Taking your business to the next level
By Tina Zawila
“The thinking that got us to where we are, is not the thinking that will get us to where we want to be.” This Albert Einstein quote might have been uttered decades ago, but it is just as relevant today as it was back then.
In today’s fast-paced and ever-evolving business landscape growing a business demands a unique set of strategies and adaptability. The modern world presents both opportunities and challenges that require entrepreneurs and business leaders to stay ahead of the curve.
Recently I delivered a workshop sponsored by Here for Gladstone’s Here for Business Program, titled Scaling Up – Innovate, Adapt and Grow. Designed for business owners who are ready to take their business to the next level, the workshop covered the four fundamentals required to effectively scale up a business.
The four fundamentals were identified by Verne Harnish in his book titled “Scaling Up – How a few companies make it and why the rest don’t”, as People, Strategy, Execution and Cash.
1. People – do you have the right people on your team and in the right roles, are they happy and engaged and would you re-hire all of them? Are you surrounded by a support network both at home, in your peer group, and do you have access to professional advice to help you get to where you want to go?
2. Strategy – can you state your organisation’s strategy simply and is it driving sustainable growth in revenue and gross margins? Is it customer-focused? When was the last time you re-visited your strategy – is it still relevant and compelling?
3. Execution – are all of the processes in your business running without drama and driving industry-leading profitability? Are your systems and processes documented and followed? Do you monitor the key drivers in your business and regularly report these back to your team?
4. Cash – don’t run out of it! Remember, Revenue is vanity, Profit is Sanity, and Cash is King! Unfortunately, profitable businesses can, and do, go broke due to poor cashflow management. Cash becomes even more critical as the business scales up because “growth sucks cash”.
Starting a small business is tough and making it through the first few years can be challenging, however, taking a business to the next level is often another pain-point that requires the entrepreneur to think differently and identify and implement new strategies for success.
A professional business advisor can help you develop strategies, identify pitfalls and set you up for success. Call our professional team at UHY Haines Norton CQ today on 4972 1300.