This is a topic I have blogged about for sometime. Creating space and time to think about where you are going is an important habit high growth entrepreneurs need to develop. As most of my blogs are based on years of observing what successful business people do, its always beneficial and good practice to draw upon research.
Taking “time out” is key to growth was the finding of a GrowthAccelerator research study, interesting insight for anyone wanting to do bigger things with their business. Here is a summary of the findings:
Taking time out is the only way to grow
According to an online poll of 500 SME owners and decision makers, taking time out from the day to day running of your business to put a detailed strategy in place is the vital first step on the pathway to growth. Those who have taken the time to plan say it has put them, on average, 10 months ahead of where they would have been without planning.
Some key findings of the research were:
60% of those surveyed said they spend less than two hours a week actually leading their company, spending the rest of their time doing day to day work
Of those who said they had paid for professional support, 77% believed their company had benefitted
Of those who said they had paid for professional advice, 69.6% were able to describe very clear business objectives, compared with just 30% of those who hadn’t received external support
Lack of time to strategise presents a common challenge across all sectors, but some emerge as being clearer on their precise objectives than others, with manufacturing and technology leading the way (66% and 66.7% respectively)
I believe those entrepreneurs who apply 20% of their time to thinking and the remaining 80% just doing, move forward much quicker than those who just can’t see the wood for the trees. This ratio is very important.
More details on the research are available at:
The old cliche of working on instead of in the business is very true for entrepreneurs with a big goal.