Work 'on' not 'in' the business

By Heather Wilkinson, Business Coach

The key to successful entrepreneurial growth is to be able to position yourself so you can work ‘on' the development of the business, as opposed to ‘in' the business dealing with day to day operations and clients.

When you start out you tend to work ‘in' the business as you need to refine the daily operations and manage customers to ensure you have a clear method of working in place for others to follow. However, it's important that you continue to work ‘on' the business throughout this period and start to increase your focus on it as time progresses.

It's important to keep the vision of what you want to achieve. If you don't spend time assessing the factors detailed below, you are at risk of losing your way and failing.

When you work ‘on' the business you need to think about the following factors:-

Financial 

You need to review your accounts and assess whether you are generating the income that you planned to achieve.

• Are you hitting the financial targets you need to achieve per month to cover your costs?
• What financial targets do you need to achieve to take on new staff?
• Do you need to secure additional investment to grow?
• Will your current marketing and sales strategy achieve your desired results? 

Marketing

You need to review the number of new client leads you are receiving and assess the productivity of your existing marketing strategy.

• Do you know which marketing channels are driving traffic to your website?
• Do you know how your new clients are finding out about you?
• What are the profiles and characteristics of your existing client base? Is it what you expected?
• Are there new marketing channels you need to explore?
• What marketing channels are your competitors using?

Sales 

You need to review the conversion rate of new clients and assess how effective your sales strategy is.

• What is your current lead to conversion rate?
• Why are people not buying from you?
• Why do people buy from you? Are these reasons expressed as unique selling points in your marketing materials and website? 
• Overall do you need to refine your sales pitch in anyway?
• Are you maximising your sales value per customer?

Competition 

You need to keep an eye on the competition to assess their movements on a monthly if not weekly basis. 

• What are their special offers? How are they marketing themselves?
• What is their sales pitch? Are there new competitors in the marketplace?
• How are you distinguished from your competitors?
• How can you compete with them effectively?

Innovation

You need to review industry trends and customer interests regularly.

• What are the latest products and services in the market?
• Could you diversify into new products or services?
• Could you refine and improve your current offering?
•  Do you need to secure investment to stimulate new innovation in your brand?

Growth Strategy

You will need to research and plan a suitable growth strategy for your business.

• What type of growth model would suit your business?
• Do you need investment to grow?
• Do you know what success would look like?
• Do you want to diversify your brand?
• Do you want to increase or refine your client base? 
• Do you want to expand geographically, if so have you assessed locations?
• What is your expected time period for growth?
• Do you need to undertake any training to achieve this vision?

Team

You will need to plan the team structure required to achieve all of the above.

• Have you defined the job specifications for the team members required?
• Do you know anyone suitable to fulfil the roles? If not, what will your method of recruitment be?
• What will their salary expectations be?
• What is the timescale for recruiting them?
• What financial targets do you need to have met - in terms of either sales generation or secured investment to take on new staff?

It's important to review, assess and take action on all of these factors, at least once a month, to work ‘on' the development and refinement of the business strategy. Having answers to all of the above questions will ensure you and your team are confident and focussed on what they need to do to achieve results, and the provide confidence to your potential investors and stakeholders.

Striding Out can support you to develop your business strategy for addressing the factors above and growing the business.

Striding Out is running Business Growth Programme n Liverpool and London during the Autumn.

Funding is available to cover the costs of these services for eligible individuals.

Back to Growth Strategy

Need Help?

Our business coaches are here to help. Find out more about our business coaching services or email us at coaching@stridingout.co.uk to arrange a chat with one of our coaches.