Author: Lindokuhle Ntombela

Unlocking Business Growth: Navigating Stagnation, Stuckness, and Chaos

Written by Lindokuhle Ntombela on October 5, 2023. Posted in Asset of Value, Grow & Exit, Insights, Mindset, Positioning, Scale & Grow.

In the world of business, growth isn’t always a straightforward path. Many business owners, regardless of their experience, encounter three common growth challenges that can leave them feeling frustrated and exhausted. Let’s delve into these challenges and explore strategies for overcoming them.

1. Stagnation: When Growth Hits a Wall

Stagnation in business is like running on a treadmill—you’re expending energy, but you’re not getting anywhere. Business owners often attribute this to external factors, like market conditions or economic fluctuations. However, it’s crucial to recognize that stagnant growth often reflects an inward-looking, passive approach.

The solution? Start by re-evaluating your business mindset. Instead of dwelling on external factors, shift your focus to what you can control. Embrace change, be proactive, and actively seek out growth opportunities. Blaming external factors won’t drive progress, but a change in attitude and approach can.

2. Stuck Growth: Spinning Your Wheels

Stuck growth is akin to trying to move a car out of the mud—you’re putting in effort, but the wheels keep spinning. In this scenario, your business might be making deliberate efforts to expand, but the outcomes remain disappointing.

To break free from this situation, it’s necessary to reconsider your approach and actions. Understand that what worked in the past may no longer be effective in the current business landscape. Re-evaluate your strategies, investments, and operations. Seek expert guidance if required. Don’t persist with the same methods if they’re not yielding results.

3. Chaotic Growth: Thriving Amid Turbulence

Chaotic growth can be both exhilarating and overwhelming. Your business is expanding, but it feels like you’re constantly putting out fires. Daily operations become increasingly complex, and you’re pulled in every direction.

To regain control during chaotic growth, focus on establishing a robust foundation. Reorganize your business structure and operational processes. Simplify workflows, delegate responsibilities, and introduce systems that can handle growth efficiently. Building a structured foundation will prevent you from getting bogged down by the daily whirlwind.

Regardless of the growth challenge you’re facing, it all begins with a shift in attitude and approach. Recognize that your business and the business environment are in a constant state of evolution. What worked in the past might not be effective today. Embrace change, take control of your business’s destiny, and adapt to the evolving landscape.

In the words of Thomas Edison, “Opportunity is missed by most people because it is dressed in overalls and looks like work.” Don’t let these challenges deter you; instead, view them as opportunities to evolve and thrive in the ever-changing business world. Unlock your business’s growth potential by adopting the right mindset and strategies.

To listen to the full discussion from the show:

Elite Business: There is more foam in the AI coffee than actual coffee right now

Written by Lindokuhle Ntombela on October 3, 2023. Posted in Creating time, Featured, Innovation, Insights, Leadership, Operational systems, Positioning, Scale & Grow, Team.

In this article, originally featured in Elite Business, Pavlo Phitidis explores the notion that while AI may not propel your business growth in the immediate future, grasping its potential value and applications is crucial for maintaining a competitive edge.

Recently, I grabbed a to-go coffee between meetings. As the coffee arrived, I tapped and left. It felt light, given the size of the cup. I lifted the lid and stared into the foamy abyss. Using the wooden stirring stick as a dipstick, I realised my large coffee was 70% foam!

It’s much like the current hype about AI.

If the job of a coffee is to have the caffeine keep you racy, pacy and alert, why the big cup if it is 70% foam? We buy with our eyes, and the psychological economics of different cup sizes and price points makes for smart retailing.

The same triggers in our brain that let us buy with our eyes activate around the AI hype feeding hope and fear. And the world of AI did a great job of it with the introduction of ChatGPT earlier this year. And that is where it feels like it has stayed.

In response to the impact of ChatGPT, we sprang into action and spoke to our teams. The message was clear. You’re fired if you ever approach me with a question that ChatGPT could answer. However, if you ever come forward with an answer that ChatGPT provided and that you could not explain or argue, you’re equally fired. Two juxtaposed positions are dramatised for impact but point to a simple, clear message. Get with it on tech, or you are no longer relevant in the world of future commerce, and that future is now.

