What comes to mind when you hear the term “franchise”?

You naturally think of fast-food restaurants such as McDonald’s, KFC and Subway. But what if I told you that franchising can be one of the (if not the) fastest and most leverageable ways to grow YOUR business?

Yes – even if you’re not in burgers and fried chicken! 

Business franchising comes in various formats and types, and can be applied to ANY organisation. However, as a Business Coach, I have seen so many entrepreneurs and business leaders quickly dismiss the idea of franchising before they even explore this option.

So, in this blog, I’ll discuss some of the key benefits of branching out your business through franchising and how it may be the ideal option for you.

What is franchising?

Franchising is a legal and commercial relationship between the original company owner (the Franchisor) and an individual (the Franchisee) who wants to establish an additional branch of that brand by using its trademarked branding and business model.

Basically, it’s a method that allows a new business to operate under the established brand of another and to sell its products and/or services for a specified time period.

According to the latest statistics, there are around 90,309 franchised businesses operating in the country, employing a total of 514,761 people. 

The reason why I endorse franchising as such a smart approach to business growth is because of one critical and advantageous factor: leverage. 

Understanding this advantage (and more) of franchising will help you decide if it’s a suitable option for your own business expansion plan.

I’ll explain more below.

The business benefits of franchising for the Franchisor

From my experience, franchising your current business offers so many advantages and can be an ideal expansion model for you.

Here are the three relevant benefits of deciding to expand your business by offering a franchise model as a Franchisor:

1. Faster business growth

Developing and building your own business over time involves a lot of effort, hours, strategy and patience. 

I’ve seen business owners take years or more to reach an ongoing level of strong, measurable success. However, with franchising, you can fast-track this growth because the possibility of you achieving a return on investment (ROI) can take around 6 months. 

That’s because franchising not only allows you, as the Franchisor, to gain financial leverage through the Franchisee’s own investment, but also leverage human resources as well, as they hire their own team.

In other words, because you’re not taking the burden of building your empire on your own, you can give another driven business owner access to your tried and tested model, while expanding your brand’s reach and earning a fee, all on their investment, exponentially speeding up your growth trajectory.

2. Minimised risk of failure

Starting a business independently – no matter how big or small – is risky. That being said, these failure risks can be significantly lower when you are sharing the burden with your franchisee.

Also, since it’s the Franchisee, and not you as the Franchisor, who signs the lease and commits to various contracts, franchising allows for rapid business expansion with virtually no contingent liability, greatly reducing the risk of failure. 

3. An optimised balance sheet

Since Franchisees use their own capital, you as the Franchisor have virtually no investment at the unit level. Also, depending on the offer, the Franchisee may have to pay you an upfront sum too, just to get started!

That’s a huge positive for your financials while accessing growth at the same time.

Franchising essentially allows your business to grow using the resources of others. By leveraging other people’s money and time, not only do you need far less capital to expand, but your risk is largely limited only to the capital you invest in developing your franchise company (which often is not very much) – allowing you to significantly increase your profitability.

Now, what do you think of franchising as a business growth option?

While there’s no “one-size, fits-all” approach when it comes to franchising, understanding the benefits of this option as a way to expand can open your mind to making your model franchise-ready for the future. 

With so many advantages and so few disadvantages, you may wish to consider franchising as a viable option in the next stages of your business.

Do you need help with franchising your business?

Smart business owners are those who are constantly finding leverageable ways to further expand their business towards success.

However, it can be difficult to navigate through the complexity of branching out your brand and building your own business model that is franchise-ready. 

So, whether you need help exploring other options or to help you realise the full potential of expanding your business through franchising, I’m here to help.

As a Business Coach and Mentor, I work with business owners like you so you can sell, buy and build franchises which can all lead to achieving your overarching business goals.

Simply schedule an initial discovery call today with me.  

Stephen O’Sullivan 

Get the Right Advice from Growth Workshop  

Get your business off to a great start with one-on-one personal coaching with Growth Workshop’s Business Freedom Coaching.

The post 3 Business Growth Benefits of Franchising Any Type of Business appeared first on Growth Workshop.

The majority of businesses exist to make a profit.

However, profit is only earned at the very last step, after you’ve made all of your sales, covered all of your costs, done all the work and paid all of your staff. As a Business Coach, I know that business owners often feel overwhelmed, wondering how to find ways to maximise that profit margin gap.

The most common “go-to” approach is to just increase sales.

However, in reality, this is a difficult way to boost profit margin, especially in the short term. After all, a company can bring in millions of dollars in revenue each year but still be unprofitable. 

A smarter, more sustainable way is to scale and increase profit and revenue, by focusing on your profit margin percentage. 

In this blog, I’ll show you how you can increase your profit margin using these three simple strategies.

What is profit margin?

Profit margin indicates how much profit has been generated by your business’ earning activities by dividing income (revenue minus all costs) by revenue and expressing this as a percentage.

The higher the margin percentage, the more profit-earning potential your business has.

Your business’ profit margin reflects your ability to drive revenue and manage expenses, so investors use it as a basis of comparison when determining which organisations to invest in or buy. 

