In this article, originally featured in Business Leader: IC Blue has succeeded by understanding how and when to change its value proposition to better align with customer needs
In this article, originally featured in Business Leader: Clare Harris turned her childhood experience laying tables for her family into a company, Talking Tables, that generates more than £25m a year in revenue
In this article, originally featured in Business Leader: Ideal Response Group has seen significant growth, but founder Javid Ibrahim recognises that to move to the next stage he must have time to think and plan strategically
In this article, originally featured in Business Leader: James Thomas’s Azzuu sports platform has grown rapidly after initially focusing on honing its platform by working with just one team: Everton
In this article, originally featured in Elite Business: In a skills crisis, how can we find, train and retain talent, ensuring their contribution builds the business, not just their careers
To build your business into an Asset of Value that will generate income today and capital tomorrow, you need to build a team. Unless you have a purposeful team on board, you are up the creek without a paddle. Or rather, paddle you will, 24/7/365, which means you have a job.
In 2023, British businesses advertised upwards of 1.4m jobs. Put differently, businesses needed to fill almost 1.5m job vacancies to sustain and grow their companies. Without people, you cannot grow and sometimes sustain what you have worked so hard to build. Yet our country barely released 400,000 people into our working economy. We have a skills and labour crisis, and it’s driving several outcomes that are likely to stay, including inflation, upward delegation, slow/stuck/regressive growth and disillusionment. Plucky politicians, including our current PM, dodge the issue, for which all sensible resolutions would be politically fraught and risk an uproar from vested Brexit interest, tax legislators, anti-globalists, and nationalists. The current rhetoric is that A.I. will plug the gaps. It’s a useful position where everyone slings the acronym around as a catch-all to sound smart, activate investment interest, and even win over new friends and contacts. It’s of no value right now when you are trying to build a team to take on the daily, weekly, and monthly operational activities that anchor you in the daily operational grind of sustaining your business, never mind growing it. You need people and talent to get going and growing.
This invites a conundrum. How do we source, win, and onboard talent where business owners and employers must gain equally from the relationship?
Talent invites several risks, including competition to afford their hefty salaries, attitude and arrogance once talent is onboarded after the hard sell of winning their favour, and vulnerability when talent delivers value and holds you ransom. Of course, the risk of expensive talent failing to deliver is also ever-present and all too common.
If your intent remains building an Asset of Value, ensuring that you translate talent’s value into company value is vital. The greatest, unmeasured cost I’ve seen across business is the cost of winning talent and receiving value from it when the talent vacates takes the value with it. It is a horrible failure in leadership, too, and a mistake that should only ever be made once. Watch the session below to appreciate the true cost a business owner faces after 20 months of investing in unmeasured and unmanaged talent.
There are several approaches to guarding against this cost.
Should building an Asset of Value be your objective? Once you are clear on your company’s purpose, bring it to life by first creating a system of delivery. This requires you to translate your desired customer experience into sequential, measurable activities that can be taught, delegated and remunerated, including how you market, sell, deliver, service and administer customers. Once done, the value lies in your company. Alternatively, hiring talent to create this consistent client experience means that the value of that experience lies with your talent unless you can ‘decode’ your talent into a system that can be shared, used and taught to other team members. Grinding out the former option takes longer but is more sustainable and valuable. It’s also more affordable and ensures your time and attention invested in getting it right remains your company’s IP.
Perhaps winning the war for talent is less about the scarcity of able, capable employees and more about adopting a different approach to how you lead, build, and capitalise your company. Wear both hats: that of an operator who can build solutions to win customers and hold them through a consistent, dependable customer experience and that of an investor who ensures that all your investments in human talent translate into value that vests in your company.
In this article, originally featured in Business Leader: An early interest in diving led to Yvonne Whiteley moving into data and eventually buying RED Scientific, which combines scientific research, technical support and engineering
In the landscape of mid-tier businesses, vision serves as a cornerstone for sustainable growth and prosperity. But what exactly does it mean to have a vision for your business? How does it evolve over time, and why is it crucial for long-term success? These questions often resonate deeply with mid-tier business owners seeking to navigate the complexities of today’s competitive market.
The Essence of Vision
For mid-tier businesses, a clear vision is not just a luxury but a necessity—a guiding star that illuminates the path forward amidst uncertainty. As Pavlo observes, “If your business doesn’t have a vision, then where on earth do you think it can possibly go?” Indeed, a vision serves as a compass, providing direction and purpose to every endeavour undertaken by a business.
However, the concept of vision extends beyond mere aspirations or dreams. It embodies a deeper understanding of the problems a business seeks to solve and the impact it aspires to make in the world. As businesses evolve, so too must their vision, adapting to changing landscapes while remaining rooted in their core purpose.
Navigating the Evolution of Vision
In the early stages of a business, survival instincts often drive decision-making. The relentless pursuit of growth and stability propels entrepreneurs forward, fuelling their drive and determination. Yet, as businesses mature and ascend to the mid-tier realm, a fundamental shift occurs. No longer content with mere survival, business owners begin to envision a future defined by purpose and impact.
Crafting a Purpose-Driven Vision
The true essence of a compelling vision lies in its ability to inspire action and unite stakeholders under a common cause. Beyond profitability, it encompasses the profound impact a business strives to achieve—the problems it solves, the lives it touches, and the legacy it leaves behind.
A vision must be dynamic, capable of evolving with the ever-changing landscape of business and society. While the means may vary, the core purpose remains constant, driving innovation and adaptation in pursuit of a shared goal.
The Role of Leadership in Visionary Growth
Central to the cultivation of a powerful vision is effective leadership—a guiding force that steers the course of the business towards its destined future. Leaders within mid-tier businesses must not only articulate the vision but embody it, serving as beacons of inspiration for their teams.
In cases where leadership falters or stagnates, the entire organization feels the repercussions. A lack of vision breeds complacency, stifling innovation and impeding progress. It is incumbent upon leaders to continuously reevaluate and realign their vision, fostering a culture of growth and resilience.
Embracing the Journey of Visionary Leadership
Vision serves as the catalyst for transformative change and sustainable growth. From humble beginnings to soaring heights, it guides businesses through the complexities of today’s market, anchoring them in purpose and possibility.
As mid-tier business owners navigate the ever-evolving landscape of commerce, let them heed the wisdom of visionaries past and present. Let them dare to dream boldly, to envision a future where their businesses not only thrive but leave an indelible mark on the world.
In this article, originally featured in Business Leader: RNB Group has weathered a series of storms, from GDPR to Covid, but has learned to invest for growth.
