Why Smart Growth is Not Only About Sales

Why Smart Growth is Not Only About Sales

Let’s face it, without sales you aren’t going to last long in business.

When I started back in 2015, I hired a coach because I had no idea how to close a sale.

I followed his advice, studied sales models and applied them with success.

And my business started to boom.

In 2019 I hit my stride and all my income targets were met, plus some. 

But I was bleeding expenses. 

My philosophy? If it’s in the bank, it’s there to spend!

Never mind looking to the future, understanding cash flow or building an emergency fund.

And then 2020 hit and I was stuffed. 

The sales dried up. Work got pulled.

My bank account looked as empty as my diary.

The tough lesson I learned was there is more to smart growth than sales alone.

You see, the sales were great but during 2019 I was so busy delivering, that planning took a back seat.

My business was in chaos.

There was no profit to draw from.

And I had huge regrets.

It seems I wasn’t alone though.

According to Mainstreet Insights, Australia’s financial habits, July 2021, the number one financial regret of Australians is not prioritising their financial health earlier in life.

The biggest mindset shift was realising that growing a business isn’t just about more sales.

There are 3 fundamental aspects to smart growth.

Smart Growth

 

At the foundation is planning

As Lewis Carroll said – any road will get you there if you don’t know where you’re going.

We must know where we’re going because that determines our focus.

Our focus then determines our actions.

Some key elements to successful planning:

  • Make sure you review your business and personal vision annually
  • Set targets and Key Performance Indicates (KPIs) for yourself and your team
  • Identify your Wildly Important Goals (WIGS) for the next 6 months
  • Set 90-day milestones that work towards achieving the WIGs
  • Review and adjust as needed every month at a minimum
  • Identify and complete at least 3 tasks each week that move the dial in the right direction
  • Have a ‘plan on a page’ that you can see each day to keep you on track

 

Growth comes from sales

Sales will always be important in business growth.

But we can be smarter about it as we grow.

Here are just a handful of actions we can take:

  • Set targets, for you and your team and celebrate achieving them
  • Regularly review your prices and where appropriate, increase them
  • Set up sales structures and processes in your business so your team members can sell
  • Get clear on your ideal client and only work with them
  • Determine how profitable our various services are and kill off those that don’t make us money

We can’t take the foot off the break here, but we can smooth out our demand.

 

Build wealth through profit

This is often the forgotten piece for many female-founded businesses that I work with.

There are a variety of approaches to wealth creation in business.

Here are some I recommend:

  • Set targets each year, including your profit target
  • Put money aside for tax, including GST (it’s not your money to spend)
  • Set up a cloud-based accounting system that’s easy for your team to use
  • If you delegate your book-keeping make sure not to delegate understanding your figures – learn how to read a Profit & Loss statement and Balance Sheet
  • Know your cash-flow projection for the next 3 months minimum
  • Have 3-6 months of expenses set aside in an Emergency Fund
  • Regularly review your expenses

According to Inc Magazine & The Kauffman Foundation, two-thirds of the 300 fastest-growing private companies in the US had either shrunk stagnated or failed within 5-8 years.

Don’t become another statistic of rapid growth. 

When you focus on all 3 areas of smart growth, you give yourself the best chance of long-term business success.

To help you focus on smart growth, we’ve created the Smart Growth Checklist, which will you tell you exactly where your business strengths and gaps are in under 4 minutes

It’s quick and easy way to get a helicopter view of the state of your business, through the perspective of reactive vs. proactive growth

It’s powerful and will quickly become an invaluable tool in your business

You can download it here.

Ness is a money coach, helping businesswomen like you gain clarity over your financial goals, building wealth and financial security for themselves.

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Business growth is only worth it on your own terms – controversial or true?

Business growth is only worth it on your own terms – controversial or true?

When you’re creating a business by someone else’s, or everyone else’s design it becomes d.r.a.i.n.i.n.g and it moves you away from creating a business you love.

It distracts you from your genius zone.

You move away from being aligned with your purpose. 

And you lose focus on why you went into business in the first place. 

Let me remind you. 

It was to make a difference because you’re great at what you do and you’re super passionate about your craft. 

But the problem is when you’re being pulled in a million different directions, worried about ‘getting it wrong’ and overwhelmed with how to get it right, the go-to is to just… do. 

Work work work. Then more work. 

Without really looking at what’s in front of you. 

Without trusting your instincts. 

Without critical thinking about how it can be done better.

Business owners have more of an understanding of the great resignation than people might realise. 

People are reprioritising and reconsidering what’s important to them, and they’re not settling. Another big reason business owners take the leap from employee to employer.  

Remember, to ‘work’ is simply a job. Creating a business on your own terms means purpose, being aligned with values, community and connection, making a positive impact and working in a way that suits your strengths, needs and desires.

So why do we get sucked into doing business based on the norms, expectations and shoulds?

When instead, you get to make up the rules on things like…

  • Your business location
  • The clients you work with (check out this article which helps you identify your client sweet spot)
  • What services you offer
  • How you work with clients, virtual, in person
  • Ways of connection such as social channels, zoom
  • Your working hours
  • Creative ways to attract and onboard clients
  • Ways of wow’ing your existing clients
  • Business planning in a way that works for you
  • What you want your brand tone to be (funny story about wearing ripped jeans after I left corporate.. it still can trigger me today) 
  • What impact you want your business to make, what matters to you!?

