Setting your business apart in a crowded market is vital if you want to grow. Building your commercial systems to enable it, even more so. Sourcing the blueprint for how your business systems will be built, is the key that unlocks your scale and growth, or a chaotic nightmare.
Tag: Growth strategies
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 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
Pavlo recently had a valuable conversation that highlighted the common challenges faced by many business owners. One crucial aspect that determines the effectiveness of your business in terms of competition, scalability, growth, and industry dominance is how you position it.
Here’s the context: the business in question deals with second-generation door and window frames, and it has been operating for three generations. The owners have been blindly loyal to their suppliers, but they are experiencing a decrease in customer loyalty. Additionally, they are grappling with an aging workforce and the absence of apprenticeships and artisanal skill development.
The business has hit a growth ceiling, and what makes matters more pressing is the fact that the average age of competitors across the industry is approaching 61. This poses a challenge as the business needs to grow to combat inflation and secure retirement and pensions for the third generation, who are constantly uncertain about the future.
The owners are aware of what needs to be done to foster growth, but they find themselves lacking the time to dedicate to it. Their daily, weekly, and monthly operations are the center of their attention.
To overcome these challenges, the resolution lies in repositioning the business. The following steps should be taken:
- Position: Clearly define the business and its core focus. Determine precisely who you serve, and what experience you provide in delivering your solution to them.
- Build a system of delivery that codifies every action and step that enables that delivery, consistently.
- Do it with your team: Acknowledging that growth cannot be achieved alone, they engaged their team in the decision-making process. By leveraging collective knowledge and expertise, they instilled a sense of ownership and commitment, inspiring everyone to work towards a shared goal.
- Release your time: Recognizing the value of the business owner’s time, they delegated and automated tasks that could be handled by others. This freed up time for the owner to focus on growth strategies, explore new opportunities, and build connections with industry leaders.
As the business owner, you need to ask yourself, “What is your job”? In our door and window frame company example, the business owners shifted from being immersed in daily operations to becoming leaders. Guiding and inspiring the team towards achieving growth objectives became their primary focus. To get this right, take a leaf out of their playbook:
- Start: What business are you in? Revisiting their core purpose, they identified the specific niche within the door and window frame industry where they aimed to excel. This allowed them to differentiate themselves and concentrate efforts on areas with the greatest growth potential.
- Build – create a chassis to support growth: By decoding what they did and how, they established a solid foundation to develop apprenticeships and skill development initiatives to attract and nurture new talent, ensuring a sustainable workforce for the future.
- Grow and lead it: The business owner took the lead as the driving force behind the company’s growth. Actively seeking expansion opportunities, exploring strategic partnerships, and embracing innovation became their mantra to stay ahead of the competition.
- Sell and package it: Understanding the value of their business, and with a system and team in place that showed potential buyers the sustainability and growth trajectory, the owners have built the business into an asset that functions without them in it, and thus can be succeeded or sold.
Positioning your business effectively is crucial for competition, growth, and industry dominance. The experiences and challenges faced by this door and window frame company underscore the significance of strategic decision-making, fostering a growth-oriented culture, and adapting to changing market dynamics.
To listen to the full discussion from the show: