Expansion brings excitement, challenge, innovation, change to list but a few words. It might mean more product, wider and deeper services, perhaps greater specialisation to attack niche markets. It might mean expansion outside traditional markets. Whatever type of expansion you are looking at, one thing is for certain. You will need to bring new people on board. But more than that, you will need to put strategies and systems in place that will help you manage your expanding team to best effect. This article focuses on the people aspects of expansion and offers advice to MDs looking to improve their team expansion management skills. Building a picture of the future First off, it’s essential to map out your future team needs. Start by creating an organisation chart for your future business. At this point don’t include named individuals. Focus on the roles you perceive are needed to enable this expansion to take place. Taking names out of the equation for the time being frees you … [Read more...]
6 Good Reasons Why You Should Consider Exporting In Your Next Strategic Review
Quarter 4, planning the office party, trying to bring in orders before the second week of December. Oh…..and BREXIT and a General Election. Right now, thinking about a strategic review and thinking about growing your business through exporting maybe about as much a priority as a choice between parsnips or sprouts. You feel like you’ve got enough on your plate. But imagine selling your product or service to a whole new audience, imagine adding 10%, 20% to your bottom-line, imagine how it would feel to have a global brand. When businesses go global not only can revenues rise, but there are a host of benefits that can accelerate your growth that you may not be aware of, not forgetting the impact upon potential exit values. So is it really a good time to add ‘start exporting’ to your 2020 ‘wish-list?’ BBC News reported recently that despite US v CHINA and JAPAN v SOUTH KOREA trade disputes (and in the UK, the ‘B-word’) - global trade has grown at 3% this year. It's a really good … [Read more...]
Communication – the key to unlocking growth and success
At the heart of every business one factor continuously calls for our attention – improving communication with a view to unlocking business growth and success. Over the years many a consultant has advised and implemented varying communication scenarios for their clients; the Total Quality Management (TQM) business management approach enjoyed widespread attention during the late 1980s and early 1990s before being overshadowed by the standards specification of ISO 9000 and the improvement methodologies of Lean manufacturing, and Six Sigma. The common thread of all these procedures is communication. How do these approaches differ? TMQ consists of organization-wide efforts to install and make a permanent climate where employees continuously improve their ability to provide on demand products and services that customers will find of particular value. The ISO 9000 family of quality management systems standards is designed to help organizations ensure that they meet the needs of … [Read more...]
Financial information you need to run your business effectively
In order to manage your business effectively you need to be sure that it has enough cash to keep trading and that it is running profitably. To ensure this happens, I recommend you review your financial status at the start of each and every business week. You will have financial records, probably in one of the most popular accounting software packages such as Sage, QuickBooks or Xero. Either your own staff or your accountants will use these to prepare VAT returns and the other legal requirements such as the annual accounts required by Companies House. These accounting systems can also produce many of the essential figures you need to review on a weekly basis. Additionally, you need to forecast which clients are likely to pay their invoices this week. This is often not the same as those who should pay this week. Accurately forecasting your weekly cashflow is a skill every business needs to master. Not all of the figures in the list below will apply to all businesses. You … [Read more...]
How to continuously sharpen your company’s competitive edge
The use of the word ‘continuously’ is purposefully placed in the title of this blog article. Why? Because I fully believe that if a company does not continuously sharpen its competitive edge, it won’t be long before they do not have one in today’s ever-increasing pace. I’m sure we can all think of examples of companies who have been market leaders and no longer exist or have had to sell assets and/or shrink in size to survive. Eastman Kodak is a prime example. Kodak began to struggle financially in the 1990s when digital camera technology hit the retail market. Only recently they have emerged from bankruptcy, after selling many of its patents to current giants including Google, Apple, Samsung, Microsoft. Woolworths is another case in point. It used to be one of my favourite stores for spending my pocket-money. A few pence went a long way in Woolworths – a child’s paradise. Several months before they closed their retail outlets in the UK, I recall walking in and out of Woolworths, … [Read more...]