Understanding how to effectively increase the profit margin of your business is crucial if you want to grow, scale and sustain a profitable business.

3 ways to increase your business’ profit margin

As a Business Coach, I advise my clients to apply these 3 simple steps to help them increase their profit margin:

1. Strategically increase your pricing.

This first step is often what most business owners refuse to do because they’re worried that they’ll price themselves out of the market or their customers will feel offended.

It’s completely understandable why. While raising prices can substantially boost your profit margin, pricing models can also be contextual and there’s no one-size-fits-all approach that any company can just apply to get the results it wants. 

So, my suggestion is to conduct extensive market research and competitive benchmarking. You must build your understanding of your buyer personas and be prepared to ride out the tides of trial and error to discover the best pricing models that will work for both you and your customers.

However, raising your prices into the perfect “sweet spot” can really improve profit margins – so it’s worth the effort.

2. Analyse your products and services, then rank them by their profit margin.

From here, make sure that your marketing plan and sales processes are working towards selling more of your higher-margin options. These products or services don’t have to be your most expensive – they could actually be the ones that take the least time and resources to produce. 

Generally speaking, the faster you can turn a product or service around from order to delivery, the lower your overheads and the faster you will be able to generate revenue. In other words, the fewer steps, and the faster you can complete them, the more you can increase your business’ profit margin.

3. Rank your clients into three categories and focus on the right ones.

Smart business owners take the time to fully understand their customers, and know who to pursue and who not to. 

My suggestion is to rank them all into three categories:

• Customer A – These are your most ideal customers. They are loyal, see you as valuable, gladly accept your prices, pay on time and collaborate smoothly with you.
• Customer B – They are your typical customers who work routinely with you and are happy with your service. However, if you nurtured your relationship with them and offered more value, they could turn into Customer As.
• Customer C – These are the customers who never appreciate the work you do and are exceedingly difficult to transact with. Customer Cs are those who call you three times a week, complain about your prices, fight every invoice, pay late and expect special favours. 

Knowing your customers and being able to classify them will enable you to focus more on those who bring more profit while you let the unprofitable ones go.

To learn more about understanding your customers, have a read of my previous blog where I breakdown the Customer Loyalty Ladder.

Do you need help increasing your profit margin?

A higher profit margin is always an objective to strive for. 

However, you must first provide more value to your customers to increase their willingness to choose you over and over again. This additional value can then lead to more referrals and long-term customer loyalty, both of which will improve your profit margin potential.

As a Business Coach, I work with business owners like you to guide you in achieving your business goals and increasing profitability.

So, whether you need help assessing your profit, drawing up a new financial plan or simply improving your existing strategies, I’m always here to help. 

Simply schedule an initial discovery call today with me.  

Stephen O’Sullivan 

Get the Right Advice from Growth Workshop

Get your business off to a great start with one-on-one personal coaching with Growth Workshop’s Business Freedom Coaching. 

The post 3 Simple Strategies to Increase Profit Margins in your business appeared first on Growth Workshop.

Running your own business is a huge undertaking.

As a business owner yourself, you are always looking for more organic ways to grow your organisation. Ultimately, you want to make more money and serve a larger customer base. The only challenge is identifying the best way to grow your business at a healthy and manageable rate.

There is a long list of tactics, from marketing and franchising to hiring and expanding into new categories or geographies.

But what about buying another business?

If you are looking to move your business forward, you might want to consider the option of strategic growth through the acquisition of another company.

Let’s talk this option through.

Organic growth vs growth by acquisition

Organic growth follows a business’ natural progression by growing your customer base, reinvesting profits in new assets for greater income, and improving productivity to increase your bottom line.

On the other hand, inorganic growth or growth by acquisition happens through carefully considered mergers and acquisitions of brands that offer something their business model is either missing or would enhance a current offering.

The main difference between organic and inorganic business growth is that the former is within an organisation where the growth comes from internal effort, while the latter externally buys additional separate business units through a business acquisition strategy.

What is a Business Acquisition Strategy?

Strategic acquisition is a method used by companies to gain or purchase another business’ shares, property and/or assets. Acquisitions are typically made in order to take control of, and build on, the target company’s strengths and capture synergies.

I’ve seen many business owners often dismiss the idea of buying a business due to the potentially high financial risks. They also believed this strategy was only for rich business owners who have millions of dollars sitting in their bank accounts. But what if I told you that business purchases can be made without you putting your hand in your own pocket?

Yep – it’s possible.As a business owner myself, I see acquisitions as the quickest, safest and most guaranteed way of growing any business, because one purchase could double, or even quadruple the size of your company. When carefully scrutinised, this strategy can be your expressway to growth. 

3 reasons why you should look into buying a business to grow your own

Businesses that are programmatic and strategic about buying other businesses tend to grow fast and achieve realistic outcomes.

Whether your company is a new business or well established, here are 3 reasons why you should consider acquiring a business over the next 12 months as part of your growth plan.

1. Achieve faster business growth.

When it comes to growth, acquisitions are often a valuable strategic weapon that can accelerate time to market and efficiently capture new customers, talent, resources and product lines.

