In the latest episode of the Business Buying Strategies podcast, business growth expert Andy Hemming explains how to oversee the performance of your business and drive growth without getting involved in the day-to-day operations.
As a business investor, you need to avoid being drawn into daily management. Yet you also need to set the direction and focus on the business while holding the management team accountable.
In this episode, Andy Hemming explains how to get the best from your management team and oversee growth by tracking the right metrics and KPIs, how to use the business cycle to create a loop of continuous improvement and why it is essential to build systems that support growth and guarantee consistent results.
Andy punctuates his presentation – recorded at the last Dealmakers Retreat in Marbella – with real-world success stories and examples.
Whether you are an experienced business owner looking to increase the value of your existing business or you are a new dealmaker looking to acquire your first business, this is the episode to listen to and make notes for practical strategies and tools to grow and scale a business.
Here are the key highlights:
Why most business owners are really technicians in their own business Why a mindset change is often needed before a business can grow The 8 key drivers that influence the value of a business – according to John Warrilow Why reliance upon the owner is a major issue for any business How one business owner went from working 60 hours a week in his business down to just one hour a week The four simple steps of the cycle of business Why it is important to identify causes rather than deal with effects Why you need to focus on delegation, not abdication Why systems are so powerful in a business How accountability plays a role in guaranteeing performance Why your thoughts create your actions The value of setting performance standards The reasons why businesses do need to meet their growth goals Why the availability of objective information is essential to business growth How to use a dashboard to monitor operational effectiveness Why you need to think like an investor - not a manager
Here is what you will discover…
- Why most business owners need to shift their mindset when it comes to growing the business
- Why a business that is reliant on the business owner will struggle to grow (and will never be as valuable)
- What specific metrics and KPIs you should be looking at, as the owner of the business (these are different to what a manager or staff member should be tracking)
- Why it is important to understand the cycle of business (in four easy steps)
- Why most business owners get the cause and effect mixed up (and why most of their time is spent firefighting)
- Why systems are the most powerful tool in a business to create growth
- Why most businesses do not have any systems of any kind (and why that is an opportunity for a dealmaker)
- Why it is important to define – and enforce – performance standards (it’s all about expectations)
- Why owners need to set better goals to achieve the growth they want
- The two primary blockers to achieving growth goals (these are the same for 99% of businesses)
- Why building a dashboard is essential for oversight and accountability
- Why driving your business by your bank account does not give you the full picture
- Why you need to think more like an investor than a manager (and how that impacts the information you need from the business)
- Why better performance for the wider business begins by looking in the mirror (even as an investor, you set the standard)
- Why ownership is key to ensuring everyone plays their role in the business (you need to think like a sports team)
- Why you need to articulate your vision to the wider team (if you want everyone moving in the same direction)
- The simple question that can uncover most of the performance issues in your business (in a matter of minutes)
** Looking for a great acquisition lawyer in the UK? Use mine! **
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my own lawyer, John Andrews. You can phone his office at (0345) 2412494 or email him at johnandrews.deallawyer@jmw.co.uk.
Ready to get started?
Here’s how you can start your business buying journey…
Download our free Business Buying Toolkit
https://dealmakers.co.uk/business-buying-toolkit
Join our Business Acquisition FastTrack programme
https://www.dealmakers.co.uk/fast
Already bought a business?
if you've already bought a business, you should be part of my Inner Circle group where we discuss raising capital, integration management, and exiting. Email Maria on hello@thedealmakersacademy.com for more information.
Connect with Jonathan Jay at:
Website: https://www.dealmakers.co.uk
LinkedIn: https://www.linkedin.com/in/jonathan-jay-3556b230/
YouTube: https://www.youtube.com/c/TheDealmakersAcademy
Business Buying Strategies from The Dealmaker's Academy