Why you need to focus on values and behaviours for business growth
In my experience of working with MDs of their own companies over the last 14 years it doesn’t take very long before they start talking about why they set up their business, what is important to them in running the business and keeping it solvent/profitable, the differences that exist between them and other Directors and shareholders or conversations that start about a manager who just doesn’t get it. There are many insightful stories and anecdotes. Passions and frustrations run high in equal measure. So in a very conversational way, the values of the MD become very clear i.e. what really matters to them. With a bit of gentle probing, it doesn’t take a lot to get an MD to define the behaviours that enable success in their business. ‘If only people did this, we would be even more productive.’ When the MD set up the business, working with a small team, direction, focus, consistent behaviour was all a lot easier because everyone could see what was happening, everyone was involved in … [Read more...]
4 top tips to successfully secure business growth funding
Very few businesses are lucky enough to be able to bootstrap their way to success, most rely on securing business growth funding. Getting funding at the right time is critical to surviving yet alone thriving and growing. Without funding it is much harder and slower to grow and expand into new territories or markets. Here are my top four tips for successfully securing business growth funding. Know where to look and what type of funding is the best match There are numerous sources of funding from Bank Loans to Crowdfunding and Equity investment to Trade Finance, Grants and R&D Incentives for innovative companies. Often a growing business will need to draw on a mix of sources. Depending on the stage of growth and type of business some will be more suitable than others. Each type comes with its own positive and negative aspects for example if you’re seeking a bank loan, you will probably have to give a personal guarantee and of course pay back the loan with interest. If it’s equity … [Read more...]
Why you need to improve your listening skills!
It’s not often that I write an article for business people telling them to do something. Typically, if someone tells me to do something, my urge is to do the opposite! Due to that fact, I avoid telling others to do something unless I feel very strongly about it. I feel very strongly about the importance of possessing excellent listening skills and have yet to meet someone who couldn’t improve theirs, however good they are (or think they are). Why? Because they are essential! Listening is the key to understanding, whether in conversation with a business partner, an opponent, a sales call, trying to close a deal, figure out why a staff person is unhappy or demotivated, or what’s really going on at your child’s school. It is all through your listening skills. What isn’t being said? It’s not just about what the person says, but what the person isn’t saying. There are clues in their word choices. Are they being evasive or direct? Are they hesitant? Having you used language that allows … [Read more...]
Is your brand positioning clear enough?
Do you truly know how your customers perceive your brand? When running a business, it can be all too easy to get caught up in day-to-day operations and to lose sight of what your customer is thinking. Unfortunately, if you’re not actively working to shape and communicate your brand position, the customer will simply make his or her own decision as to what you stand for. If your brand positioning is not clear, your business will suffer from some or all of the following issues. You try to sell to everyone, and end up attracting no one in particular Customers don’t understand the problem you’re solving or the want you are meeting Unique features of your product or service will not be realised or understood Benefits you offer in comparison to other competitors will not stand out Reasons to believe in your brand are not crystal clear As an example, a crack garden landscaping team may do a great job on the ground, but their website and marketing material undersells their particular … [Read more...]
Is your business stuck at a crossroads? Time for a strategic review.
Many businesses reach a stage when they are at a crossroads about the direction to take next or are “stuck” without a clear strategy. It may be a crisis point or it could be an opportunity to take a different path. Directors may no longer be aligned with the planned company direction, and this can cause friction. Rather than putting off hard decisions, it makes sense to face up to the challenges and opportunities, have a strategy review and then put an implementation plan in place. Reasons for a strategic crossroads could include: Change in market dynamics that impact growth or profit potential.Increased competition forcing new approaches.Loss of important customers or contracts.New product or service opportunities possibly requiring research and development.Recognition that the business is too reliant on a small number of key customers.Macroeconomic/political changes such as Brexit.Divergence of what Directors want from the business.Planning for exit / opportunities to … [Read more...]
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