This year’s Business Show featured presentations and panel discussions with experts from across the industry. We’ve collated our highlights for those who missed the event.
Starting and growing a business is challenging. Here Amanda Webb, Managing Director of the Sunflower Group, a business strategy consultancy, shares her 8 key lessons for successful business growth.
Create your own ‘Unique Selling Point‘ and model. ‘It can be tempting to emulate successful competitors, but if you’re trying to grow your company and it’s not true to your values, it’s not going to work,’ Amanda says.
Know your purpose
Start with your ‘why,’ suggests Amanda. This is the core belief of your business. If you understand your why, then you will attract people that share your values.
Invest in financial information
It can tempting to run your business by instinct and believe you're managing cash flow by knowing what is in your bank account. Instead, you need to be forward-looking by understanding what is going to happen and not just what has happened. It's helpful for someone else to be in control of this, as they can hold you accountable.
Learn to say no
‘No is very powerful,’ says Amanda. Understand who your perfect clients are and say no to those who are not. It can be tempting to say yes to any opportunity but it's important not to become distracted from your core focus.
Get the right agreements inplace
It's difficult to anticipate problems that may arise, such as disputes between founders or shareholders. Yet when they do, they can be expensive and time-consuming to rectify. Avoiding this means having watertight agreements in place right from the start, to limit your risk and future exposure.
Trust your instinct
Don’t ignore problems. If something doesn’t feel right, it probably isn’t.
Invest in a mentor
‘About 80% of successful business owners I know have got a mentor,’ Amanda says. A mentor will push you out of your comfort zone, provide a sounding board and hold you accountable.
Work on your business, not in it
You need to take a step away and work on your business if you want it to grow. Finding this balance is crucial if you want to scale your business beyond just you.
- Know yourself and your purpose and you will attract like-minded people.
- Understand who your ideal clients are, trust your gut and learn to say no.
- Find a mentor to help push you and your business forward.