Mindset matters, and adopting the right one to technology is essential to stay relevant and solvent. But mindset on tech is not enough to use it effectively and profitably.

Over the last 6 months since ChatGPT sprung into the market, we’ve reviewed multiple AI solutions or strategies proposed by clients across most industries. By far, most have been theoretical in value or moribund in reality. I write from the position of established mid-sized businesses with annual revenues between £5m-£75m.

Theoretical in value

Be it the hype, noise and thousands of AI hack infographics on LinkedIn; videos on YouTube and articles in the digisphere, the world of possibility is interesting but not practical. From taking jobs, doing jobs, and creating new jobs, what started fast has slowed as quickly. Bringing real productivity gains into your business without losing a distinctive personality remains a hope and dream rather than an accessible, practical reality. Building AI is hard and expensive, monetising it across a broad landscape through SaaS offerings and overcrowded app stores is harder.

Moribund in reality

Already, ChatGPT feels like it’s entering this categorisation. Has it become dumber? The quality of answers it offers on mostly similar questions I asked over the last 6 months has waned. It has left me wondering if a suite of privacy interventions has compromised its ability to generate more meaningful and robust answers. Even prompt engineering hardly distinguishes one answer from the next. Across marketing, content generation seems to have peaked already, with little or no impact on the cost and investment in time and money to use the ocean of AI options.

A profitable reality

Across more than 3,000 companies, we see an approach, rather than a neat AI app, win the day on digitisation and AI solutions. However, it’s not about a hack or infographic on bringing AI into your business profitably. Like most successful acts in business, it goes down to the basic principles of what informs your action in building your business and step-by-step patient work.

First, know what business you are in. It has nothing to do with your product or service whose sole job is to solve a problem for your customer. It is all about who that customer is. Broad definitions of customers harm your ability to get this crisp and clear. Narrow definitions of customer are notoriously hard to get right. Yet, they are the blueprint against which your business should be defined, built and shaped.

Second, articulate your commercial activities, processes and procedures using this blueprint. How they are designed and implemented must be determined by that blueprint. The smart way to do this is with your team. Their involvement will create ownership and accountability as well as measured outcomes.

Finally, these activities hold the key to digitisation and AI adoption. Whether across marketing, sales, fulfilment, administration or procurement, inefficiencies and dull processing requirements are the first areas that lend to digitisation. Try it with your functional teams. Ask what is the most tedious part of their job and start there. Take that activity and see how it can be digitised using off-the-shelf or native software.

Don’t put the horse before the cart.

What is critical in this process is that you start at the beginning and define your business. For example, adopting software to digitise a marketing or sales process not designed and characterised by your customer segment’s behaviour creates a generic experience. Perhaps we no longer respond to canned marketing emails or automated sales engagements. If you start with the software, you will build what everyone else already has because they use software to create structure and systems, not the lived experience of the people in the organisations that engage and buy answers to problems.

AI is exciting. We have baked it into our platform across 3 areas. It’s working okay. Each week, it gets better as we learn its limitations and potential. Adopting technology is a vital act of leadership. Leading it, adapting it and recognising that it does not hold all the answers but will hold many opportunities is a critical mindset.

By Pavlo Phitidis

This Week@Work: Get off the rollercoaster of project based revenues

Written by Lindokuhle Ntombela on September 29, 2023. Posted in Lead generation and conversion, Mindset, Positioning, Scale & Grow, Week at Work.

This Week@Work: Big event-based income generators consume you and the business for their duration and usually leave nothing in their wake. It’s high-risk and unsustainable beyond your involvement.
If your business is based on a few big projects, where do you look to find ways to build annuity income that will smooth out your revenue, capacity, and attract ongoing income from the same clients – as well as help to attract new ones?

This Week@Work: Defy the skills shortage with a fresh approach to recruitment and your team.

Written by Lindokuhle Ntombela on September 21, 2023. Posted in Leadership, Operational systems, Positioning, Scale & Grow, Team, Week at Work.

This Week@Work the skills shortage has been touted as a skills crisis. How do you get the right people to do the right thing at the right time, all the time? The solution lies deep within your business – understanding clearly what problem you solve, for whom and then codifying the activities that deliver the solution and experience are the key to building a purposeful team.