There’s no right or wrong. 

More than ever there are open minds and flexibility on how we do business #covidsilverlining. 

I remember when I first started my coaching business almost 7 years ago, I did most of my coaching over the phone or sometimes video meetings – even for my local clients. 

There were lots of benefits to this way of working but I had to convince my clients of these. 

Today, people are on the same page about challenging the status quo and doing things ‘differently’ aka in a way that gets the best results for you and your clients. 

I recently had a conversation with a business owner who was nervous about growing her team because it might mean she wouldn’t be able to keep the flexibility she has around later start times and day-time Pilates. 

 

Who gets to decide these things if not you, the business owner?

I get that we want to have some guidelines, but let them be just that. Guidelines only. No strict rules determined by others about how you run your business.

A good rule of thumb we like to use is based on some research by McCrindle in their Australia towards 2031 report. 

They found that simplicity is the most important aspect of the buying experience for Aussies. They also found authenticity to be a close second in terms of priorities. Personalisation of their experience and alignment with business values were also listed as critical to client experiences. And all of these things will positively impact your team’s engagement. 

 So why not base your business decision – shoulds and shouldn’ts on these. 

This👇 model shows you a comparison of building a business based on your client’s sweet spot and the profitable services you enjoy delivering.

Honestly, this is where it’s at. 

Let’s do a quick state of play for where you’re at… 

Services – give yourself a score out of 4

  1. Do you enjoy the work?
  2. Do you spend 80% of your time in your genius zone?
  3. Are your services, processes and systems easy and simple for your team and your clients?
  4. Are you authentically you with your clients and your team?

Clients – give yourself a score out of 4

  1. Does your client experience feel personalised?
  2. Is there a values match with your existing clients?
  3. Do you enjoy working with the clients you’re attracting?
  4. Do they see value in paying you well for your services?

If you scored 4/4 = you get a smiley face

If you scored 0-3/4 = you get a sad face  

Now, look at the model again overlaying where your smiley or sad face’s sit and ask yourself, what are the areas you need to work on?

If you want to find out more about how to create a business on your own terms, book a free 20-minute clarity call with me.

No BS. No pitch.

Just me helping you identify the #1 thing that’s holding you back from having time freedom, achieving smart growth and peak performance in your business.

And if a 30-day Business Health Check will truly benefit your business, then we can talk about the next steps.

You can book a time with me here.

Nicky is a Coach and Mentor for Women in Business with 2 decades experience in sales and leadership. She’s been working in the professional coaching space while running her own business over the last 7 years.  

Nicky's obsessed with helping women break the cycles in business that hold them back from creating profitable businesses they love, without having to sacrifice time or life.  

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Your Business Blind Spots are a Reflection of You

Your Business Blind Spots are a Reflection of You

You founded your business.

It was your idea, your passion, your zone of genius that created it.

And that’s something you can be proud of.

Whatever drove you in the beginning – the quality of service, culture, people – you nailed it. 

And so did everyone you bought into the business because that’s what you focused on the most.

But what about your blind spots?

How have they impacted your business as it’s grown?

Perhaps you’ve been too busy to notice?

But blind spots need focus. 

You need to turn your head in your car to find it. You also need to make a conscious decision to do so in your business.

It can feel uncomfortable.

But without doing it, you could be in for a collision ahead.

In 2004, Merryck & Co and the Barrett Values Centre in England looked at the biggest blind spots for leaders.

Here’s what they found:

  • Troubles with visibility & accessibility
  • Development of teams and upcoming leaders
  • Vision, strategy and organisational priorities

They stated there’s a 96% likelihood that leaders do not understand that their organisation perceives them as ivory-tower executives who do not provide adequate clarity on the company’s strategy.

Although not a big business, our client had a team of 14 staff, with most of them coming onboard in the last twelve months due to rapid (and reactive) business growth.

When we completed her 30-day Business Health Check, we delivered the good, the bad and the ugly in her roadmap unpack session.

And what she saw stood out like a beacon.

All the reds in the traffic light report were a reflection of her blind spots.

No surprises there, yet it was feedback she needed to hear.

On the flip side, the strengths of the business were a reflection of her strengths as well.

This was already in her circle of awareness because that’s where she focused her time.

What we helped her do is move the unknown unknowns (her blind spots) to known unknowns.

And now she had a roadmap of exactly where to focus her energy to move her business forward.

Perhaps it’s time for you to check your blind spots?

If you want to find out more about how to move from chaos to business clarity, book a free 20-minute discovery call with me.

No BS. No pitch.

Just me helping you identify the #1 thing that’s holding you back from having time freedom, achieving smart growth and peak performance in your business.

And if a 30-day Business Health Check will truly benefit your business, then we can talk about the next steps.

You can book a time with me here.

Ness is a Coach and Mentor for women in business. With extensive experience in executive leadership, she started her own professional coaching business 7 years ago and since has worked with women to help them create business and financial success on their terms. 

Ness is obsessed with helping women break the cycles in business that hold them back from creating profitable businesses they love, without having to sacrifice time or life.  

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