a global survey of 474 executives and found that most believed purpose matters. Eighty-nine per cent said a strong sense of collective purpose drives employee satisfaction; 84 per cent said it can affect an organisation’s ability to transform, and 80 per cent said it helps increase customer loyalty.

Health and psychological benefits

Having a clear purpose has many benefits to a business, and there are health benefits, too – Forbes reports that when people have a greater sense of purpose, they have less incidence of cardiovascular disease and lower mortality, experience less loneliness and make better lifestyle choices.

A clear core purpose is the glue that holds everything together. It connects your team, provides structure and gives everyone a common drive towards shared goals.

We all crave purpose in our lives. Whatever level of work people do, it is crucial that they feel it is meaningful and worthwhile.

A strong sense of purpose can be central to our psychological well-being – keeping us fulfilled and motivated. And purpose aids the resilience needed to meet challenges.

How to drive a strong sense of purpose through your business

“Find your purpose, write it down, revisit it often and connect your team with it.”

I am reminded of the much-told story of President John F. Kennedy and the janitor:

JFK was visiting NASA headquarters for the first time in 1961. While touring the facility, he introduced himself to a janitor who was mopping the floor and asked him what he did at NASA. The janitor replied, “I’m helping put a man on the moon”!

This is a great example that, regardless of a person’s role in a business, they need to understand their part in making it happen.

More information can be found in our article How to Build a values-driven company.

Stay true to yourself and remind yourself of why you are doing it. Take a step back from the day-to-day business and reflect on what drove you to set your business up in the first place. Ask yourself? “Why am I doing this?” “What do we do?” “What is the benefit of this?”

Reach out to your best customers and ask them what it is they value most about what you do. Often the things we think are most important to our customers are not the things they value most. Once clear, you can focus your efforts accordingly.

Seek the input of the people you want to engage – your team. Ask your team to work with you to create a compelling and engaging purpose.

Bring it all to life – make it a living, breathing influence on everything you do. And remember to celebrate when people deliver on the purpose.

Connect everyone to it – the ‘janitor test’. Does everyone have a clear understanding of how their role contributes to the overall purpose of the business?

Foster an open and authentic culture where everyone feels empowered to share new ideas. Hold two-way reviews on a regular basis and stay passionate about the company’s purpose.

Summary

“Your Core Purpose should come from a mix of what you love, what you are good at, where there is a customer need and should be the reason your business exists.”

If you are still trying to figure out how to create a values-based, high-morale, action-biased and agile company, a company with low staff turnover where all your people are focused on doing the very best for the customer, it’s worth taking time to figure out your why. Do this, and you will build the foundations for a significant and lasting company.

If you are grappling to understand your core purpose, think about your reason for being and what makes you get out of bed every day to deliver for people. If you need help defining your purpose, please get in touch.

Business Growth Article 3/6

Book a complimentary discovery call

If you want to avoid the pitfalls of business growth, book a complimentary discovery call with one of our expert advisors.

Why you need a business plan

VistaPrint survey results

How to develop a business plan

Four key questions to ask

Essential components of a business plan

1.Executive Summary

2.Purpose, Goals and Vision

3.Sales and Marketing

4.Management Team and Structure

5.Operating Plan

6.Financial Projections

Failing to plan is planning to fail

Book a complimentary discovery call

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How are you feeling about this year?

Firstly, let's talk mental health

Strategies for managing stress in the workplace

1. Prioritise self-care

2. Practice stress management techniques

3. Create boundaries

4. Seek support

5. Regularly assess your mental health

Familiarise yourself with the latest Business trends

Take a new approach to running your business

Don't be an Outlook Warrior

Reignite your Excitement and Passion

Get the fundamentals right

1. Formalise Job Roles

2. Reduce your reliance on any single entity.

3. Review critical contracts

4. Finance for growth

5. Review your business plan

Give yourself the best chance of success.

1. Seek and engage with people that can help

2. Join business support groups

3. Attend business workshops

Book a complimentary discovery call

Related Posts

Building a Values-Driven Company: How SMEs Create Sustainable Growth | Business Doctors

Think about this before going into business with family

Business Doctors launch in Northampton

How to Write a Business Plan

New SME Advisory Service in Hounslow

Planning for a Successful Year

Bringing your business growth strategy to life – Making it happen

The six tentacles of the owner’s trap…

How to develop a business growth strategy

12 tips for improving your business cashflow

Ready, steady, grow!

What are you great at?

Where can you improve?

Where are you vulnerable?

What is your competitive edge?

Create a winning team

Get your team onboard

Chase margin, not turnover

Develop strategic partnerships

Work smarter, not harder