Growing your business organically takes time and requires big investments in sales and marketing. Inorganic growth by acquisition is an alternative approach that often can get you there faster and relatively cheaper.

2. Buying a business is a great way of acquiring core assets.

Among the many advantages of buying an existing business, perhaps none is more important than obtaining an established workforce, operational systems and core assets. 

This also unlocks access to key talent by integrating well-performing managers and employees into your business without the need to engage in an extensive recruitment and hiring process.

3. Leverage synergies between both businesses.

The key to growth by acquisition is acquiring a business that has synergy with your existing business. When companies are choosing to merge together, the goal is for the whole to be greater than its individual parts.

Remember – buying a business is not only limited to buying direct competitors. It’s also common for a company to buy another to take advantage of each other’s distribution channels in order to expand their markets. 

Is your business ready for growth by buying another business?

As you can see, it can be a really smart expansion strategy.

This is particularly true during the maturity phase of your business lifecycle. If you think you’re there, it’s time to map out your long-term plans and goals to continue to stay on the ideal growth trajectory. 

Do you need help with your business acquisition strategy?

Adopting a growth mindset is essential for every smart business leader. This involves consistently finding strategic ways to evolve your business to the next level.

However, it can be daunting to jump into significant business decisions like this.

So, if you need help looking at your organisation to see if buying a business is suitable for you, I’m here to help.

As a Business Coach and Mentor, I work with business owners like you to guide you on the path toward achieving your business goals.  

Simply schedule an initial discovery call today with me.  

Stephen O’Sullivan 

Get the Right Advice from Growth Workshop

Get your business off to a great start with one-on-one personal coaching with Growth Workshop’s Business Freedom Coaching. 

The post Buying Businesses: Why it should be another growth option appeared first on Growth Workshop.

There’s a lot of work that goes into running a successful business – every single day. 

As a Business Coach and owner of several businesses, I know this firsthand. However, while many people assume that it’s simply a combination of perseverance, a willingness to work hard and a belief in what you’re doing that gets you over the line, it’s actually your habits that are the foundation of your success.

In fact, most noteworthy business leaders attribute their achievements to just a few key habits they’ve developed over the years that have helped them use their time more wisely, keep their head in the game and grow their business.

In this article, I’ll discuss the importance of great work habits and share the top 5 habits I believe will help you achieve the most success in your business, and for yourself.

How do simple habits define your success?

For better or for worse, we are all defined by our habits.

How we sleep, when we eat, what we do to start and end the day. It all matters.

Developing strong, healthy habits allow you to perform at a higher level, which is great news for business owners looking to get the most out of every day. On the other hand, our bad habits can have a huge negative impact on our ability to succeed. 

That’s why, no matter the size of your business or how many years you’ve been active, it’s important to build good, consistent working habits to ensure you give yourself the best chance for success.

The importance of great habits for you and your business

I see so many of today’s entrepreneurs face the same dilemma: they have huge business goals and ideas, yet struggle to get these ideas off the ground.

The thing is, it’s usually nothing to do with their goals or their ideas. It comes down to themselves being their biggest hurdle. 

To them, my advice is always this: you need to develop a set of productive working habits that will help you work smarter, not harder. These habits are the tools, frameworks and routines that you can use to get the most leverage out of your time.

By developing these habits, you can grow your business and reach your goals faster without burning yourself out. Start by trying these five below.

The top 5 habits that you need to see real business success

1. Have a plan

Most business owners underestimate what they can get done in the long term and overestimate what they can get done in the short term.

My suggestion: build a 90-day plan (short-term) AND a 12-month plan (longer-term), and look at them every single day. They don’t need to be elaborate, so try to keep them to a single page for simplicity. Now, use these plans as your guiding light as you move forward towards your business goals. Also, keep refreshing and updating them along the way.

2. Build a daily routine

Small, positive actions done daily help to give you the boost you need to reach your goals.

For instance, don’t wake up and check your emails, as that means you’re at the mercy of others. Instead, take the time each morning to meditate or exercise as it can provide you with the energy you need to start the day on your terms. 

Likewise, planning your next day the night before helps give you a clear picture of what’s ahead and can relieve any stress or anxiety before going to bed. 

3. Prioritise based on your return on investment

One of the most important things I tell my clients is that they must learn to prioritise and choose their tasks wisely.

Effective time management is about determining what work needs to be done first, based on the size of the return on your time invested. Make a list, determine what gives you the most value, and delegate the rest.

For more, read my blog, Can you manage your time better?

4. Learn when to say no

Continuing from above, as a business owner, your to-do list is seemingly endless.

Therefore, you need to learn to protect your time by saying no to the people and opportunities that will not get you closer to your end goals. Delegate or ditch the rest. Be ruthless!

5. Redefine your open-door policy

While an open-door policy is great in theory, it typically leads to regular interruptions and encourages a lack of employee initiative, leaving you struggling to concentrate and constantly falling behind.

Instead, protect your precious time by only making yourself available at certain times of the day, through certain channels. In other words, you have an “open-door” during allotted times of the day or the week only.

