Build a high performing engineering team that generates incredible profits & frees you up to focus on strategy, direction & the high-growth activities that will move the needle the most & make the biggest difference
Is your business completely dependent on you as the business owner? What happens if you decide to step away or take a holiday? What happens when you want to retire or go and do something else?
Most business owners can’t step away from their businesses – even for a week! And most definitely haven’t thought about the end game and what happens when they want to exit the business.
So how can you maximise business growth and how can you put a plan in place, so when it’s time to exit – the business keeps going and you reap the benefits of all of your years of hard work.
One strategy is to bring on a next generation of shareholders into your business.
A key benefit of having additional shareholders in your business is that you have more people around you, incentivised and motivated to build the business alongside you. It’s a fantastic way to leverage more people around you – helping you grow the business faster.
Starting a business is one thing, but running it successfully is another.
Small companies usually have one person that oversees all the areas of the business - the business owner – AKA you! When you own a business of that size, you are the one who’s in charge of admin, marketing, project delivery, sales, etc. You’re basically a one-(wo)man show.
And it’s understandable that things are like this, especially at the initial stages of the business. However, as the business begins to grow and the management team expands, things begin to change.
You, the business owner, no longer feel like you’ve got everything under control because while you’re dealing with one area, something might be going on in another.
That’s why it’s crucial that you have your own business dashboard so that you can stay on top of the most important metrics in your business.
You’d be surprised to find out that many small to medium business owners...
If selling your business or setting your business up for sale in the future is on your radar – then I’ve put together a list of the many factors to consider so you get the most out of the sale.
Essentially, you need to understand what potential buyers will look for when assessing the value of the business.
So, let’s break it down into four areas that we consider to be the key factors (in no particular order). All of these will contribute to the formula that’s used to calculate your business’s worth.
1. Key person risk
This refers to what kind of management structure you have in place in your business and how you spread the risk of the business being solely reliant on one key person. If everything in your business relies completely on you, then potential buyers won’t look on this favourably as there is too much risk placed on you leaving or not being there any more to run things.
However, if you’ve got an established leadership team...
Planning for an exit from your business is something that needs to be done well in advance. Too many business owners leave it too late or don't plan for it at all. Don’t make that mistake because you'll never get what you want for your business to set yourself and your family up properly.
But you might be thinking - why should I plan for my exit now when I’m not even close to retiring? Or perhaps you’ve only recently started your business journey and you’re full of enthusiasm. So why think of an exit now?
Even if you don't plan to leave your business in the near future, it’s so important that you think about your exit strategy now because that’s how you can maximise the value of your business.
So, rather than being a rudderless ship & waking up one day realising that you don’t have a saleable business or an exit strategy – let’s be very strategic about it now.
Being strategic about it starts by...
Managing a business requires making daily decisions - whether related to setting priorities, finding good solutions, or simply choosing how to best communicate with current and potential clients.
Have you ever thought about how effective your decision-making is? Do you procrastinate when making those decisions? Do you overthink?
It’s only normal to approach making decisions carefully because that is what’s going to take us towards either success or failure. If your decision-making process is flawed though, you’ll come unstuck sooner rather than later.
Today, I want to explore with you why making decisions doesn’t need to be hard and how we can make it easier.
Most often, the core of the problem is putting off making decisions. There are so many to make and we tend to wait for a better time to make them, when we’re focused or have time to think things through. But let’s be realistic. That time never comes - because perfection doesn’t exist.
When running a business, you go all in right from the start. It’s your baby and you want to give it the best chance of succeeding. Therefore, it’s no wonder that your enthusiasm and motivation are at their highest. You want to have satisfied customers/clients and you work on that day in and day out.
And so, many times you automatically think that the same motivation you have translates to your team. However, the reality is that it is not always the case.
You’ll soon realise that there are two types of people (i.e. workers). And that having both on your team means that it will not be performing as you had hoped it would.
Let’s explore who those are, and how you can create a team of wonderful people that will drive your business forward.
The first type of worker is the unproductive worker (or the laid-back comfort seeker). It is these slackers that can lead to missed deadlines, decreased morale, and ultimately hurt your business.
If we think about why they are...
Pricing your services is always tricky because there are so many different models you can use. Plus, you’ve got to consider your expertise, experience, and the current market situation. So, it’s only reasonable that there will be times when you have clients that challenge your pricing.
Today we’re going to work through what to do and say when a client tells you you’re too expensive.
A very common initial reaction to this kind of remark is to back down - to really start to doubt yourself with regard to your fees & hourly rates. And what this will do is have you immediately consider reducing your price.
Or in other words - reducing your worth.
Why does that happen?
It’s the people-pleasing trigger or part of us that gets pulled. We always want to have satisfied & happy clients, or we want to get that new client across the line (aka get more cash flowing into the business).
But, I’m here to tell you that you need to silence...
How many times has a client asked you to do something and it’s prompted an automatic YES from you?
And then you end up readjusting your calendar and wondering where in the world to put the extra work you’ve just agreed to.
I think it’s happened to all of us, but today, I’d like to dive deeper into what this sort of behaviour leads to and how it can be prevented.
The first example that comes to mind is the time leading up to Christmas (but it could be any other holiday or your annual leave for that matter). Before we take that break from work, all projects must come to a close. We all have it planned out, don’t we?
And you probably already know that it is at those exact times, a client or two will come to you with an urgent request. There’s this one extra thing that they need done before the break. You accept their request and add this to your workload (although it’s already full) because it’s your client and you want to leave a...
Dreaming of growing your business and achieving those goals you set for yourself in your business plan?
And getting to that point where clients will come looking for you because you are their go-to problem solver?
I think we all fall into this category.
But what makes businesses actually successful and stand out here is being smart and going about this process wisely.
And if there’s one thing that can really hold your business back, it’s NOT being clear on your ideal client.
This can have an immense impact on the scalability & the success of your business.
So, why is this so important?
It’s because it’s got such a domino effect on the main drivers necessary for a business to thrive.
Let’s imagine that at the moment, you’re not sure who or what your ideal client is and that you’re taking on work from many different clients that all have different needs and wants. One client asks that you do something in a particular way, and the other prefers a completely different approach … you...
How many times have you heard that strategy is important?
I bet a heap of times!
And even though you know it’s important, it’s the first thing to get neglected or let go of when you get busy.
It’s easy to get caught up with all the day-to-day activities - dealing with challenges, resolving problems, providing for your clients, etc.
And at some point, you bring your head up from being stuck in the weeds and putting out fires all day long and you realise that you are going in an unknown direction, or not the direction you were hoping for.
This is where I need to remind you that one of the essentials for business success is revisiting your strategy on a regular basis.
So what does that look like? First, you allocate some time every month or quarter to review your strategy. And then, each time you have that strategy review slot, you need to ask yourself several simple questions.
Let’s dive into those now.
Q1: What is my long-term business vision?