growth

If you’re trying to expand your business, missing critical elements can derail your efforts to grow. Entrepreneurs need to consider several important things before deciding to grow their small business. Listen to find out if your company is ready and fit to grow.

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Show Notes

In this episode we look at important things entrepreneurs need to consider as they decide to grow their small business to make sure that their company is ready and fit to grow.  Lisa uses her concepts of the 5 P’s, Planning, Practices, Process, People and Profit to explain how missing some of these pieces can derail a company during its growth phase.

Key Points

*Many companies find that what worked when they were smaller are no longer as effective in a larger growing company.

*Many of the growing pains companies face can often derail growth for a business that is not ready and fit to grow.

*Entrepreneurs often underestimate the impact growth can have on their people, operations and even their bank account.

*Having an overly optimistic mindset while valuable in start-up, often mask or downplay problems associated with the growth phase.

*One of the growing pains companies can face is allowing sales growth to destroy their brand and Lisa explains that in the episode.

*No one can be certain that they are ready to grow however entrepreneurs need to recognize that growth will change how they do business in many ways.

*Many entrepreneurs notice a change when their company reaches over 50 employees. These changes are especially noticeable in their operations, communication and need for specialization.

*Lisa uses an example of her experience in a technology company to explain the idea of specialization and more focused roles during growth periods.

*A way business owners can determine areas that need to be in place or improved in their business is to examine their company with a critical eye. This enable them to see the growing pains and work to correct problems as they arise.

*Lisa explains what she looks for in her work with clients to determine where they are falling short and the things that are holding them back from being ready and fit to grow.

Resources and Links

Sign up to take the Healthy Biz Quiz – Take the Healthy Biz Quiz and automatically receive your score along with tips and information that can help you create a business that is healthy and fit to grow. Follow this link to sign up.

You may also want to check out these helpful episodes:

Do You Have A Healthy Business?

How to Scale Your Business-Part 1

How to Scale Your Business – Part 2

 

 

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

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Prescription for Success Newsletter

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

Entrepreneurs look to outside investors to raise money to finance growth. If a business has real problems money isn’t necessarily the answer.

To listen to the episode hit the play button above.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on Apple Podcasts .

Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on Apple Podcasts.

Show Notes

Entrepreneurs look to outside investors to raise money to finance growth. There is a lot to consider when deciding if this is the right path for you and your business.  If a business has real problems money isn’t necessarily the answer.  In this episode we discuss what investors look for before considering whether your business is right for them. We use some case studies to illustrate how things can go wrong when a business has real problems.  We’ll discuss what you need to be ready for when taking money from investors.

Key Points

*Investors create new demands on a company and the entrepreneur especially around planning, results and reporting.

*Our case study entrepreneurs weren’t strong in the areas of finance and operations and began to struggle.

*Using the show Shark Tank to illustrate, Lisa describes some of the key weaknesses the entrepreneurs had that she gleaned from her research.

*Lisa talks about how these weaknesses contrast with elements investors look for in business owners.

*She describes key areas that investors consider when reviewing a business including the market, company valuation and the management team.

*Using examples from the case studies, we look at areas where business problems were not being addressed whether through lack of experience or simply being ignored by the entrepreneur.

*Investors such as venture capital and other professional investors create a heightened sense of urgency due to an increased focus on returns and growth.

*Entrepreneurs should expect a greater focus on the market, business management and money management once outside money is invested.

*Lisa discusses some of the dangers a company suddenly flush with money can face and some of the mistakes one case study entrepreneur made.

*She gives us a list of 5 top factors entrepreneurs need to think about and be ready for before they consider taking investor money.

Resources and Links

Book mentioned in this episode:

Think and Grow Rich,  by Napoleon Hill find it here  

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

Sign Up to Get Prescription for Success!

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

To learn more about getting in touch with Lisa to discuss a problem you may be having in your growing business, find out more about a Quick Care session here .

Companies transform as they grow.  You need to transform too and become a new type of leader for your growing business.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

Companies transform as they grow.  You need to transform too and become a new type of leader for your growing business. Entrepreneurs can fall into a trap where as they try to manage everything in their growing business, they struggle, just to keep up.  Once that happens, some of the critical decisions and strategies he or she should be focusing on, get left to the backburner.

In today’s episode we’ll talk about some of the symptoms to look out for and what entrepreneurs need to do actually grow with their company.