By implementing these healthy work habits, you can supercharge your business and boost your productivity levels every day, setting you up for success.

Do you need help building great working habits for your business?

Identifying which tools, frameworks and routines will work best for you and your business can be a daunting yet rewarding experience. By doing so, you can increase your productivity and accelerate your success.

As a Business Coach and Mentor, I work with business owners like you to help you achieve your business goals.

I can guide you in assessing your time, optimising your tasks and determining the ways you can structure your day to get the greatest return.

Simply schedule an initial discovery call today with me.    

Stephen O’Sullivan 

Get the Right Advice from Growth Workshop     

Get your business off to a great start with one-on-one personal coaching with Growth Workshop’s Business Freedom Coaching. 

The post Why Great Work Habits are so important for you and your Business appeared first on Growth Workshop.

Business is mostly about managing two things: numbers and people. 

Without your numbers showing healthy financials, it’s hard to have a profitable business. And in what seems like a ‘chicken or the egg’ debate, you can’t attract and retain people – employees, customers and your suppliers – if you don’t get these numbers right.

So – where do you start?

As a Business Coach, I always tell my clients: cash flow. 

Cash flow is the lifeblood of your business. The good news is that with the right tools, processes and systems, you can develop relevant cash flow forecasts to improve your business’ longevity and profitability. 

In this blog, I’ll discuss the importance of cash flow forecasting and how it can improve your day-to-day decision making and ability to realise your long-term goals – all while keeping you sane!

What is cash flow in a business?

Cash flow is the amount of available, accessible “liquid” cash your business has on hand at any point in time.

You need this cash to meet all of your financial obligations, like salaries, super payments, taxes, bills and so on. Without it, your business can’t pay these when they fall due, which makes you insolvent – something that no business owner wants to happen ever.

That’s why it’s so crucial to manage your cash flow so you always know your business’ cash position is healthy.

The importance of forecasting cash flow

Just like having a strong marketing strategy is important in helping you understand why and how to attract new customers and reach a wider audience, cash flow forecasting is valuable in achieving strong financial management.

Each time my clients ask me about the importance of cash flow, I always tell them that staying on top of it will help them identify if they’re ever going to run out of money or when they’ll have surplus cash to reinvest – this way, they can always prepare ahead of time. 

Having a good cash flow forecast also enables business owners like you to map out your future business plans – whether you’re thinking of recruiting new staff, moving to bigger premises or expanding into new markets.

4 ways to create a simple cash flow forecast

Cash flow is essentially the lifeblood of your business. Without it, you’ll struggle to continue running your organisation.

So, here are the 4 steps to create a simple cash flow forecast:

1. Decide how far out you want to plan for.

Cash flow planning can cover any time span – from a few weeks to many months. My suggestion is to implement a weekly cash flow forecast for at least 3 months ahead.

But it depends on your business. If your pipeline is more predictable and you’re well-established with years of reliable data, you probably don’t need it to be too far into the future, whereas if your business can be unpredictable, then you want as much future insight as possible.

2. Track your income.

For each week or month in your cash flow forecast, list all of your cash inflows. Have one column for each week or month, and one row for each type of income.

Just remember – this only includes the cash that’s hitting your actual bank account. Only put the figures in for when you know clients will pay invoices, or bank payments will clear.

3. List all your outgoings.

Now you know what’s coming in, work out what you’ve got going out. For each week or month, make a list of all the money you’ll be spending such as rent, salaries, loans and so on. Again, these are dates and amounts when cash will be actually leaving your account.

Once you’ve listed everything you spend, add up the total for each column to get your net outgoings.

4. Work out your running cash flow.

For each week or month column, take away your net outgoings from your net income. That will give you either a predicted positive cash flow figure or a predicted negative cash flow figure.

You can then keep a running total – from week to week or month to month – to get an insight into your cash flow forecast over time at a glance.

More control. Less stress.

Using these 4 steps will help you predict your day-to-day cash flow management processes and provide more control. Then, as a business owner, you won’t have to always worry if you’ll have enough cash on hand at a particular point in time. 

Do you need help managing your business’ cash flow?

A comprehensive cash flow forecast will help you achieve business success and put you at ease knowing you’re not at risk of being insolvent. With this, you can organise your finances, increase your revenue and drive growth.

However, it can be difficult to get it right for your business.

Whether you need help assessing your cash flow statements, drawing up a new financial plan or simply improving your existing business strategies, I’m here to help. 

As a Business Coach and Mentor, I work with business owners like you to guide you on the path towards achieving your business goals.  

Simply schedule an initial discovery call today with me.  

Stephen O’Sullivan 

Get the Right Advice from Growth Workshop   

Get your business off to a great start with one-on-one personal coaching with Growth Workshop’s Business Freedom Coaching.

The post How Forecasting Business Cash Flow Can Give You Clarity and Peace of Mind appeared first on Growth Workshop.

As a Business Coach, I’m seeing many businesses really struggling today to attract and hold onto the right kind of people in their teams.

