Top 10 Speedbumps to Business Growth
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Top 10 Speedbumps to Business Growth

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Your business is successful and growing, and all of a sudden . . . Boom! . . . you hit a barrier. Slows you way down. I call them speed bumps to growth. Here are the ones almost all entrepreneurs run ...

Your business is successful and growing, and all of a sudden . . . Boom! . . . you hit a barrier. Slows you way down. I call them speed bumps to growth. Here are the ones almost all entrepreneurs run into, along with the remedy.

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Top 10 Speedbumps to Business Growth Top 10 Speedbumps to Business Growth Presentation Transcript

  • The Top 10 Speed Bumps to Business Growth. . . and how to smooth them out From “Grow Your Business without Driving Yourself Crazy® ” program ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 1
  • The Top 10 Speed Bumps to Business Growth1. Culture of smallness 6. Blindsided by opportunity2. Outgrowing your 7. Fear of marketing management style 8. No plan, no accountability3. Secret knowledge 9. Gas tank is on empty syndrome 10. Lone Ranger mentality4. Culture of no profit5. Stuck in the comfort zone ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 2
  • 1. Culture of SmallnessExamples - ÒMy door is alw open.Ó ays - ÒWeÕre all one big family here.Ó - ÒWe donÕt need j descriptions.Ó ob - ÒThe busines is me.Ó s©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 3
  • The Remedy – Foster a Culture of GrowthBasic requirements – - Have the right people - Systems and procedures for growth - Skills and capabilities - Workplace, materials, equipment - Attitudes and habits that support growth ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 4
  • The Remedy – Foster a Culture of GrowthYou must know what business culturewill get you where you want to go? E.g. . . . - Professionalism. Presentation - Consistency - Organization - Decision making - Lines of communication ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 5
  • Foster a Culture of GrowthAre you, your partner, and your peopleall on the same page? - Goals, want to grow - Level of commitment - Energy level - Comfort with newness, uncertainty, fast pace - Work styleIt starts with you.and . . . You must have the right people. ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 6
  • 2. Outgrowing Your Management Style “ The paradox of small business growth” Management styles that kill growth - One of the troops - Fire starter - Laissez-faire - Micro-manager - Bounce from one to the other - Head-in-the-sand management ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 7
  • The Remedy –Learn to Manage for Growth The Ladder of Executive Capabilities Executive Manager Supervisor Worker There can be no empty rungs on the ladder.©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 8
  • 3. Secret Knowledge SyndromeThings only you can do. Your special genius.You make it up as you go along.(Keeps you chained to the business.) The Remedy ÐGet secret knowledge out of your head!Delegate part of everything.Procedures, checklists, training(Frees you up to focus on growth, ease, andprofitability.)©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 9
  • 4. Culture of No Profit Pricing like a charity Mix business and personal Life is a write-off Avoid profit to avoid paying taxes©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 10
  • The Remedy – Build a Culture of ProfitabilityGo for break-out, not just break-even.Price for profitability.Pay yourself first.Spend no overhead before its time.But, know when to spend money to make money.Create financial statements that serve you.Borrow money when you donÕt need it.Never subsidize anyone richer than you! ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 11
  • 5. Stuck in the Comfort ZoneWhat do you do to avoid taking the big steps? The Remedy Ð Find your Òsweetspot of business successÓ Love to do People will Best at pay for ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 12
  • 6. Blindsided by OpportunityThere are 3 kinds of people. Those who –– Make things happen– Watch things happen– Ask, “What happened?”The Remedy –Be like the spider in the web.©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 13
  • 7. Fear of MarketingWhat bothers you the most about marketing?The Remedy –Sell from your passion, your desire to contribute to others.Find what works, do more of it.Stop doing things that don’t pay off and that you don’t like.Start with allies; take small steps.Get help. You don’t have to do it all. ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 14
  • 8. No Plan, No Accountability “Why bother planning? Things change before the ink is dry.” “My plan is in my head.” (No-one can hold me accountable.) “I have a plan. There it is—up on that high shelf.”©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 15
  • The Remedy –Plan for what you can. Then plan for how youwill deal with the things you canÕt plan for. How can you handle the uncertainty in your business?Plan around what is most important for youÑ inbusiness and life. What is most important to you?©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 16
  • The Remedy – Have an Action PlanIf you can’t write it on a page or two, you can’t get it done ina year anyway. Vision. Long-term goals and objectives This year’s goals and targets Financial goals: Revenue. Profit. “Make a profit budget.” Your pay. “Pay yourself first.” Marketing and selling. Operations Balance between business and the rest of your lifeBuild in a review mechanism. ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 17
  • Key ChallengesHow will you identify the toughest challenges? - Toughest for you to do - Most critical - Keeps you up at night - You’re likely to let it slideYeah, that’s the one! You know what it is.Your plan must include how to tackle this. ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 18
  • 9. Gas Tank is on EmptyYour are underappreciated, burned out, underpaid. The Remedy ÐZen master storyGo back to Ò Sweet Spot of Business Success.ÓGo on to next slide. ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 19
  • 10. Lone Ranger Mentality ÒCanÕt afford help.Ó ÒDonÕ t need advice.Ó ÒJustneed to keep working.ÓThe impact: Isolated. Make unnecessarymistakes. Stuck in the molasses. Constrictedvision. Burnout. ÒHowto go crazy without growing your business!Ó©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 20
  • The Remedy –Peer support group - Problem-solving - Feedback and validation - Accountability - Role models - Learn by teachingA resource that people in large companies dependon. How do small operators do this?IÕm gladyou asked . . . ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 21
  • That’ s it in a nutshell . . .Does any of this resonate with you? Want tolearn more?Call or email me –415-491-1896 or 800-367-9848mvh@businessgroup.bizWays to work with me ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 22