Where to go for business support
As a business owner, it can be difficult to know where to turn for support and advice. Friends and family mean well, and have your best interests at heart, but will likely lack the experience and knowledge to offer the best guidance on how to grow your small business.
There is a lot of support available for start-ups, from a range of business coaches like ourselves, but also banks and other financial/management institutions. There is less support available for those businesses that have grown to be medium-sized or are on the cusp of being so. Those that are around 5 years old and have experienced a period of growth, but have now plateaued can, in particular, find it hard to know where to go next.
There is a lot to say for staying like this. It’s comfortable, often very manageable, and can provide an enjoyable work-life balance. But did you start your business to be average and comfortable, or to be great at what you do and have a really successful business?
Our money is on the latter.
Which leads to the question: what next and how do you get there?
With years of business coaching experience across multiple sectors and industries, and coaching over 200 businesses directly, we’ve created a number of coaching tools specifically designed for the needs of a small business wishing to grow. One of them is the business scorecard.
The scorecard is derived from another model, the coaching star, which offers a framework of 5 questions that are at the heart of making SME business progression happen.
The scorecard though is a simple and effective tool for identifying the gaps and untapped levers of opportunity for growing your business. It’s a simple yes or no to each of the questions. You can quickly identify where things only exist in your head, which prevents the rest of the business from benefiting or using it, and what other tools and tactics as a business owner you are under-utilising.
How to use the Business Scorecard
For example, within the financial control of your business, do you have:
- Regular financial management reports which are reviewed and used strategically, such as profit & loss, cash flow, debtor reports, balance sheet, and sales forecast?
- Debtor management systemised?
- Cash flow forecasted and monitored closely?
- Individual profit centres analysed alongside their targets?
If the answer to any of these is ‘no’ then not only do these offer the opportunity for quicker identification of the challenges you may have but also mean you may be missing the opportunities available to you to achieve business growth.
For instance, if you don’t readily know whether an individual profit centre is over or under-achieving its target, it’s harder to make strategic decisions about investment and product/service development.
The insight garnered from the scorecard tells you where to prioritise your next set of actions and where to start looking for the keys to restart the engine of your business’ growth.
We’d usually discuss this with our clients while they are completing it, so this could be a prime opportunity to have a complimentary business review with one of our expert coaches.
To arrange a time that suits to explore the scorecard and your potential for further growth, click here.