However, while most are quick to blame the recruitment process or the current economic conditions, it’s more important to focus on what’s actually within your control, such as your workplace culture and the type of environment that you’re offering new and existing staff.

The reality is: whether it’s for better or for worse, you ultimately get the team you deserve. 

What team do you have? What team do you want?

Here’s how to home in on what you can do to find and keep the best people in your business.

Why is attracting the right talent so important?

In the right circumstances, your people are your business’ biggest strength – but they can also be a source of weakness if they lack motivation, leadership and support. Therefore, choosing the right talent can literally be the difference between business success and failure.

This makes finding the right people to help you run your operations one of the most critical things you will do as a business owner – so it’s important to do it properly. 

That’s why I tell my clients that you have to focus not just on attracting high-quality talent, but also to give them every reason to want to stay with you over the long term.

So, how do you attract the right people?

To attract the right people, you first need to make your organisation an attractive place to work!

This involves: 

1. determining the level of value that you currently offer your employees and
2. evaluating whether it’s enough to draw in and retain good talent. 

If it’s not, you’ve got some work to do.

However, with the right kind of leadership and management, you can transform your organisation into a desirable workplace that will have people busting down the door to come work for you – that’s the goal.

5 key steps to help you attract and retain the best talent

1. Build a system of recognition

Employees who feel recognised for their efforts at work are far more engaged in their roles. So, showing genuine acknowledgement can go a long way to retaining your best talent over time – and it’s not just monetary based.

Recognise your team often, in a variety of ways instead. For instance, an unexpected, personalised ‘thank you’ message for a job well done will go a long way.

2. Get clear on your purpose

Give your employees a strong purpose to get behind. Excite them and make them feel part of something bigger than themselves.

Having a clear purpose to solve real-world problems and reminding both your employees and your outside audience of this regularly will help cultivate and reinforce a positive culture within your organisation.

3. Develop a strong sense of mastery

Is your team getting better every day?

Investing in regular training and development for each of your team members will help to reinforce their self-worth and motivate them to keep improving and contributing to your workplace in a valuable way.

Good people stay when they feel there’s more for them to learn.

4. Play to your team’s strengths

If one of your employees hates data entry, then don’t give them a day full of admin tasks. Instead, take the time to understand each team member’s strengths and utilise them accordingly to delegate matching tasks. I recommend using the CliftonStrengths Assessment to do this.

Not only will this give your staff a sense of accomplishment, but it will also make work feel more engaging and encourage them to stay with you.

5. Give your team what they want: autonomy

I cannot stress how important this is in fostering a positive workplace culture.

Once your team is well-trained, they have a sense of direction, they feel recognised and they’re each playing to their strengths, you need to make sure that you give them the autonomy they need to do their job and achieve their goals.

Micromanagement is not only inefficient, but it shows a lack of trust. Autonomy creates a positive working environment that will help you retain your best talent.

For more information, read: Why managers should start asking more questions.

These five simple steps will work together to not only build and reinforce a strong internal culture, but your team will also start telling others, too.

Ultimately, when you start to see your current employees encouraging their friends and business connections to come and work for your company, that’s when you’ll know you’ve hit the sweet spot.

Do you need help in cultivating an attractive workplace? 

Attracting the right talent and retaining them over the long term is paramount to the ongoing success of your organisation.

By fostering a positive and productive culture, you can continue to grow your workplace and enable your people to grow with it.

As a Business Coach and Mentor, I work with business owners like you to help you achieve your business goals. 

I can guide you in building ideas, developing strategies and implementing systems into your organisation to help you attract and hold onto the best talent in the marketplace.

Simply schedule an initial discovery call today with me.    

Stephen O’Sullivan 

Get the Right Advice from Growth Workshop     

Get your business off to a great start with one-on-one personal coaching with Growth Workshop’s Business Freedom Coaching.

The post How to Attract and Retain the Best Talent in Your Business appeared first on Growth Workshop.

Saboteur: a person who engages in sabotage.

It can happen in business – by the business owner themselves.

As a professional business Coach helping entrepreneurs and leaders build habits that are critical for success, I’ve witnessed how many of them aren’t even aware of what’s truly holding them back. 

I have, myself, been guilty of not being aware of my own self-sabotaging behaviours in the past.

So, in this blog, let’s look at the 5 common counter-productive habits of many business owners that can sabotage their own success.

5 ways you’re sabotaging your entrepreneurial progress

1. Doing all the quality control yourself.

When it comes to your business, you’re the one who knows how it runs best, right? And it’s your vision and guidance that has built it to the point it has reached and paved the groundwork for the future. Naturally, you want everything to run according to the master plan because if something goes wrong, you’re afraid your business may crumble.

However, this mindset is probably leaving you incredibly hamstrung. 

Delegation is something that has to start at the top, and as a business owner, it’s incredibly easy to bury yourself in work and never want to hand it off to someone else.

However, businesses with leaders who know how to delegate tend to grow faster, generate more revenue and create more jobs. Have a read of my previous blog on how to master effective delegation.