Navigating the Road to Retirement: Building a Lasting Legacy in Business

Written by Lindokuhle Ntombela on September 7, 2023. Posted in Asset of Value, Grow & Exit, Insights, Mindset, Positioning, Scale & Grow.

In the ever-changing landscape of business, where startups can skyrocket or vanish overnight, the journey from small business owner to industry veteran is nothing short of remarkable. What should you do when you’ve built a successful business over two, three, or four decades? Should you retire, or should you continue running the show until the end?

The Essence of a Business

A fundamental principle in business is that it should be designed to operate independently. Your business is a living entity, much like a well-functioning organism. So, what should you consider when you find yourself in your 60s or 70s after dedicating a lifetime to your business? Is retirement the next logical step?

Legacy and Purpose

Contrary to common perception, entrepreneurs don’t typically retire solely for financial gain or out of sheer greed. The decision to retire often arises from exhaustion, health concerns, family matters, or a sense of stagnation. These factors raise a fundamental question: What drives business owners to continue or to step away from their enterprises?

Creating Meaning

I believe there are deeper motivations that underpin the decisions of business owners. The journey of entrepreneurship begins with an audacious act of courage, often driven by necessity. It involves doing things differently, leveraging your skills and knowledge, and creating something unique that leaves an indelible mark on the world. This is the genesis of meaning in one’s entrepreneurial voyage.

Furthermore, business owners must care deeply about their employees, suppliers, and customers. Being in service to others while nurturing creativity adds profound meaning to one’s life. The fusion of creativity and service forms the very essence of an entrepreneur’s existence.

The Challenge of Letting Go

When a business is well-established and capable of operating autonomously, the thought of retirement may cross your mind. But what comes next? This is a question that every aspiring retiree must confront. The routines, habits, and rituals that have defined your daily life suddenly vanish. Where can you find purpose in the post-retirement phase?

Creating a Vision for Progress

One way to ensure a fulfilling transition is by envisioning your role within the industry. Consider the story of an 84-year-old business owner who, due to a lack of innovation and systematization, couldn’t let go of his business. Had he exited at the zenith of his business’s success and reinvested in nurturing emerging businesses within the industry, he would have continued to make a meaningful impact and maintain a sense of purpose.

The journey of a business owner doesn’t have to conclude with retirement. It can transform into a purposeful existence that fuels innovation and contributes to the industry’s growth. These insights remind us that entrepreneurship isn’t just about creating wealth; it’s about crafting lasting legacies that endure beyond one’s lifetime. So, whether you choose to retire or remain at the helm, your decision should align with your vision for a meaningful and impactful journey in the world of business.

To listen to the full discussion from the show:

https://omny.fm/shows/small-business-focus/small-business-focus-should-you-retire-as-a-busine?in_playlist=sb

This Week@Work; Innovate or Die

Written by Lindokuhle Ntombela on September 6, 2023. Posted in Grow & Exit, Mindset, Positioning, Scale & Grow, Succession, Week at Work.

Innovation creates something more for the same price, OR the same for a better price. It means you should constantly create, test, experiment, and improve what you already have….even if it works. It’s a practice and mindset and the key to unlocking the excitement your business needs to attract talent, suppliers, and customers and make it more interesting for you.

This week@work Attitude + Actions = business trajectory

Written by Lindokuhle Ntombela on August 31, 2023. Posted in Creating time, Grow & Exit, Leadership, Mindset, Scale & Grow, Week at Work.

This Week@Work there are two things that will determine the future of your business.

1. Attitude – the way we see the world determines whether we see opportunities or risk, whether we embrace change or hide from it.

2. Our actions, specifically our unconscious ones, the habits that have helped us to start, build and grow our companies, may be the same habits that are now holding us back from next level growth

This Week@Work: Date your customers

Written by Lindokuhle Ntombela on August 24, 2023. Posted in Grow & Exit, Lead generation and conversion, Leadership, Mindset, Positioning, Week at Work.

