Real growth in business takes time…
The growth cycle of a Chinese Bamboo Tree is a great metaphor for that of any business.
Why do I say this?
Well, after planting the seeds of a Chinese Bamboo Tree, it takes the best part of 5 years of irrigation and nurturing with nutrients before the first leaves appear above the ground. During the next 5 to 6 weeks, some types grow to over 90ft!
During the 5 year period, an extensive root system develops and this is one of the reasons for the immense growth in such a relative short period of time.
This is similar to any business.
Any growth in a business depends on the investment in time, energy, focus, resources, etc. This enables growth over a period.
At ActionCOACH, a great initial focus for business owners are the following four areas of business mastery:
- Destination mastery – clarity around the vision, mission and culture of the business. This includes a detailed business plan with specific 1, 3 and 5 year written goals. Does this plan build the business towards a sellable asset with real value over time?
- Time mastery – what is the daily focus on time management? How effective does the owners, management and team leverage time and resources towards specific outcomes? Regular review of time logs, a delegation system and default diary?
- Delivery mastery – Systemizing all functions of a business to ensure consistency in current delivery of products and services? Regular feedback and reviews from clients? On-going evaluating of our customer’s experiences? Existing bottlenecks and challenges in delivery processes?
- Financial mastery – Updated regular financial reporting? Analyzing margins of products and services? Calculating breakeven for the business as a whole as well as breakeven for specific income streams? Pricing and cost reviews? Age analysis of debtors and creditors?
Similar to a Chinese Bamboo Tree’s root system, mastery in these four areas, lays the foundation to building a profitable, sustainable business over a longer term. This also helps to minimize a sense of being overwhelmed and constantly in crises management mode.
Business owners and ‘wannabe’ entrepreneurs, take note – there are no ‘silver bullet’, ‘easy way’ or ‘Kool Aid’ solution to long term business sustainability and consistent business growth. Success in business requires amongst other things a high level of single-minded focus, determination, energy, tenacity, business skill, etc.
It has been said that most successful businesses became ‘overnight successes’ that took years to build!
How does a business coach like myself, help a business owner in this journey? I provide an outside objective view, a source of knowledge and skills, but most important being an accountability partner to an owner!
Growing a business from good to great takes time…! Start your journey sooner rather than later.