2. Not training more competent leaders and managers like yourself.

Unfortunately, so much time, energy and money are often spent acquiring a team who are then subsequently led by an unskilled manager. This has a lot of repercussions for your business as managers have a huge impact on the performance of the team.

My advice is to invest in training and development to effectively produce qualified managers who will then lead your teams and help you achieve your goals.

3. Treating your industry as absolutely unique from the rest.

This mindset is the biggest BS (pardon my language) I’ve ever heard, and it absolutely drives me insane!

While it is true that your industry is different, it is only unique in the sense that the product or service you deliver is different. But the fundamentals of your business are the same as many others. 

Harbouring this saboteur mindset can narrow your focus and shift you away from seeking the right help.

No matter how big or small your organisation is, all high-performing businesses start by having a comprehensive plan, smart financial strategy, effective marketing and a great hiring process. Focus on these essential elements first so you can deliver your unique service well.

4. A constant pursuit of incremental growth.

Aiming to gradually increase your sales or website traffic this year is the most common example of an incremental growth mindset.

However, real profitable and scalable success comes from starting to think more exponentially. It’s about looking at how to make a vertical leap in growth – not necessarily wanting to just jump farther, but substantially higher and quicker.

Unfortunately, many business owners often cut themselves off from many leverageable opportunities and innovative thinking before they even give the door a chance to open.

5. You make all business decisions based on gut feeling.

While decision making based on instinct may work at times, you need tangible indicators and a number-based dashboard to make well-informed business decisions.

These clear insights can give you the answers you need to solve any business challenge and embrace new opportunities. Ultimately, you want data, a range of opinions and your own experience to make the best decisions.

Have a read of my previous blogs to help you make better business decisions and create a comprehensive business dashboard.

Do any of these behaviours seem familiar?

Don’t worry – you’re not alone. It’s all about what you do next.

It’s time to reframe your mindset to avoid sabotaging your own business success. Remember, the habits you started out with may not be beneficial now or in the longer term. Businesses need to evolve over time, so it’s important to regularly evaluate where yours is at, as where you’re at, too.

However, it can be difficult to know what to do or how to do it.

So, if you want to explore how to build better business owner habits that can finally allow you to succeed, I’m here to help.

As a Business Coach and Mentor, I work with business owners like you to guide you on the path toward achieving your business goals.  

Simply schedule an initial discovery call today with me.  

Stephen O’Sullivan 

Get the Right Advice from Growth Workshop   

Get your business off to a great start with one-on-one personal coaching with Growth Workshop’s Business Freedom Coaching.

The post 5 Self-Sabotaging Behaviours of the Business Owner appeared first on Growth Workshop.

We’ve all heard about the Great Resignation.

It has been across the news as an ongoing trend where people are re-evaluating their career and lifestyle priorities, and then making changes, usually in the form of resigning to pursue other more rewarding opportunities.

What does this mean for you and your business?

Essentially, it means that more people will continue looking for new jobs that not only match their own values and culture, but also empower them to achieve career success. 

As a Business Coach and Mentor, I believe that this is actually a good opportunity if you approach it correctly. With everyone shifting, it’s a great time to proactively find the right people and nurture their growth as this will enable you to build and retain a diverse and skilled team. 

Finding and developing staff should always be a big part of your overall business strategy. So, in this blog, I’ll discuss the difference between just “hiring” and actual “recruiting” to help you make the right employee decisions for your business.

What is hiring?

Hiring is the direct process of seeking, evaluating and employing new talent to simply fill in a vacancy for a specific job post. This process usually begins by advertising a vacant position and posting it on various job sites to let the public know that your business needs new employees with specific talents and skill criteria.

The hiring process is suitable for employing entry-level workers or for filling in temporary positions. 

With this approach, a large number of applicants will be screened, interviewed and eventually hired depending on the number of employees required for the specific job. 

What is recruitment?

On the other hand, recruitment is a proactive, comprehensive and long-term process used to attract and select ideal candidates to achieve a particular business goal.

For instance, if one of your objectives is to grow market share in a specific niche, you will check your networks for specific people with the right experience in a relevant area and contact them. 

It’s usually HR managers or business leaders who are responsible for spreading awareness about their business amongst the talented masses through public relations, networking and social media connections. They also attract and convince specific candidates that their organisation is the best option to achieve their career goals.

Even if you don’t have a specific vacancy at the moment, the recruitment process involves finding and selecting individuals who have the potential to fulfil the goals of your business in the future.

I’ll explain more by comparing hiring and recruiting. 

The differences between hiring and recruiting

Many businesses undertake both hiring and recruiting. However, it’s important to know the differences between the two.

Here are the 3 key differences between hiring and recruitment that can help you navigate through the complexity of employing the right talent for your business:

1. Hiring is short-term while recruitment is not.

Hiring is a short-term process that is usually triggered when a vacant position appears in the business. The hiring process is often used when businesses have an urgent need to hire and fill in a vacant position, quickly.

Meanwhile, recruitment is a long-term strategy meant to meet the future needs of your business. Recruitment is an ongoing process initiated long before a job vacancy appears because it is goal-orientated, not vacancy-orientated.

