I was really honored to be asked to present the fast growing business award at last weeks North of England Excellence Dinner. The winner was 3P Logistics and at the end of the ceremonies I made a beeline for the winner, Ian Walker, I wanted to get his view on what it takes to build a high growth company. It was clear the moment Ian started talking he had a passion for his business that was off the scale – it created an instant engagement which meant you had to listen to what he had to say. The guts of his story provided a truly fascinating insight into the motivators for setting up and growing a business. As well as passion, courage and bravery feature high on the list of special qualities – leaving a highly paid job when you have dependants can be an extremely scary moment in life, this is what sorts out the true entrepreneurs from the dreamers. This takes an enourmous amount of guts – fear is what holds so many individuals back from taking the leap.
A few years down the line new dilemmas and challenges are presented to entrepreneurs like Ian. They become most profound at the point when the company is providing a comfortable life style – the internal conversations usually goes something like this, do I take more risk and go for it again and build an even bigger business? However, so few are willing to subject themselves to the burdens and stresses that got them to the well deserved position of a regular salary and the associated benefits that come with being your own boss.
Well my advice for those who decide to continue going for growth is, find a mentor first, someone you trust, then together work out how you are going to do it – the following are what I refer to as “The Essentials” –
- Become future focused and prepare a strategy and game plan which sets the course for the next three years
- Understand the best ways of financing growth, one that balances personal risk, commercial gain and control (or loss of control)
- Effective leadership is core to success. Building a team/organisational structure you can rely on to support the business transition is vital
- Embed disciplined management systems to provide an effective barometer of commercial performance – the bigger you get the tighter the controls need to be
- Ensure you have created a customer focused culture, one that delivers innovative product and service propositions carrying higher margins
- Ensure you have a differentiated business model – one that creates real competitive advantage to support domestic and possibly international growth
- Condition your mindset to win and success.
- Ensure you have the support of your partner and immediate family
Having trusted advisers and being part of a network of likeminded people becomes an important part of the journey it also helps to maintain your sanity.