HIRE PEOPLE BETTER THAN YOU
Sooner or later, all businesses hit that wall. For business owners it is a tough but salutary experience to realise that the main obstacle to growing their business is, in fact, themselves.
It takes real bravery, passion and great ideas to start a business, then to pull it up by its bootstraps. However, once the model is proven, the enterprise takes on a different aspect and turning that great idea into a thriving and growing business can become a huge task.
The focus in such businesses is normally on doing the same thing over and over again, rather than constantly changing direction by trying new ideas.
Profit and Systems
Each potential client should be judged on profitability. Systems should be put in place to keep costs down. Mistakes learned on the way should be studied and not repeated.
The only thing distinguishing outwardly similar businesses is the quality of the delivery. Sadly the people who were the best performers in the opportunistic early days may not be right to deal with more systematic and bureaucratic clients.
It is vital business owners learn to delegate. Every successful entrepreneur, from Sir Richard Branson down, explains that the biggest factor in their success was their ability to hire people better than themselves and let them get on with it.
All of these factors involve some serious soul-searching for the business owners. They need to have a Business Coach and or mentor who has experience of going through this phase, who knows them and their business well, can spot their weaknesses and provide impartial advice on the right way forward.
Considered using a Non-Executive Director / Coach and or experienced Business Advisor in your business? Contact me now for a no cost, no obligation initial meeting.
John Barnes CDir; MIoD; FRICS
Non Executive Director & Business Advisor.