Starting a business is difficult and often comes with a huge learning curve. While you expect to maximise on your area of expertise, those early days often involve learning all aspects of running a business from marketing to operations. You know the statistic about how many businesses fail in the first year and you’re determined not to be one of them. However, that determination can often lead you astray, storing up problems for your business, which only becomes apparent when you press down on the accelerator and drive towards your next set of goals.
Sell, sell, sell
Business owners know that making sales is crucial for their business. To get the money flowing in and the books looking great, they start with a focus on marketing their business and getting their target market to buy. A business with sales rolling in is successful, right? Not necessarily.
This is a common mistake made by new business owners. Focussing on sales often draws their attention away from what’s needed to deliver on them. Before they know it, they become overwhelmed and unable to deliver the first-class service they want for their customers. It’s one reason so many businesses fail within three years. In their eagerness to do well, they haven’t done the preparation required. Ultimately, accelerating without the right things in place can be painful and slow, and can lead to cash flow problems, burnout, and failure.
Preparation, preparation, preparation
Think of it as a bit like a racing car. If the car keeps going round the track, its fuel running lower and lower, its tyres becoming worn, it might be out in front for a short while, but before long, the car will run out of fuel and come to a halt, or blow a tyre, spin out and crash. A racing car driver knows how important the right preparations, tools and race day strategies are to success.
Before a business tries to accelerate, it needs to do the right preparation, so it has solid foundations on which to build. Then you need to plan the sequence of events necessary to support the acceleration of the business. This includes defining the right systems and processes, selecting the right technology, and recruiting the right people and suppliers. In our experience, you need to first:
These are not things you can skip or sort out later without consequences. Like the racing car driver who doesn’t prepare and maintain the car, without these factors, you risk your business coming to a grinding halt or crashing when you press down on the accelerator.
Yet, many business owners still try to manage things on their own. They see spending money on getting help with this as a cost they can’t afford, rather than an investment they cannot afford to miss.
Preparing to accelerate your business
There is a wide variety of support for businesses out there. But if you’re wanting to accelerate your business, you need to ensure it prepares you thoroughly for what is coming - ready for the race ahead.
At Lesley Jones, our approach differs slightly from the traditional method you would experience in a business. Instead, we focus on your customer and their journey. While this often results in a business with the same pieces in place, i.e., HR, sales, accounts etc. the way you arrive at the solution is different and places your customers at the heart of all you do.
But, not only that, we also take into consideration what you want from your business. For example, the Business Accelerator starts with you defining your vision for the business, including how much you want to earn and the days of the week you want to work. From there, we look at your value proposition, your customer’s journey, and what you’ll need to deliver it.
It is only then that we can identify the areas of your business that don’t currently support your vision. From there, we can create a strategy for building these areas into your business. This includes considering the cash flow needed at each stage, so you don’t run out of the fuel you need to accelerate your business.
It is only in this way that you can successfully create, and accelerate, a business that delivers for both you and your customers.
For more information, please get in touch.