Many senior executives want to share the lessons they’ve learned from their 20+ years of experience at several large corporations, but with the changing landscape of corporate culture, these execs are being ‘pushed’ out or looking for new opportunities.
I’ve spoken to countless senior executives that have climbed the proverbial corporate ladder, and have been dedicated to progressively building their careers at a huge multinational for years, even decades. However, they are finding that the face of the company is changing and a younger group of individuals now reflect the corporate culture. Some are facing the possibility of being phased out, or are looking for ideas and direction for what may become the next chapter of their career.
There is little doubt that today’s rapidly changing, globally competitive environment often requires a shift in mindset and competencies, and a growing number of senior executives in their 50s are evaluating their value and long-term growth plans. These professionals were hired by large multinationals when in their 20s and have enjoyed travelling the world, solving business issues, creating new processes and plans, organizing teams, going to tradeshows and conferences, and engaging in high-stake meetings with their colleagues in Asia. Where do they go from here?
When you have fully invested in your career and have a wealth of knowledge, the question is how can you share your wisdom and help others reach their goals?
If you are interested in learning about an opportunity to leverage your business expertise and provide guidance to business owners while giving you the freedom to work at your own pace, build equity, meet local business owners and become part of your business community, check out this website or simply contact me to discuss your situation.
Regardless of whether a business is seeking to satisfy a major increase in demand, or strengthen its competitive position, growth is a vital step in the development of any business. From hiring employees and increasing office space to increasing production, expanding services or extending product lines there is a lot to consider. Growing your business requires you to take a bit of a leap. Look for these signs before you look to grow your business:
1. You are being approached by potential clients
When you find that you are receiving request and inquires from customers and clients, this is usually a sign that you are in a position where growth is possible. Your brand has now gained just the right amount of exposure to for growth to take place.
2. Your team is strong and ready to grow
It is vital to know if your company has the right staff in place for growth to be possible. Valuable leaders are important however, having a strong team of employees who are experts at what they do and are committed to your business, is crucial in the growth phase.
3. You have the necessary funds for growth
Knowing your sales cycle and what income you can expect on a regular basis will ensure that you do not experience a shortage in cash flow during growth. It is important to know this as you will not be able to successfully grow if your sales do not match with your income. Measure this before you grow.
4. You are personally ready to grow
Are you ready for the commitment that comes with growing a business? If you are not prepared, business growth can have affect your personal well being as well as your family and daily life.Your business may be ready for growth but it can only be successful if you are ready for it. Experts say business owners should assume a 12 month adjustment period to achieve normal balance in the business after a growth spurt.
5. You have realistic expectations
Know what your business can handle. It may be difficult to not get carried away if you’ve mastered a particular market or excelled in a specific area. You may think you have everything you need to do exactly this all over again but be realistic in what you hope to achieve and what you can handle. Consider the economic benefits, your existing infrastructure and current resources to evaluate if you will be trying to take on too much at once.
6. You have met and continue to meet set goals
Stop making excuses for failed goals and instead find alternate ways to meet them. Doing this will encourage confidence throughout all levels of your business and help overall growth in the long run.
If your business is growing, you’re doing something right. It’s also important to understand that growth is a disruptive force. A period of substantial growth will influence every single aspect of your company, which is why you need to adopt a strategic mindset.
A great time to think about having a Team Strategic Planning Session is at the end of your fourth quarter. It’s the perfect time to engage in goal setting and strategy development for 2015. In the past, I’ve touched upon Strategic Planning Sessions, but I wanted to dive a little deeper into their value and importance this week.
Very few business owners are willing, particularly at the end of a year, to take the time to stop business for a day or two, gather their key executives together, and discuss their business goals. That said, it has been proven time and time again, that those businesses that actively participate in goal setting are far more likely to meet, if not exceed their business goals.
A main component of a team strategic planning session is goal setting, which is more powerful when done as a team. Having your key employees understand the goals and objectives of the business and how they will contribute to the strategies to achieve these goals is key.
Bringing a third party business advisor into the session is also important to consider, as they are an unbiased expert there solely to help your team, and ultimately your business. Their expertise will provide direction and support in areas you cannot as well as help steer the conversation to constructive takeaways. How can an advisor, and these sessions, help exactly?
- Clarifying the crucial long term objectives
- Identifying pressing business challenges that are hindering growth
- Focusing on building a profitable business one strategic step at a time
- Formulating actionable plans to implement those ideas
With your executive team participating at these sessions, they can take a more active role in ensuring the goals are met through strategic planning and execution. Having them be accountable and have ownership of the direction of the business helps you build a stronger more viable team. As the owner, you are able to follow up with your team on the actionable items and ensure your meetings are effective and efficient.
Have you benefited from team strategic planning sessions? Do you feel your team is need of one? Let me know your experiences in the comments section below!
Many business owners find themselves struggling for new leads to drive revenues, but what if I told you that, although new lead generation must be a part of all business practices, additional revenues may be lurking in your own backyard. In my years of experience as a business advisor to SMBs, I have found some incredible results by emphasizing growing your business with your existing clients. Why exactly? Let me explain.
Maximizing your business with current clients is not only cheaper, but also boasts a shorter lead time meaning better customer service, brand messaging, and customer loyalty. When you reduce the cold calling, sales pitches, and tradeshows, you’re left with an additional amount of valuable time to invest in your clients that already trust you.
There is a greater risk with targeting new business. Your time and resources are limited, and trying to turn leads into clients can drain you of both of those. You and your business will benefit more with having two existing clients that you can work more with than having ten questionable prospects who you need to invest time into with no results.
It is important to note that investing in existing clients can also provide you with new clients! When you build relationships with clients, you foster their loyalty and trust in your business. In turn, they will be more likely to refer you to others and provide leads that you wouldn’t have received otherwise.
While going after new business is something all business owners must do to some extent, understanding the benefits of growing your existing client base is very important.
Have you had greater success with focusing on current clients or targeting new leads? Let me know in the comments!