Speed Bumps to Business Growth 2012
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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 into, along with the remedies for each.
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Speed Bumps to Business Growth 2012
- 1. 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
- 2. The Top 10 Speed Bumps to Business Growth" 1. Culture of smallness! 6. Blindsided by opportunity! 2. Outgrowing your 7. Fear of marketing! management style! 8. No plan, no accountability! 3. Secret knowledge 9. Gas tank is on empty! syndrome! 10. Lone Ranger mentality! 4. Culture of no profit! 5. Stuck in the comfort zone! ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 2
- 3. 1. Culture of Smallness" Examples - “My door is always open.” - “Weʼre all one big family here.” - “We donʼt need job descriptions.” - “The business is me.” ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 3
- 4. The Remedy – " Foster a Culture of Growth" Basic 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
- 5. The Remedy – " Foster a Culture of Growth" You must know what business culture will 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
- 6. Foster a Culture of Growth" Are you, your partner, and your people all on the same page?! - Goals, want to grow! - Level of commitment! - Energy level! - Comfort with newness, uncertainty, fast pace! - Work style! It starts with you.! and . . . You must have the right people.! ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 6
- 7. 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
- 8. 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
- 9. 3. Secret Knowledge Syndrome" Things only you can do. Your special genius. You make it up as you go along. (Keeps you chained to the business.) The Remedy – Get secret knowledge out of your head! Delegate part of everything. Procedures, checklists, training (Frees you up to focus on growth, ease, and profitability.) ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 9
- 10. 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
- 11. The Remedy – ! Build a Culture of Profitability" Go 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 donʼt need it. Never subsidize anyone richer than you ! ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 11
- 12. 5. Stuck in the Comfort Zone" What do you do to avoid taking the big steps? The Remedy – Find your “sweet spot of business success” Love to do People will Best at pay for ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 12
- 13. 6. Blindsided by Opportunity" There 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
- 14. 7. Fear of Marketing" What 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 donʼt pay off and that you donʼt like. ! Start with allies; take small steps.! Get help. You donʼt have to do it all.! ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 14
- 15. 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
- 16. The Remedy –" Plan for what you can. Then plan for how you will deal with the things you canʼt plan for. How can you handle the uncertainty in your business? Plan around what is most important for you—in business and life. What is most important to you? ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 16
- 17. The Remedy – ! Have an Action Plan" If you canʼt write it on a page or two, you canʼt get it done in a year anyway.! Vision. Long-term goals and objectives! This yearʼs 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 life! Build in a review mechanism.! ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 17
- 18. Key Challenges" How will you identify the toughest challenges? ! - Toughest for you to do! - Most critical! - Keeps you up at night! - Youʼre likely to let it slide! Yeah, thatʼs 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
- 19. 9. Gas Tank is on Empty" Your are underappreciated, burned out, underpaid. The Remedy – Zen master story Go back to “Sweet Spot of Business Success.” Go on to next slide. ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 19
- 20. 10. Lone Ranger Mentality" “Canʼt afford help.” “Donʼt need advice.” “Just need to keep working.” The impact: Isolated. Make unnecessary mistakes. Stuck in the molasses. Constricted vision. Burnout. “How to go crazy without growing your business!” ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 20
- 21. The Remedy – " Peer support group - Problem-solving - Feedback and validation - Accountability - Role models - Learn by teaching A resource that people in large companies depend on. How do small operators do this? Iʼm glad you asked . . . ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 21
- 22. Thatʼs it in a nutshell . . . " Does any of this resonate with you? Want to learn more? ! Call or email me – 415-491-1896 or 800-367-9848 mvh@businessgroup.biz ! Ways to work with me! ©2012 Mike Van Horn, The Business Group 800.367.9848 businessownerstoolbox.com 22