FEATURE: GROWING YOUR BUSINESS


GETTING THE BEST FROM YOUR PEOPLE


People are usually the untapped resource in any business and growing businesses often say they wish they had invested in good people earlier. For any owner wishing to grow his or her business, trusting and delegating to a good team is vital. To get the best people you need to demonstrate a vision for the


business, to show passion and ensure employees are clear about the part they play in your business. The best big businesses are far more specific about job types and


expectations are clearly communicated to the employee. All roles should be articulated in a way that demonstrate how what the employee does impacts on the experience of the customer and helps deliver the best to that customer.


taking a ‘business as usual’ approach. But what if you do want to grow? Growing a business is hard work and


I


you need a great product, a good head for figures, good customer service and potentially a cash injection. But there are other areas business owners often neglect when trying to move their business into growth phase. At The Global Growth Institute we have worked with more than 500


organisations across the world and have seen how some of the world’s most admired companies achieve growth and high performance, often without the need for huge investment. With this in mind, we have identified the key growth lessons SMEs can learn from big businesses.


STRATEGY MINDSET There is a big difference between having a growth mindset and a ‘business as usual’ one. Many SMEs are constantly in ‘existence’ mode, running the business day to day without looking further than the end of the month. This is natural when you are balancing cash flow and operations as you


seek to pay your monthly bills. But in order to grow your business you will need to shift from being owner to strategist. Being strategic is the norm in big business, which often has to juggle


numerous stakeholders and is held accountable by them. A first step for SMEs is to look at corporate planning – the most successful companies do a really good job in planning in three


to five year cycles. For a small business the starting point is to sit down with your key


stakeholders (be it family or business partner) and plan where you would like to see the business in three to five years. Then you need to set out your plan, answering questions such as ‘what investments might be necessary’ and ‘what changes may occur in the marketplace’?


t looks likely to be a year of slow growth in both the UK as a whole and the Midlands in particular. As we all know, SMEs are vital for growth in the UK economy – but many are content to remain the size they are,


SUCCESSION PLANNING AND MANAGING TALENT Big growth businesses have succession plans and talent pipelines. They are looking at the skills required in the future and will have identified one or two people who will be in key roles in the next five to 10 years. Small companies are at risk of having a tremendous amount of


knowledge and skill in one individual and when that person leaves, the business is in trouble. SMEs can learn from big businesses by keeping on top of future trends


and mapping out their future people requirements. Our research shows that 50% of employees say they have skills their organisation does not utilise. We believe many SMEs are sitting on ‘goldmines’ of unrealised potential and innovation in their people. Identifying and accessing these talents will help SMEs to achieve better future growth, so create opportunities for people to step forward and volunteer. It's great for working out who's prepared to go the extra mile.


UNDERSTANDING THE CUSTOMER It is obvious, but worth reiterating, that all growth businesses need to understand the customer. Most successful SMEs grow their business organically by selling more to existing customers and similar organisations. The danger when you are first growing is that you can be too close to


one or two important customers. Big companies have access to big data, allowing them to divorce themselves from the customer and objectively identity wider trends. It’s a fine line to tread but, when starting on a growth phase, it is important for SMEs to try to keep a distance and take a dispassionate, analytical view of the market direction and likely future customer needs. Otherwise you may find yourself gearing your business strategy to satisfy the requirements of one or two of your existing customers rather than developing a future-proof growth model.


Contact Wayne Clarke at 44 (0) 207 947 4105 or email wayne@the-GGI.com


APRIL 2016 CHAMBERLINK 39


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