Welcome to our latest Blog in our series all about the importance of focus. Building on what we’ve already covered in this current series today’s blog is designed to highlight how successful scale up entrepreneurs create real alignment across their organisations in order to reap both the commercial and personal benefits of their hard work.
To that extent we know that successful entrepreneurs across the globe recognise that in order to unlock their business’ true potential there are 7 key factors (as outlined in Mckinsey’s 7S Framework) that have to be in place. More importantly, all 7 factors need to align i.e. work in conjunction with one another in order to create a high performance organisation that is able to scale.
The 7 factors are as follows;
Successful organisations need to compete in volatile, uncertain, complex and ambiguous environments. So, the strategy needs to respond to this with agility. Organisations must constantly adapt strategies to succeed.
Successful organisations adopt an organisational structure that allows them to scale whilst retaining strong levels of control exercised through delegated responsibility. The structure, in turn, helps people understand who is accountable and responsible for specific tasks and results.
Successful organisations equally create robust processes and procedures that people top ensure the quality and consistency of activities across the organisation. They also invest in software systems to automate activities, processes and procedures to bring about greater operational efficiencies.
Successful organisations are also built around great people who possess the necessary skills to deliver the organisation’s growth strategy. Having the right skills to deliver the strategy is vital and skills gaps can pose a risk to achieving cost competitiveness objectives.
Also referred to as culture, this represents the way things are done and, particularly, the way the leadership team conducts itself in the organisation. The business owner’s leadership’s style will greatly influence how the rest of the employees behave. Therefore, if the leadership visibly embraces, champions and demonstrates the right behaviours, then people around the organisation will typically follow
The extent to which any organisation scales is invariably linked to its talent pool. It is vital that the organisation possesses the right talent in each area to optimise organisational capability and capacity.
Finally, it’s crucial that in any scale-up organisation the right values exist. Fundamentally these values should encapsulate the organisation’s purpose or its societal mandate. The organisation’s purpose tends to remain a fundamental constant over time and this purpose shapes the organisation’s values.
Many of today’s most successful business owners state that the smartest & most valuable decision that they ever took on their route to success was to hire an award-winning business coach/mentor with a proven track record of success.
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For ambitious entrepreneurs that are looking to really scale their businesses the benefits of working with an award-winning business coach/mentor with a proven track record of success are considerable.
In the UK scale-ups employ over 3 million people and have a combined turnover in excess of £1.3 trillion. According to the ScaleUp Institute, scale-ups are the engine drivers of local economies. They are twice as innovative as large firms, employ twice as many apprentices, and are on average 42% more productive than their peers.
Firstly – by working together you’ll develop the CLARITY, FOCUS & most importantly of all a detailed PLAN of ACTION to ensure that you scale your business to the levels that you have always strived for.
Consequently, your business can expect to see
1.Significant Revenue & Margin Growth
As a scale-up you should expect to benefit from significant growth (20%+) in revenue, margin and most importantly of all asset value.
Scale-ups regularly see software like margins of 70% (gross) and 20% (net).
2. Cashflow/ Working Capital Improvements
With substantial margin improvements, you should also expect to benefit from substantial improvements in cashflow/working capital which will, in turn, allow you to accelerate growth rates further still, be it organically or via acquisition, hire better people, or simply take greater rewards for yourself
3. Higher Valuations
Better still scale-ups typically benefit from significantly higher valuations as they focus on building asset value by investing in longer-term growth initiatives ultimately with an exit strategy in mind.
Equally, as a scale-up entrepreneur, you can personally expect to benefit from:
1. Financial Freedom
Becoming an entrepreneur means you can reap the benefits of all your hard work. The only real cap to the amount of money you can earn is your own level of ambition.
2. Greater Control
As an entrepreneur, you get to create your own destiny as well as have control over it. You control your day. You control what you do.
3. Greater Independence
Successful entrepreneurs are able to make all of the decisions relating to their company themselves; they have complete control. This allows for a huge degree of independence and a chance to shape one’s own life
4. More Time
Having built a successful, growing business entrepreneurs benefit significantly from more time with friends, family and spending time doing the activities that they enjoy most
5. Greater Fulfilment
Finally – Entrepreneurship can offer levels of fulfilment and achievement that are hard matched by any other type of employment. As an entrepreneur you accept the challenges, work hard to overcome them and when you achieve the desired results, you’re able to savour the moment. The feelings of satisfaction and achievement are simply unsurpassed.
Without exception, as an entrepreneur, you will need to learn many things and potentially change a number of things in your business if you are to achieve the RESULTS you want.
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Maybe you could try to work out what you need to do by yourself?
Perhaps you could spend a few months thinking about it?
Perhaps the opportunity cost-lost of procrastinating for a while won’t be too costly or critical to your overall success?
Alternatively, you could choose to take a far quicker and more profitable course and begin to realise the desired results in your business far quicker?
Today the most successful entrepreneurs not only recognise the importance of having an expert coach/mentor by their side but also acknowledge that One to One Coaching is by far the FASTEST and most PROFITABLE investment you can make on behalf of your business.
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Understand what stage your business is currently at, and get a bespoke report that will help you take it to the next level!
As businesses grow, they invariably face some very specific challenges. Understanding how best to address them, in what order, whilst also identifying the opportunities associated with these challenges is a critical part of unlocking your business’ true potential.
If you’ve found today’s blog useful DONT MISS the next in our series. where we discuss the importance of focusing on planning in order to ensure that ambitious entrepreneurs are able to create more consistent levels of growth and profitability.