4 Principles for growth that are often overlooked

We hosted Tim Holmes, business growth expert, to share 4 principles for business growth that are often overlooked by founders.

There's a massive focus on marketing and sales as the basis for business growth, and although those have their own (essential) place in your growth strategy, there are some vital principles that are often not spoken about, overlooked, or avoided. These principles are especially important if you are aiming to raise funding for your business since investors are on the lookout for them. 

Are you ready to discover what they are?

1. Have a MASSIVE idea

Investors want to see a plan that is big enough and has sufficient potential for growth.

The plan needs to be much bigger than you.
Is it globally relevant? You won't necessarily start globally, so pick the region you will start in - but have a mindset for global expansion you can grow into.
Investors need to do the same due diligence for an investment of $50 000 as for an investment of $1 million. Sometimes the smaller amounts are just not worth it.

2. Ensure you are INVESTABLE

If a business does not have a PROCESS around how they make decisions, it immediately puts investors off. If investors cannot see how you made decisions in the past, how can they trust you will make good decisions in the future.

Ensure you have a meeting, even if it's only twice a year.
Write down the big decisions you made, and sign it.
Show how you got to those decisions, and the options that were available.
If you can show a level of maturity around how you make important decisions you instantly become more investable. You illustrate you are transparent in how you run things, and that you've got a concept of how things work.

3. Start paying founder SALARIES

Startups can be messy around scrapping for the funds needed to stay afloat. It is however important to start having a line item that indicates founder salaries as part of official business expenses.

You need to show you have an understanding about the importance of paying a salary. This shows you have thought about what it will cost to replace your current role.
It shows investors you are thinking about the future of the business, and that you have a measure of governance in place.

4. Think about GOVERNANCE the right way

One of the big reasons governance is neglected or avoided is because entrepreneurs think of it on the level of a complicated corporate. Since many entrepreneurs start their business to avoid corporate in the first place, governance can easily become undesirable.

You need to think of governance as doing the bare minimum of a system that works, that adds value, and that makes a difference. That's not corporate or complicated, but rather just common sense.

You want to show transparency in your business operations.
You want to indicate you have thought about a structure because it shows you are ready for future growth.

You can watch Tim Holmes share these these growth principles here: