Top 10 Speedbumps to Business Growth

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

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

2

1. Culture of Smallness

Examples
- ÒMy door is alw open.Ó
ays
- ÒWeÕre all one big family here.Ó
- ÒWe donÕt need j descriptions.Ó
ob
- ÒThe busines is me.Ó
s

3

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

4

The Remedy –
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

5

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.

6

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
7

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.

8

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 Ð
Get secret knowledge out of your head!
Delegate part of everything.
Procedures, checklists, training
(Frees you up to focus on growth, ease, and
profitability.)

9

4. Culture of No Profit

Pricing like a charity
Mix business and personal
Life is a write-off
Avoid profit to avoid paying taxes

10

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 donÕt
need it.
Never subsidize anyone richer than you!

11

5. Stuck in the Comfort Zone
What do you do to avoid taking the big steps?

The Remedy Ð
Find your Òsweetspot of business successÓ

Love to do

People will
Best at
pay for

12

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.

13

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 don’t pay off and that you don’t like.
Start with allies; take small steps.
Get help. You don’t have to do it all.

14

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.”

15

The Remedy –

Plan for what you can. Then plan for how you
will deal with the things you canÕt plan for.
How can you handle the uncertainty in your
business?

Plan around what is most important for youÑ in
business and life.
What is most important to you?

16

The Remedy –
Have an Action Plan
If you can’t write it on a page or two, you can’t get it done in
a year anyway.
Vision. Long-term goals and objectives
This year’s 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.
17

Key Challenges

How will you identify the toughest challenges?
- Toughest for you to do
- Most critical
- Keeps you up at night
- You’re likely to let it slide
Yeah, that’s the one! You know what it is.
Your plan must include how to tackle this.

18

9. Gas Tank is on Empty

Your are underappreciated, burned out, underpaid.

The Remedy Ð
Zen master story
Go back to Ò
Sweet Spot of Business Success.Ó
Go on to next slide.

19

10. Lone Ranger Mentality

ÒCanÕt
afford help.Ó
ÒDonÕ
t need advice.Ó
ÒJustneed to keep working.Ó
The impact: Isolated. Make unnecessary
mistakes. Stuck in the molasses. Constricted
vision. Burnout.
ÒHowto go crazy without growing your
business!Ó

20

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?
IÕm gladyou asked . . .

21

That’ s 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

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Top 10 Speedbumps to Business Growth

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