My latest blog is based on a client meeting that I had a few weeks ago and I thought I would share with you some of the key points that came from that meeting. The main focus was on growth and motivating drivers that led my client to start his business in the first place. We explored factors that needed changing within his business so that he could ultimately achieve his goals. Hopefully this will inspire or motivate you to make a positive change in your business and take it to the next level!
“Progress is impossible without change, and those who cannot change their minds cannot change anything”. - George Bernard Shaw
I want to discuss a long-term client of mine who, for years, has just been treading the waters and has been somewhat content earning a decent wage from his business (I say the word “content” loosely!). The turnover had stayed the same for years and so has the number of staff working for him. The business was doing “okay” but had failed to see any significant growth in its time of trading.
When I met my client, we had the usual meeting to discuss the year-end accounts and try and work out how he was going to pay the tax. I asked him one question that threw him off guard completely.
“Are you still motivated today compared to when you started 12 years ago?”
His answer was a big, resounding “No”. We then started to drill into what motivates him today, what his business and personal goals were, and how we can align them going forward so he is achieving everything he wants from his business. In the two hours we spent together we started to look at where he wanted the business to be in two- and five-years’ time and we then worked proactively to try and achieve these goals. His goals included hiring more team members, so we would then need to assess if the existing offices cope with the extra team members. We also examined cash flow requirements for the first three months regarding the new team members.
It was amazing what we discovered just from talking about the team members and what role my client was playing in the business. It became very clear that the business was split into three main areas and there was not much marketing or sales being aimed at the most profitable part of the business. Most of the sales and marketing efforts were directed to customers who made up the “bread and butter” of the sales for the company. So much information was uncovered at this initial point and it became clear that I would need to revisit this client in a few weeks’ time to help plan their goals. Our aim was to look at a two-year forecast (split into three main business areas) and to see what part of the business was generating the highest margins. In the meantime, we agreed that we would look at financing options to give the business a cash boost and clear some debt. We also felt it would be a great idea to invest in the team and marketing efforts so that the company was targeting their ideal client.
I’m just at the start of this journey with this client but he can already see the massive benefit of reviewing where the business is currently and where it wants to go.
Hopefully my blog has helped you jump-start the process of what you could be doing to help make a positive change in your business. If you did want a review of your business, feel free to contact myself on 020 8551 7200 and we'll discuss what I can best do to help. You can also connect with me on LinkedIn.
Article By
Lee Manning
Partner
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