Welcome back and to our latest blog in growth solutions mini-series. In this second blog we focus on the different solutions that ambitious entrepreneurs in the RUN phase typically use to accelerate their growth and unlock their true potential.
Increased Rates of Growth
If you are an ambitious entrepreneur who is in the RUN phase, then you’re probably focused on accelerating your rates of growth and ensuring that you implement your sales and marketing plans effectively so you can create a consistent pipeline of targeted marketing leads that can be converted into profitable sales.
If you decide to work with one of our business coaches you’ll learn how to win bigger value customers that are more likely to buy repeatedly and better still likely to recommend you to others too.
You‘ve no doubt already experienced the emotional highs and lows that come in earlier phases with inconsistencies to your sales process and marketing efforts. Maybe you’ve experienced the cashflow challenges that come as a result of inconsistencies in your pipeline or an over-reliance in the early phases on a small number of customers.
By working with an experienced coach you’ll quickly learn how to make these challenges a thing of the past whilst ensuring that you’re in a position to invest increased amounts to accelerate the future growth of your business.
Following many months, if not years, of personal sacrifices, by investing in support from an award-winning coaching team you’ll finally get to enjoy bigger personal rewards/drawings as your business grows.
By working with our award-winning team of growth experts you’ll learn how to systemise your business and reap the rewards of a more efficient and profitable business.
Together you’ll build the systems and processes that allow your business to reach its full potential.
By leveraging all of your coach’s experience you’ll work together to develop and implement solid business systems and processes that save you and the organisation time, reduce operational costs and in turn increase profitability.
By adopting a similar approach in the customer facing parts of your business you will also ensure customer expectations are met more consistently further accelerating the amounts of repeat business and referrals that you receive.
Internally you’ll also work together to build systems that ensure your growing team is managed well with a view to driving productivity and competency across the organisation. The net result of this will be less time spent on low value activities and significant increases in profitability from a more agile operation.
With the help and support of your experienced coach, you can also expect to see significant improvement in cash flow as you navigate the RUN phase of your business growth plan.
Against a backdrop of increasing sales and a more consistent pipeline of higher value sales you’ll work hard to improve your overall cashflow by focusing on your key cashflow drivers namely; your accounts receivable days, work in progress days, cost of goods sold and overhead percentages.
By way of example, you can expect to see significant improvements in cash collections.
Having assessed the most appropriate approaches for your business you’ll adopt a number of different tactics that may include options such as;
- Invoicing immediately
- Offering incentives for advance payments
- Taking cash with first orders
- Taking deposits
- Asking for staged payments
- Accepting credit card payments rather than invoicing
- Improving and/or Outsourcing cash collections
- Offering early payment discounts
- Charging interest on late payments
- Focusing on recurring payments
- Revising standard payment terms
Similarly, by implementing greater rigour to the accounts payable side of your business you can expect to see significant improvements in cash flow again by applying tactics such as;
- Regular cost reviews
- Negotiating supplier discounts & longer payment terms
- Delaying non essential purchases
- Reducing inventory levels
- Drop-shipping products direct from supplier to customer
- Cutting out non value-add marketing expenditure
- Cutting out non essential travel & subsistence
- Moving to electronic invoicing
- Developing a regular and consistent debt chasing process
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It’s packed full of practical and easy to implement strategies that will help you “Avoid the Pitfalls” and drive your business to the next level!
The net result of improved cash flow in your business will be a business that has even greater cash resources and is subsequently able to accelerate its growth rates even further, hire better people, invest in new initiatives and technology and, should you desire it, provide you, the owner, with even greater personal drawings, pension contributions, and overall financial security.
No matter what stage your business is at entrepreneurship is not without its challenges. At each and every stage the challenges are different, bring different levels of complexity whilst decisions take on different levels of magnitude.
Having successfully navigated the early stages of your business the attractions of kicking on and building a profitable, sustainable business are immense.
After months, if not years, of hard work you’ve not only survived but have reached a point where you’re now ready to create an even bigger and more sustainable business.
The big questions are simply;
- HOW do I create that business I’ve always wanted?
- Do I have the knowledge and skills to create it?
- How do I create it without costly mistakes?
- How fast can I create it without working crazy hours?
With the expert help and advice of an award-winning coach you’ll learn how to build;
- A more consistent pipeline of ideal customers
- Increased numbers of higher value customers
- Greater levels of repeat business
- Greater levels of brand recognition
- Improved cash flow & profitability
- Greater levels of control from a more systemised and process driven business
- A growing team/business that’s less reliant on you
- A significantly better work-life balance
Ambitious entrepreneurs who are serious about growing their businesses and reaping all of the rewards, know that the only remaining question they need to be asking themselves is …. How soon can I get started?!
As your business learns how to successfully navigate this RUN phase the many challenges that have dogged your entrepreneurial journey to date will start to fade.
Why Not try Our
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.
Memories of the endless days of worrying about where the next customer is going to come from or of when you were frantic to work out whether you’d be able to pay suppliers, staff or even yourself at the end of the month start to become just that, a distant memory.
The same is true of the memories of those excessive hours that you had to work to simply keep the business afloat whilst all around you seemed oblivious to the stresses and strains that you were working so hard to hide from them.
Either way – as you begin to find your rhythm in the RUN phase you will begin to enjoy all of the benefits of a business that is growing consistently, generating a healthy profit and building a stronger cashflow position month after month.
Along with the knowledge that your business is finally starting to really work comes the added confidence and satisfaction that you can now start to enjoy the financial rewards of all of your efforts. Alongside this increased financial security comes the additional benefits of greater levels of choice, independence and control over how you invest your time. For the first time perhaps you don’t actually need to work an 80 hour week.
Perhaps you can even take a 2 week holiday without feeling guilty and worrying about what you will come back to!
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Why not get in touch with the team today? We’d love to hear from you!
We’re truly passionate about supporting business owners like you overcome your challenges and unlock the true potential of your business. If you’re looking to drive your business forward, get in touch today!
Many thanks for taking the time to read our latest blog. We hope that you’ve found it useful and informative. DON’T MISS the next episode in this mini series about the growth solutions available to ambitious entrepreneurs, specifically in the SWIM Phase of their entrepreneurial journey.