Key Points

*When a business is smaller it is all about the entrepreneur, but as it grows it moves to being all about the organization the he builds.

*At some point, a business becomes too large for an entrepreneur to manage and he must begin to build an organization that can help him effectively execute and continue to grow his business.

*Entrepreneurs can fall into this trap of not growing with their business.

*Symptoms include doing too much of the day to day tasks, micromanaging, decision bottlenecks, surprise problems, frustrated by workload and the lack of strategy and direction.

*To make a successful transition and grow into a new type of leader, entrepreneurs need to recognize that they can’t do it all and learn to delegate and develop trust in their staff.

*Creating trust to effectively delegate involves setting up staff for success with good hiring, clear communication and a clear organizational structure.

*Businesses can easily get into trouble if entrepreneurs become a decision bottleneck and aren’t making the transition to create structure with the staff responsibility and span of control.

*Businesses can stagnate if an entrepreneur is not making the transition from manager to leader.

*Entrepreneurs need to focus on long-term strategy, communicating the vision, mission and goals, challenging the status quo and inspiring and motivating the staff.

Resources and Links

Have you fallen in the trap of not growing with your business?

Set up a session with Lisa Roberts to talk about getting out of the trap to grow a healthy business.  Use this link to set up a session with her by following this link.

 

For further reading on the subject of leadership, check out some of these books:

True North, Bill George with Peter Sims http://amzn.to/2nIJY0U

Good to Great, Jim Collins http://amzn.to/2nIH6RW

The 21 Irrefutable Laws of Leadership, John C. Maxwell  http://amzn.to/2o2BvGu

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

Sign Up to Get Updates

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here

Creating a plan and budget involves being ready for good times and bad. When growth you planned stalls it can force tough decisions that impact people.

To listen to the episode hit the play button.

To download the episode, right click on this link  and choose Save Target As.  Go to the folder where you want to save the recording on your device and click Save or Enter.

Make it easier to get upcoming episodes by subscribing to the show on iTunes . Subscribing to the show will automatically download the episodes on your preferred listening device so you can listen to them when and where you want. And hey, if you like what you hear, please leave the show a great rating and review while you are there on iTunes.

Show Notes

In this episode Lisa tells of an experience from her past work life.  It’s about a very difficult situation that her company faced after years of rapid growth.  We’ll talk about what happened, how sometimes in running a business you need to make really tough, life-changing decisions.  She’ll explain how the 5 P’s of a healthy business can help you hopefully avoid or at least be ready when those tough decisions need to be made.  Lisa also shares how this experience helped shape her consulting and coaching business and inspired this podcast.

Key Points

* The company had been growing very quickly and having much success.

* The growth enabled the company to provide employees with a lot of opportunities to enhance their careers and employees were upbeat and optimistic about the future.

* The company had a plan for further sales increases and budgeted for additional hiring and other expenses, but things began to change.

* Over time the sales forecasts started to slip and sales targets were being missed.

*In her role, she monitored the sales results and forecasts and worried whether the sales forecast misses where temporary or a longer term problem.

*Once the problem persisted, she alerted the CEO to potential problems ahead.  After a few more forecast misses, the alarm was sounded and steps taken to analyze the situation the company now faced.

* We determined that this was a longer term problem we made the decision that costs needed to be realigned with our new sales reality.

* Unfortunately, eventually a tough decision had to be made and a large employee layoff needed to be done as well as plans and efforts to bring costs down.

*Lisa talks about the emotional aspects as well as the business aspects of having to make such a decision and carry it out.

*Hear how Lisa and her team developed a plan in order to both execute the task but to do it in a way that focused on the employees affected.

*Listen to what she took away from this experience and how it helped shaped her philosophy about running a healthy business and her passion for working with business owners and entrepreneurs.

*Lisa explains what she learned and how the 5 P’s – Planning, People, Practices, Process and Profit all played a role in this story.

Resources and Links

Note: Links in this post may be affiliate links.  Lisa Roberts is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

*Free Mini-Ebook – 5 Business Growing Pains and How to Overcome Them

To get your free copy of the ebook sign up using this link

*Quick Care Session –  follow this link to schedule a call with Lisa here

Sign Up to Get Updates

Get all the updates and information Lisa shares from Business Rx and the Healthy Business Healthy Profits show! You’ll get information, tips and strategies on growing a healthy successful business. Don’t worry, I won’t bombard you with emails.  At most, you’ll get something from me every few weeks. You can sign up  Here

Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here