2. Hiring is reactive while recruitment is proactive.

Whenever you find yourself hiring for your business, it’s usually a reactionary measure to some unforeseen circumstance, such as a resignation of an employee.

For recruitment, it’s quite the opposite. You begin with a business goal and then start looking for a potential candidate who can add value to your organisation and keep them in your pool of talent. More often than not, this person is already employed, so you have to make your position more appealing than their current one.

3. Hiring pool vs Recruitment Pool

As you can imagine, those who are hired and those who are recruited have quite distinct differences:

• Hiring pool

Once the job posting has been published, the HR manager will start to collect CVs and narrow down the best candidates to invite them for an interview. This is an ideal solution for general or entry-level positions. This pool is usually made up of recently unemployed or employed prospects that may or may not meet the qualifications for your job vacancy.  

• Recruitment pool

Your recruitment pool is usually made up of a network of exceptionally qualified individuals who are currently employed or recently unemployed. By recruiting, you are keeping your business open to talent from active and passive job seekers.

If you’d like to know more about how you can attract the best talent for your business, have a read of my previous blog: how to attract and retain the best talent.

Do you need help building an effective recruitment plan for your business?

Just like with any sporting team that is built to win, I highly recommend the recruitment strategy approach to find the right people who align with your goals. That way, you can assemble the right team to hustle together towards success.

However, it can be difficult to know when or how to apply the recruitment approach.

So, if you need help exploring how to build an effective recruitment process that works for you, I’m here to help.

As a Business Coach and Mentor, I work with business owners like you to guide you on the path toward achieving your business goals.  

Simply schedule an initial discovery call today with me.  

Stephen O’Sullivan 

Get the Right Advice from Growth Workshop  

Get your business off to a great start with one-on-one personal coaching with Growth Workshop’s Business Freedom Coaching.

The post Hiring versus Recruiting: the important differences your business needs to know appeared first on Growth Workshop.

As a business coach, I meet many people with successful businesses who are looking to take the next step towards growth: hiring team members.

At this point, I always ask the same question: have you systemised your processes first?

See, when you first start your own business, you’re learning, you’re exploring your options and slowly building. There is no rulebook to follow – you’re experimenting with your model and discovering what works best.

This is fine at the start, but when it comes time to start expanding by hiring staff, you need to make sure that your business is somewhat systemised. If not, you’re going to make it a whole lot harder for yourself and your new team to be productive as you both struggle to make sense of every workday.

Here’s how to avoid that trap and accelerate your business growth.

Why is it so important to systemise your business before hiring?

In a highly competitive business environment, systemising your business creates a strong flow. These standard operating procedures guide your team to help them perform more efficiently and effectively.

Unfortunately, I still see too many businesses hiring new team members without first systemising their processes. This inevitably leads to confusion, frustration and lack of autonomy, which can cause your business to suffer.

That’s why it’s so important to take the time to systemise your core processes before looking to hire and grow. That way, new employees can follow your tried and tested flow, rather than guessing their way through.

Why do some business owners struggle to systemise?

There’s a common misconception that systemising your business will lead to rigid operations, leaving no room for spontaneity and agility.

In reality, however, systemising actually streamlines your operations and allows more room for experimentation and play. A clear system can also allow you, the business owner, to take time away from your business with peace of mind, knowing that it can continue to run without you.

Plus, if you ever plan on selling your business, a robust set of Standard Operating Procedures and systems will make this process much easier when the time comes. 

For more on this, check out my article on Preparing Your Business For Sale.

9 steps to help you systemise your business

Over the years, I’ve developed a list of practical steps that I use to help business owners systemise and streamline their organisations so they’re always ready to hire. 

These are:

1. Develop a vision statement

The first crucial step is to develop a vision statement. This defines your business and outlines the value and the solution that you provide to your customers.

2. Create a mission statement

A mission statement explains how you plan to achieve your vision. It should answer the Who, What, How and Why of your business.

Share your mission statement with your team to make everyone aware of the common goal.

3. Define a culture statement

As an all-encompassing statement that defines your mission, values and code of conduct, a culture statement is designed to guide the actions of your team as well as their priorities and decision-making processes.

4. Map out your goals

Define SMART goals to create focus and direction. SMART goals should be Specific, Measurable, Achievable, Relevant and Time-Bound.

To learn more, read How to Effectively Design Goals and Plans for Your Business.

5. Build an organisational chart

Now you have your goals, you need an organisational chart to provide structure. This will allow you to delegate tasks and define clear roles for each member of your team.

6. Establish clear job descriptions

Before hiring new staff, you need to define a clear job description for each new role.

This will save you from the pain and cost of hiring an unfit candidate in the future. 

7. Outline Key Performance Indicators (KPIs).

To measure your business success, you need business-specific KPIs to help assess your team members and ensure they are meeting the targets you have set for them.

8. Document your how-to systems

In simple terms, this is the guide for every single task in your business. It sounds tedious, but it’s worth it.

Make a record of every task and list the steps required to perform each one correctly. This can be done on paper or digitally, so long as it’s done.

