Working (as we do) with businesses around the £1 million mark who are wanting to grow their businesses, has proved to me time and time again that there is an easy way to grow your business and a hard way.
Many businesses get to £1 million t/o a bit by accident – more luck than judgment in some cases. They open a business in the right area, the right industry at the right time. They are good at what they do and they get some lucky breaks, the right customers who tell other customers, or the product or service they offer is trending, they hit the wave at just the right time.
For others it has taken years of hard work and dedication, perhaps in a family-run business, to build up a client base and a reputation which has steadily and slowly taken them to between £500k and £1 million.
In either case, the hard way to grow the business to the next level is to carry on doing what you are doing. I would go so far as to say, this is the impossible way to grow the business.
You have heard the quote about the definition of madness? Well, that certainly applies to growing your business. What got you to a million-pound turnover, will not get you to 5 or 10 million. You are going to need to do most things differently.
Under 500k – 1 Million
At this level of business – start-up or in the early months/years the business owner is the main man – or woman. You are the star of the show. People do business with you because they know like and trust you. And you are great at what you do. And that is fantastic. If all you ever want is a lifestyle business, then carry on doing whatever you do, because it is working!
However, as the business grows towards the larger 6 figure mark, my experience tells me, that life as the business owner becomes busier and less enjoyable. UNLESS you put some thought, time, and a bit of investment into the easy way to grow a business.
If you do not – then here is what happens.
- You are good at what you do so you get more customers
- You are busy doing the work and so you can’t deal with more customers
- Your business turnover looks like rolling hills, up and down.
- So you hire some staff
- You don’t have time to train them properly though and so
- They do a little work and you do more work
- You end up having a nervous breakdown, losing sleep, losing relationships, losing customers, losing your mind – because you are just TOO busy, ALL the time.
- Your business stalls, maybe even closes or goes bust. At best it just frustrates you by never getting beyond a certain size.
The Easy Way to Grow Past £1 Million Pounds
This is the stuff all successful growing businesses do. They understand that in order to grow they have to FIRST have the right team in place. In your business right now, if you don’t have the right team it will be for one of two reasons. Either you have the right people but they don’t have the skills to step up (your fault by the way for not developing them). Or you don’t have anyone with the potential to be in your leadership team (your fault by the way, for not hiring for potential).
Either way – what needs to happen is the right people need to be developed (SPOILER – that most likely includes you), so that they have the skills, the confidence, and the right plan – to step up and become a Team On Fire.
And what is a Team On Fire?
It’s a leadership team that understands the vision and its part in that vision. They have the skills, the confidence, the knowledge, and the motivation to bring their A-game every day. More importantly, they drive the business, they manage the people, the processes, and the delivery.
Leaving you free as the business owner, to be able to stick your head above the parapet, see what is going on, and set/reset the strategy and direction.
Doesn’t that sound good?
It is the only way you can grow.
So if you are serious about growing your business, of course, you will need a financial plan, a marketing plan, an ops plan, a sales plan, and a recruitment plan. But before you can implement any of that, you need a Team on Fire.
If you know it is time you got serious about growing your business, and you don’t want to have the same conversation with yourself in a year’s time or watch your competitors grow while you don’t – maybe it’s time to book a call with me. No obligation, just straight-talking about what needs to happen in your business to create the future you want.
Book a slot here