The Top 3 Business Growth Blockers to Avoid
We hosted Tim Holmes, business growth expert, to share the top 3 growth blockers that are preventing your business from growing the way it needs to.
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.
Are you ready to learn what they are?
BLOCKER #1: NOT DECIDING THE BUSINESS DIRECTION
When you build a business there are two options:
- Build it around you as the founder
- Build an enterprise that becomes independent of you as the founder
Neither of these are right or wrong, but the decision does impact direction and options. For example, a business build around the founder can provide the owner with a comfortable lifestyle, but it is not investable. There is also no legacy that extends past the lifespan of the owner.
- If you build a business centred around you as the owner, do it well. Be the expert, be a master of your craft.
- If you want to raise investment at some stage, exit your business or build a legacy, then you need to establish an enterprise that starts with you, but becomes independent of you.
BLOCKER #2: NOT UNDERSTANDING BUSINESS STRUCTURE BASICS
It is essential to have an understanding of how business are formed. If you do not understand these basics, then the business will inevitably fall over once it starts growing. The end result is that time and energy are wasted on shareholder arguments, miscommunication and misunderstanding of roles and responsibilities.
- Understand the law of the 3 hats. The 3 hats (or roles) are shareholder, director and manager. These roles make up your board. When you start, you as the founder might hold each role yourself, but each role needs definition so that over time, different people can wear the hats.
- Bring clarity and definition to what the responsibilities are for each of the roles.
BLOCKER #3: NOT FOLLOWING A PLAN OR GETTING HELP
With a sound structure to support growth, you then need to follow your plan and keep moving forward.
- A great guideline to keep in mind is to invest at least 10% of earnings into business growth.
- When you get stuck, get help. There are so many sources of help available today. The internet, webinars, courses, consultants. Put in the effort, learn the lessons and take action.
- Be sure to get multiple versions of advice before applying it. One of the disadvantages of the internet is that a lot of misinformation is available.
You can watch Tim Holmes share these growth blockers here:
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