9. Construct your management systems

Your management systems are the policies, processes and procedures used by your organisation to ensure that each required task is fulfilled, and fulfilled well.

This is also the point where you define your own role within the business.

For more information, check out the Three Roles Played by Every Business Owner. 

With these simple steps, you can build a systemised business that’s ready to take on new team members effectively and grow together as you strive to achieve your goals.

Do you need help with systemising your business?

Contrary to popular belief, systemising your business isn’t as hard as you think. Rather than trying to do it alone, it should be a team effort, based around collation, organisation and creation.

As a Business Coach and Mentor, I work with business owners like you to help you systemise your business for success.

I can help you to devise a plan to get your business systemised over the next six months and put you on the path towards profitable growth.

Simply schedule an initial discovery call today with me.  

Stephen O’Sullivan 

Get the Right Advice from Growth Workshop  

Get your business off to a great start with one-on-one personal coaching with Growth Workshop’s Business Freedom Coaching.

The post 9 Steps to Help Systemise Your Processes Before Hiring Team Members appeared first on Growth Workshop.

Learning has always been part of life. Just like how food and water are essential for our bodies, information and continuous learning nourish our minds.

As a business owner and leader, the key to achieving true, ongoing success for your organisation comes down to prioritising your time to learn. Constant innovation and emerging trends in today’s fast-paced world requires you to keep up, find better ways to improve your critical thinking skills and adopt a ‘growth mindset’. That’s why committing to learning and development over time is an important attribute for all entrepreneurs.

Unfortunately, most people find themselves stuck in the belief that they already know everything they need to know. As a result, they stop learning, which hinders them from being able to adapt to new opportunities and develop their skill set to keep up with their industries.

As a Professional Coach to many business leaders, I always recommend the “DGLPA formula” to guide you towards prioritising learning to improve your business.

Read on to find out what this acronym means, and to get a copy of my ultimate business owners’ reading list!

What is DGLPA?

Businesses must change over time if they want to survive. 

However, many business leaders are so overwhelmed by how fast the industry landscape evolves that they often don’t know how and where to get started.

If you’re reading this blog, then you’re already on the right track towards improving your business and lifestyle. “But how, Stephen?”  you may ask. 

Simple! Get a piece of paper then write across the acronym DGLPA. This stands for:

• Dream
• Goals
• Learning
• Plan
• Action

This will serve as your comprehensive guide to reach business success. Let’s start with the first letter:

1. Dream

All of us have dreams. However, we often dream too small.

Dreaming big will give you a sense of accomplishment and can set your sights on something great – both personally and professionally – which will then give you the motivation to make changes and take actions towards that dream. 

2. Goals

Now that you know what your dreams are for your lifestyle and your business, start mapping out your goals. 

Setting goals are an important part of running a successful business because they are the targets that align with your dreams. Having clear, well-defined goals can help you take control of your career and business direction, and increase the chance of achieving them.

3. Learning

Dreaming big and setting realistic goals create your frameworks. However, you need to have the expertise and the skillset to take full advantage of them – and this involves continuous learning and self-development.

Whenever I’m asked by my clients: “what’s the one piece of advice you’d give to a business owner?”, I always say, “NEVER STOP LEARNING!”. Having the right knowledge will ensure you have everything you need to act.

4. Plan

Not having a comprehensive plan for your business is like going on a hike without a compass.

You can follow a trail but at some point, you might get confused and eventually get lost. So, mapping out your plan is a great habit to get used to, and this can act as your guiding light towards your business goals.

To learn more about great work habits, have a read of my previous article, How to develop healthy work habits.

5. Action

Now that you have already mapped out your goals, plans and decided to expand your knowledge, it’s time to take action.

At first, it may feel as if you’re riding on a run-away steam train but trust me, this framework will ensure you’re on a steady journey towards your success. Once you get the hang of everything, you’ll find your momentum. Remember, stick to your plan and grow alongside your business.

“But I don’t have the time to expand my knowledge, Stephen.”

This is something many business owners say, but when you think about it, it comes down to prioritising learning as a smart investment. You can always make the time for it despite your busy schedule.

For instance, if you don’t have the time to sit down and read, you may choose audiobooks which are helpful if you’re always on the go. This kind of innovation gives you the chance to adapt your learning to your own style and convenience.

Remember, the price of enrolling into a masterclass is nothing compared to the excellent return on investment that you’ll get. Knowledge is something that no one can take from you and it always pays to upgrade yourself!

Do you want my ultimate business owners’ reading list?

and keeps your critical thinking wheels turning. 

As a Business Coach and Mentor, I work with business owners like you to help you achieve your business goals through continuous learning.

I can give you my list of great books that you can read to help you become a successful business owner and leader.

Simply schedule an initial discovery call today with me.  

Stephen O’Sullivan 

Get the Right Advice from Growth Workshop  

Get your business off to a great start with one-on-one personal coaching with Growth Workshop’s Business Freedom Coaching.

The post 5 Ways to Prioritise Learning for Better Business and Lifestyle appeared first on Growth Workshop.