What's stopping your business from moving forward?
Helping a business move forward is core to what we do. Moving your business forward can mean different things to different people, whether its growth, scaling up, going international, planning for succession and exit.
Whatever moving forward means to you and your business, ultimately it means change! Change in client type and size, change in mindset for your growing business, change in profitability, change in team, or change in focus. All change in whatever capacity can be challenging and doesn’t always go to plan!
Whatever the business sector, there is always a similar theme to what business owners and management teams feel when things don’t change and move forward as planned!
So why such common feelings and themes?
When we talk about moving a business forward and change, then there are 5 key components that must be in place. If any are missing, then things will not go to plan.
5 Key components of Change - to move your business forward
- Vision: have a crystal clear vision which is embedded within your team
- Skills: have the right people doing the right roles within your business
- Incentive: there has to be a reason for you changing, something driving the process
- Resource: have adequate capital, people and capacity to grow and execute change
- Action Plan: execution of a vision needs a top quality plan to make it happen
Just one missing component will lead to a point of pain:
- Lack of Vision leads to confusion. A confused team with lack of clear direction and motivation
- Lack of Skills leads to anxiety. Your vision of your future, larger and more successful business will need more skills and inputs to allow for smooth transition through the stages of growth. Without the right people, with the right skills, this will be challenging and hard work
- Lack of incentive leads to gradual change. As entrepreneurs, we all want things to happen yesterday, but our teams don’t always think that way. Ensuring there is clear incentive for your team is vital - this could be a performance related bonus, or something as simple as working for a common goal to make the business more successful and implementing process to make everyone's job easier
- Limited resources leads to frustration. As your business grows you need the right mix of resources; capital, people, capacity. With so much opportunity ahead, not being able to capture the opportunity will hold your business back.
- Lack of an action plan leads to a false start. Great visions and goals require a clear, conscious plan to make things happen. An Action plan is the whittled down 1 pager that you can clearly communicate with your team and put into action and which you can track and tweak, to keep things moving forward.
If any of this resonates with you then why not have a chat with me or a member of our team of experienced Directors. We are passionate about the success of SME businesses and helping them to move forward.
Book a meeting with me to discuss how we can help: Book a meeting with me.