It is not access to finance that we regard as the largest barrier to growth, but the mindset of those responsible for directing the business through a period of change. What are the issues that we preventing growth within a business? In this blog we give you a snapshot of our Top 5.
1. A Lack of Ambition.
If you want growth then you need the drive and ambition to attain that growth. This ambition needs to come from effective leadership delivered by the management team. Again, it is the ability of the right people to lead the business and the right people are the greatest asset that will generate high growth. Ambitious leadership is the fuel that staff require to work toward the same goals.
2. The lack of a plan.
This is one of the best business tools we advise to our clients. We help them to plan and more importantly to monitor their performance against that plan. By setting out your strategic vision and then following it through your execution plan, you can drive your business forward or see were it is going wrong.
3. Planning but not implementing.
Planning is one thing, but the biggest single barrier to growth is failing to implement. Think about how you implement that plan and differentiate it from the competition, just because you’re new to a market doesn’t mean that the market isn’t already being served. Break down the plan into sections and see what must be accomplished to achieve your objectives. Include a task manager for each step in order that roles are clearly defined and there is accountability.
4. Unable to find the right people.
Businesses need to find the right people, not merely those who are the right person for the job, but also the right person to join the team. Those who fit the culture will perform better than those who don’t. We advise our clients to examine cultural and team fit when making key hires as this will help push the business forward rather than a bad hire that stagnates or pulls the business backwards.
5. Location. Location, Location.
As the world of commerce grows, we use digital commutations more and more and hence don’t need to coexist close to our supplier or customer base. Products can be easily shipped internationally and often the same day. People are upwardly mobile and will travel or relocate for the right business and home based working is practical some industries. Hence there is no longer a need to be based in the city or town. Urban business is thriving and indeed actively encourage in some areas through government sponsorship.