The power of escape time – the key to better decision-making

18/05/2015

Growing a business involves continuously making decisions about staff, customers, finance, suppliers, recruitment…the list is never ending. In the early days of growth, the founders have to be all things to the business; the necessity to think quickly and act fast becomes a hard-wired behavior, one that is very hard to shake off.

Start up businesses are characterised by their founders putting in long shifts – working on the tools during the day and ensuring the admin and paperwork is in order at night. Very little time to think about the strategic growth and direction, the ‘doing’ becomes an all-encompassing characteristic of being self employed. Working ‘in the business’ rather than ‘on the business’ becomes the norm. Here lies the dilemma for the ambitious individual who wants to take their business to the next level – how do I find time to think?

My experience shows that those entrepreneurs who make time to get rid of the interference of the day to day and tune into what really matters are the ones who make better decisions and ultimately build better businesses. The challenge is not feeling guilty about taking time to:

  • Step back and think things through
  • Consult with a mentor or adviser to work through a particular challenge
  • Recharge the brains battery
  • Operate at arms length from the business for a short while (energy management)

More often than not entrepreneurs are guilt-ridden if they take any time to pause for thought. That compelling feeling to be first in and last out of the office leaves a massive void in the need for strategic clarity. Neither time nor energy management benefit from such an approach to growing a business. The years of needing to be hands on creates the illusion of being productive and the macho image of the 24/7 life makes us feel good – this firefighting approach to the daily grind often delivers no strategic added value whatsoever.

As your company gets bigger so does the complexity of the decision-making. You cant run a growing business with the exact same mindset of that of a start up. Whilst the need to be innovative and nimble should never leave the culture of a business, escape time becomes the critical success factor for high quality decision-making. A winning business needs the leaders to get the right mix of thinking and doing. Escape time (whatever that means to you) becomes such an important part of the entrepreneur’s personal growth. Without it you become a busy fool – don’t be surprised if you can’t see the wood for the trees. Breakthroughs and inspired new ideas only come during periods of calm, and calm only happens during times of escape.

winning-pitch.co.uk


The North West Fund – Inspire Magazine

07/05/2015

An interview for The North West Fund Inspire Magazine Issue Ten 2015

What would you say has been the greatest achievement for the business?

The strapline to our logo and brand is ‘everything is possible’ and we strongly practice what we preach. The first manifestation of this belief was in 2008 when we secured a £10M contract against international competition to deliver one of Europe’s largest business support contracts. Over three years we helped over 1,000 high growth small and medium sized businesses. At the time we were less than £1M turnover and only 3 years old.

What has been the biggest challenge for you, in building the business?

The challenges in running a business are wide ranging and come in many different forms. The ability to scale has probably been the most daunting for us. It almost feels that we reached ceilings at different points of our journey – these related to breaking the employee barriers of 10, 25, 50 and 100. As we have grown up so has the need to bring in a new breed of managers and leaders, particularly those who can support the inevitable challenges that ambition brings with it. Identifying, recruiting and retaining great talent I suppose has been the biggest challenge.

How did you hear about The North West Fund and what was it that made you apply for funding?

I heard about the North West Fund through a seminar I attend. I felt the fund offered many advantages over more conventional and traditional funding routes. I was particularly attracted to the mix of debt and equity funding made available through Enterprise Ventures. The mezzanine loan was very appealing as it did away with the pressures of personal guarantees required by the high street banks. Just as important as the funding was the expertise that came with the money. We needed higher-level management support as well as funding – this made the North West Fund our preferred funding option.

How is your business changing/growing as a result of receiving funding?

The business has continued to grow at levels we had predicted, without the funding it would have been almost impossible to develop new markets and attract new staff. Testament to our growth is recent research published by market intelligence specialists Plimsoll, its shows that in our market place of 1000 active companies, Winning Pitch was the 6th fastest growing company in 2014. Without help from the North West Fund this would not been achieved.

Are there areas of the business you would like to grow/develop further?

Winning Pitch will continue to grow in adjacent market sectors the most important at the moment being skills. Also high on our agenda for the coming financial year is, developing overseas markets, particular in those economies where there is a desire to improve economic wellbeing through enterprise and entrepreneurial activity. We see promising prospects in emerging and growing international economies.

Having worked with thousands of companies which are looking to grow, do you have any tips for The Fund’s future applicants?

Great companies in my view are the ones who balance innovation and entrepreneurial flair with good housekeeping and discipline. At the heart of entrepreneurial flair is customer centric behavior, trying new things and making sure the customer’s expectations are always exceeded. This needs to be supported with strong management, a firm grip on finances, regular management meetings all wrapped up in a performance culture which ensures the things that matter get done and get measured. Being able to demonstrate a great management team with a well thought through plan with clarity is paramount.