This Week@Work Pavlo is more disillusioned than ever with digital marketing. It’s increasingly a game where you pay to play, and the only ones who seem to win are those with the deepest pockets, and the platforms themselves. What alternatives do we have to woo customers? Could the answer lie in getting to know them better?

BUSINESS LEADER: Rituals, routines, habits: The blueprint for transforming your business growth

Written by Lindokuhle Ntombela on August 23, 2023. Posted in Insights, Leadership, Scale & Grow.

In this article, first published in Business Leader, Pavlo shares Rituals, Routines, and Habits: The Blueprint for Transforming Your Business Growth.

Once your business has achieved a ceiling of performance, how you invest your time and attention determines your future success. To understand how we invest our time and attention, we can look at the habits that drive us, consciously and unconsciously, every day. Our habits form behaviours that manifest both good and bad outcomes.

Habits form when you do something that makes you feel good and can be initial and ongoing. Here’s an example of each.

A cigarette makes you feel good when you light and drag on it. You might feel awful after, and swear to stop smoking, but you won’t and don’t. I’ve observed this as a non-smoker for years. So why did you start smoking in the first place? Was it to be cool or fit in?

Whatever it may have been, you likely developed a habit around it – a morning and evening smoke or when things get rough in life. Mostly, you don’t even think about it. You light up and draw, reminding yourself that you are going to die one day or promise yourself you’re going to give up next week.

A good habit might be brushing your teeth twice a day. Don’t do it and feel uncomfortable. Do it, and you feel virtuous, clean, and fresh. You likely do it now without even thinking. It’s a habit.

Both are mainly unconscious. You do both whilst thinking or doing other things. And yet, these acts bear consequences. They shape your future despite your aspirations and intentions.

What does this have to do with business growth?

Upon reaching a certain level of business performance, your time and attention, more than money, skills, strategy, and advice, are the greatest determinants of future growth.

Understanding what guides your time and attention becomes the most critical insight into your company’s future and leadership imperative.

There are primarily 3 drivers:

Rituals

These are considered actions and behaviours intended to yield a clearly defined outcome. For example, 20 min of exercise, followed by 10 minutes of meditation first thing every morning. It is deliberate, purposeful, and practised.

Routines

Patterns of behaviour set by circumstances. For example, a weekly routine that sees you go to work differs from a weekend routine that does not. In each case, the routine is governed by the day’s or event’s logistics and requirements.

Habits

Both routines and rituals can become habits. A ritual that becomes a habit loses its purpose since rituals are meant to be intentional and purposeful, requiring conscious, practised presence. Routines lead to habits more often. But habits also form based on past behaviours, responses, practices, and circumstances. It makes them the hardest to see, understand and change and skews your ability to evaluate how you invest your time and attention.

As a business grows from one level to the next, fundamental changes are needed to support the growth. How you lead, manage, and behave as a business owner in a company generating £5m annual revenues is fundamentally different to what is needed for a company generating threefold that. And to get a company from there to that future revenue requires different routines and habits to those that got you there in the first place.

So, can you change your habits to enable this growth?

Popular culture says yes. Identify the habit, understand the trigger, replace it with better behaviour, reward yourself each time and after 21 or 33 and ¾ days, a new habit is formed.

I don’t buy it. Many business owners backslide from leading growth into operating the business. What’s needed is more than willpower and six steps to success in habit formation.

By creating a monthly ritual that holds you accountable to your intentions and goals, using a trusted observer who asks the right questions, challenging and debating your answers, and using data and evidence to maintain clarity and truth, the likelihood that you will always practice the right habits for the right time is greatly enhanced. Consciously investing time and attention to growth, rather than having time and attention absorbed by old habits, is the key to unlocking your full potential in life and business.

This Week@Work: Die at your desk

Written by Lindokuhle Ntombela on August 18, 2023. Posted in Creating time, Funding, Lead generation and conversion, Leadership, Mindset, Positioning, Scale & Grow, Week at Work.

This Week@Work, purpose is paramount. Pavlo visited a successful tea company who now proudly display their original tea sorter (a DIY modified cement mixer!) in their reception area to remind the business about their heritage. In tough times, go back to what you’ve been through and come through to motivate you to get through now, and focus on what needs to come next.