A very warm welcome to our latest blog . Today’s blog is the first part of four blogs that look into how ambitious entrepreneurs build their knowledge, alongside the tools and techniques necessary to establish more consistent levels of growth in their businesses.
So what exactly do we mean by that?
Well….. if you have already successfully navigated the highs and lows of the initial stage of your entrepreneurial journey then your next challenge is almost certainly going to be around establishing a more consistent level of growth and increased profitability in your business.
You will have already learnt a lot about sales, marketing, finance, purchasing, IT and administration, but maybe you are finding it challenging to get away from the early cycles of having to find work, deliver work only to have to go back to finding more work?
We call this next phase the RUN phase. As your business enters this phase it becomes easy to lose sight of the original goal of building your business to create a lifestyle that gives you both the financial and personal rewards you desire.
Maybe you’ve noticed fellow entrepreneurs kicking on and enjoying the commercial and personal rewards that come with;
- 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 The Founder
- A significantly better work-life balance
Like the many others at the beginning of this RUN phase, you’ll almost certainly have a strong desire to realise them too!
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You’ll appreciate that with the growth in both revenue and customer base the previous levels of anxiety and frustration subside and that with each new business win comes increasing levels of confidence for the future and the opportunity to celebrate the successes.
You’ll be focused on getting to a point where you know that you are consistently making enough money to pay all of your bills and are able to pay yourself more than you ever earned as an employee prior to starting your own entrepreneurial journey.
As you progress through this RUN phase you’ll be looking forward to bringing competent, productive and loyal team members on board with a view to;
- increasing the business’ ability to take on more work,
- reduce its reliance on just a few customers whilst
- increasing its profitability and
- reducing the business’ reliance on you the founder/owner too.
At the same time, you’ll already have learnt that entrepreneurship is not without its challenges. You will still remember the feelings of self doubt, loneliness, overwhelm alongside with the pressures to succeed in that SWIM phase.
You will already appreciate that the path to success is rarely a linear one. You’ll equally be aware that there are many things that you perhaps don’t know and/or have simply never done before.
You’re no doubt keen to realise the rewards of this early growth phase quickly and like many other entrepreneurs probably don’t relish the thought of making painful and costly mistakes along the way.
Consequently, you’ll see the benefit of having the help and support of an experienced entrepreneur & coach to ensure that you build the knowledge, infrastructure and an appropriate plan to ensure you succeed.
For many, like you, that success may be realised through one of our bespoke One to One programmes. Alternatively, you may find that the additional help and support of a community of like-minded entrepreneurs working alongside you and your business coach might be a better solution for you right now.
If that’s the case don’t delay any longer. Join one of our CIPD accredited Group Coaching or Mentoring Programmes.
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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.
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 growth experts 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 executive 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 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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Download a free copy of our eBook “Why So Many Businesses & Ambitious Entrepreneurs Fail to Achieve Their True Potential” today!
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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.
We hope that you’ve found today’s blog useful and informative. DON’T MISS the second part of this four part mini series about how ambitious entrepreneurs build their knowledge, alongside the tools and techniques necessary to establish more consistent levels of growth in their businesses. In our next blog we focus on the importance of building and aligning 3 essential planning processes.