Thoughts and ideas for small business development and growth
I ride my cycle a lot. I’m used to numpty car drivers pulling out on me (if you’re a cyclist you know what I mean.) I don’t hang around, I cycle quite fast. This weekend due to a lack of patience a car overtook in the most incredible place and hit the vehicle coming the other way. Wing mirrors went spinning across the road. Cost, £300 all because one car driver just couldn’t wait a few seconds.
In the rush to get the job done, to get to our destination, or to get the business to grow, we knock things off. We knock people about…. whether they are customers, our people or suppliers and like the car drivers it costs money. People leave our business because they are not treated the right way. We become consumed by doing busy work rather than real work. We run round in circles, become less efficient and take our eye off the real ‘REAL’ ball.
It’s the equivalent of driving head down along the road without enjoying the ride, appreciating the view and taking the moment in. Business is a lot like that. We spend so much time trying to achieve but not understanding how to achieve.
The definition of patience is tolerance of delay. It implies self control, considering the options and sometimes just waiting. How many times have you jumped at a decision only to recognise later that delaying or self control would have put you in a better position or you would have made a better decision?
Just slow it down a little, think carefully, be patient, don’t rush it. Better to get there than never at all!
We are exposed to an average of 3500 brands a day. Brand orientated businesses are twice as likely to succeed. 80% of businesses with a strong brand focus have operating profits almost twice as high as the sector average. We’re shifting from profit generation to value creation for all stakeholders and we’re now operating in a world that’s no longer based on the manufacture and trading of tangible products but the creation and delivery of intangible services.
Some of the worlds strongest brands today were not even a twinkle in their creators eyes twelve years ago; ipod, eBay, Google, Innocent Drinks, Big Brother, Harry Potter. We are entering a new culture of mobile usage, organic, downloadable entertainment, male grooming and social networks.
It means instead of messaging people how good we are, we need to involve them. Instead of promising we need to deliver, interactive replaces passive, look and feel is history, it’s actually about experience. And finally, instead of having an audience as customers you have a community of customers!
What on earth is going on? Your most significant question at the moment; is your business strategy designed for a static world or for a changing one? And is it changing in a fundamental way?
Somehow we need to get a grip and work out how to make the intangibles tangible!
If you don’t want to do yesterday’s exercise try this one……in the next 10 days (okay it may take little more time to organise,) round up some of your colleagues and visit two ‘real’ businesses you admire. Hold an open minded discussion with them on what they do well, what they want to improve on, what their challenges are. How do they deal with some of the particular problems you have? What are their aspirations for the future?
Believe me you’ll learn a hell of a lot……
Running a small business is sometimes like trying to push an elephant up hill. Small business owners are forever trying to do everything themselves. Understandable I know, because often they feel they can’t afford it or can’t justify the cost. And that’s the point, we see it as a cost not an investment.
Looking at small businesses that are successful, what is clear is that the founder, managing director, chief executive, who provided the early, initial motivation, products or service were quick to recognise that it’s not just about products and customers, it was actually about putting the right people around them. Not just employees (if you choose that route) but if you outsource too. They understood that when they had a problem or challenge they hit the right button with an outside person to get them over the hump.
So when you have a marketing problem, go get a good marketing consultancy. If you have a financial issue, go get a financial adviser who understands business. If you have a management problem, go get a management consultancy. Be clear about what you want, what you need to change and what the return on investment is going to be.
Success is about putting the right people around you. Invariably you really can’t do it all yourself, if you do, your business will experience complete limited growth.
There is no such thing as a sole entrepreneur! So do you want to grow your business or not?