In our recent blogs we’ve stepped through the process of writing a business plan, how to implement that plan and then getting the team on board with it. Click here to read these blogs.
These steps mean that the foundation for your business is now set. Cash flow is good and the business is ticking along. Great! Now what?
The next step is what we call ‘Synergy’ – the point at which you have a bit of time back, you can really let your good leadership skills shine, and take the business from organic growth to step growth. Examples of Synergy activities are; launching a new product or service range, expanding to new territory, diversifying your channels and franchising. Perhaps you even want to explore buying other businesses.
Before you can successfully drive exponential business growth, there are a few steps that, by now, you should have in place.
First up, you should have basic controls in place: control over your finances, clarity about your goals, control over your time and control over the delivery of your product and service.
Second, you should know what your point of difference is. What is it that you have or do that means you don’t have to compete on price alone? Ask ACTIONCoach to help you target the right markets, develop the right USP and put a sales and marketing plan into action. You can also check our blog on differentiating yourself from your competitors here.
Thirdly, systematising your business so the business can run without you is paramount to business success. Good leadership skills are really put to the test when the business can run smoothly without you. This is the foundation for you to start leveraging off successful business models such as franchising or expanding.
Finally, build a strong team and culture and hire the right talent, so everyone is working to achieve the same goal and is ready (and excited!) for growth.
Once these points are in place, the business should produce income for you and shouldn’t depend on you being there all the time. Now you’re ready to go from steady growth to exponential growth!
If you are like most business owners, you are probably now experiencing the most common constraints standing in the way of exponential growth; your time and money. Since you only have $X in the bank and 24 hours in a day, the solution to these constraints is leveraging other people’s time and money!
If you decide to launch a new product, use the processes and team structure you have already established and treat this as the blueprint for your new product. Initially your time and financial investment is substantial, but very soon (practicing your good leadership skills!) you should be able to step away from these new tasks just as you have done in other areas of your business.
If you decide to franchise, view it not as a business in itself, but a way of doing business. You will share some of your marketing strategies, plans, operational standards, systems and formats, training content, quality control and ongoing mentoring, but essentially someone else is investing their time and money into growing your business; allowing you to grow faster than relying on your own time and money would allow.
If you decide to license, another company is investing the time and money into your product or service, once again freeing up your time to focus on the growth and development.
Having good leadership skills is about breaking free of the constraints of owning a business, not replying on your own time and money and enjoying the synergy and growth that your solid business foundation allows.
If you would like to know more about these steps to building a better business register for our free 6 Steps to Building a Better Business Seminar here.