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Lessons learnt in business growth
Growing a business is tough so wouldn’t it be great if someone could tell you some of the pit falls
and how to avoid them?
I’ve been growing my own business and supporting others with the growth of theirs for many years
and I have learnt some painful lessons along the way.
This blog and my speaker session at the show are designed to help you scale your business without
some of the growing pains I have experienced.
Let’s dive into two key areas now.
If your business is like your competitors, it is very tempting to look at what it is they do and try and
emulate this. This is especially true in the early days and when the founders are new to building their
What works for one doesn’t always work for others and trying to build to the same model as a
competitor can waste time, money and energy; ultimately it can doom your business.
You are not your competitors, you are unique, and your business should emulate that. Look at your
strengths and what makes you and your business different and find your own way.
We have seen businesses try to be something they are not and ultimately, they have failed or had to
rapidly adapt. This is particularly true in a saturated market. Your competitor is likely successful
(that’s why you want to emulate them) however customers faced with 2 choices, which look similar
will likely go with the more established option.
Dare to be different and dare to find your own way.
Understanding your Financials is vital.
Most people who run their own business know that “cash is King” most businesses who fail do so
because they have run out of cash.
Why then do so many shy away from the financials or think they can do it them themselves?
For some it can be intimidating but It is vital to receive, read and understand your management
information at least every month. This information should include financial performance, cash
management, sales analysis, forecast information etc.
Creating Financial Reports isn’t something business owners should do themselves; this puts them in
the business not working on the business
By outsourcing this you can then spend time running and developing your company and most
importantly you can read the management information you receive. If you create it, you are too far
in the detail and you can get stuck.
If you don’t know how to read your financials it is vital you learn and there are many ways to do this.
We have seen so many businesses in crisis because they haven’t had the right information or have
had it but not understood it. For this reason It can also be very helpful to have an independent
support and opinion on the numbers; a trusted advisor to help you make the right decisions for you
and your business.
The small decision to invest in someone producing this for you and looking after your financials
means you can focus on what you do best, and you can relieve the personal pressure and reduce
You will find Amanda on stand 340 if you would like to know more, she is delivering a seminar on
business growing pains on both Wednesday and Thursday at 11.45 in seminar hall 8.
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