The challenges to business growth are what keeps business owners awake at night. The need for growth could be to prevent failure or to build on a current success, but whatever the motivation there will be a vast number of hurdles which can be focused into 5 categories. Each headline encompasses a multitude of challenges and a few top tips on how you can overcome them.
1. Mindset. You really can’t overthink this! Having the right mindset to tap into growth is about having the ability to visualise what that growth looks like. Athletes talk of how they play-out crossing the finish line first in their heads at the start of the race. Professional footballers talk about daydreaming about lifting the FA cup since they were little. They see themselves as being a winner by giving themselves a “memory” to help them think like one. Imagine what you could achieve if you applied the same principle when it comes to achieving your business growth plans. Think bigger, act bigger, be bigger.
2. Time. How’s that work-life balance coming along? Are you living to work or working to live? Searching for spare time in the day is the biggest waste of time. We all have the same 24 hours to play with so we need to look at how to be more efficient and productive with the hours we have. A great way to start this is by having a “default diary”. Start by blocking out time to do the recurring tasks which need to be completed every week, the ones which only you can do, and put the rest to one side ready for delegating. The time you block out can include a specific time of the day to answer incoming emails, add a lunch break so you can refuel and refocus for the afternoon, and remember to set reminders!
3. Team. Overcoming the challenges of resource and support for your team can be a real game changer when it comes to setting your business up on it’s growth journey. Handing responsibility to someone else can be both scary and liberating at the same time but it’s paramount to release some of the dependency on the business owner in order make room to grow. Whether it’s basic administration or marketing strategies, it will pay dividends if you can free yourself from tasks which can be delegated within the team or outsourced to an agency or freelancer. You’ll be giving yourself the gift of time!
4. Finances. So often business owners get caught up in a cycle of feast or famine when it comes to cash flow. This can inhibit growth even when the money is rolling in because there’s always the fear of a repeated dry spell. Getting to know the deep detail of your numbers will help you forecast budgets and cash flow and will give you the intel you need to plan effective lead generation activities, within budget, for a steady flow of new business. It’s all about knowing the numbers, so you can spend more where it will earn you more.
5. The Game Plan. Your decision making bible for overcoming any challenges to your growth should be your Business Plan. Even if you wrote one way back on day 1, unless you’re using it as a fluid document, adding and adjusting to suit your changing business landscape it probably won’t be much use to you past the first 90 days. Keeping your business plan in check will help you focus on your goals and will reveal ways to address other challenges. This is a great place to start and by maintaining a healthy habit to work on it and keep it up to date you will very quickly find it becomes a source of all your decision making.
If you are ready for growth and would like to speak with our business growth specialist, why not take advantage of a free coaching session?
