I want to share a story about a business owner who was consistently feeling behind the eight ball…Always feeling 2 steps behind each week.

She was growing but everything was chaotic and she was exhausted.

She was struggling to deliver her services to her clients and grow her business - She was engaged in most of the business development, dealt with many of the clients and was the primary contact for any customer service issue.

She was onboarding a new team member yet because she was still a small business of only six, she was still wearing many hats each day.

Then, after working together, she was able to turn things around.

How?

Growing your business can be fun, challenging, rewarding and all-encompassing. It can also feel frustrating, never-enough and like spinning your wheels.

An interesting question to consider if you have aspirations to expand is: how are you measuring growth?

There’s the traditional metrics of using revenue and profit. Those are great measures.

However, measuring growing using only the metric of growing top-line sales is using a very narrow lense.

AND these metrics are lagging indicators. They are the result of the activities you’re engaging in.

What are your leading indicators? (These are the actions you’re taking that LEAD TO the results you’re looking for.)

One of the common topics that I notice come up from Founders and Owners is how to manage the multiple priorities they have.

There are so many hats we wear that we often have many similarly prioritized initiatives going on at the same time: from managing a newer member of your team, to pricing your services for next year to planning marketing initiatives. The list can be endless.

And they’re all important.

Sometimes, it feels impossible to chose what to focus on next because it IS nearly impossible. They all have to be done!

While everyone’s situation can be somewhat unique, what I do know is this: when we focus on the many, progress is slow; when we focus on the few, we speed up.

Based on KPMG’s 2022 SMB Business Outlook Survey, 83% of SMB leaders are confident in their company’s growth over the next three years.

KPMG has also identified that the single most significant source of growth over the next three years will come from organic growth (innovation, R&D, investments, new products, and recruitment) ranked at 24%. Other forms of growth cited were Digital and Technology Investments 18%, Strategic Alliances with third parties 18% and Attracting Fresh Capital at 10%.

Organic growth involves evaluating your operational models for efficiencies, enhancements, or other initiatives that will strengthen your company.

This is where the consideration of adding value comes in…

If you’ve been tuning in for a while, you’ve heard me discuss the many contributing factors to building value in your company.

I’ve touched on attributes like growth potential, differentiation, financial performance, diversification of people, suppliers and employees, but you know what these all boil down to?

The SVO Model of Sustainability and Growth…

Several years ago my husband and I were asking questions like: Will we have enough to retire? How much is ‘enough’? What do we need? What do we want our future to look like?

We’ve both worked in the financial industry and we have a good understanding and knowledge of personal finance. However, we wanted more than our general understanding and wanted to speak with an expert in retirement planning.

We explored possibilities and chose someone who we love working with and has the expertise we needed.

Once we made that move I felt incredibly relieved. Like a weight had been lifted off my shoulders because we now have a plan built for us.

And, I feel more confident in our ongoing day-to-day financial decisions because I know where we are in relation to where we are going with our ‘plan’. It was a very smart decision for us and I’m so thrilled we made it.

Getting help in the areas you need it is important. We can’t be all the things.

And we don’t know what we don’t know.

You can apply this to a number of areas in life.

Create a business model that turns your company into a valuable asset.

The definition of an asset: property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.

Research shows that the number of employer businesses with 1-99 employees accounts for 97% of businesses in Canada (source: GOC: Key Small Business Statistics 2021).

And 67.6% of all employees work for small businesses.

As employers and businesses that often bring innovation and social impact through their products and services, what would it look like if more of these companies survived into the next generation? What if many could sustain and continue to bring their innovation, social impact, and dependable products and services to future generations?

Have you ever felt the weight of running your business?

Wouldn’t it be nice not to have everything resting on your shoulders?

Wouldn’t it be nice to feel supported and know that certain things are ‘handled’, and you aren’t solely responsible to make key things happen in your business?

I’m not a car person by any means, but this analogy popped into my mind as I was thinking about how I often hear (and experience) the challenge of feeling like you’re alone in your business.

As some of you are considering and refining your goals for this year, I want to ask you…do you have a goal to grow your business?

As business owners, ‘growth’ can be a loaded word.

I hear some saying - yes, they’re all about the growth and that’s their focus.

I hear others saying - no, I like my business the way it is, I’m not looking to grow at all.

And also saying - growth means more work from me and I just don’t have more to give.

Maybe there’s even another camp here that isn’t reflected. In spite of what you may think about growth in your own business I think it’s worth deconstructing what growth means.

As we enter into the festive season and we begin to think about winding down for the year, I wanted to ask you: Do you perform an end of year review?

This is an opportunity to take stock, reflect and take a look at the bigger picture.

It’s been another tumultuous year and depending on where you live, perhaps a return to more things that are ‘normal’ for you.

Whether this is a practice you do each year or if you’re new to it, I wanted to share my process for my business review…

If you’re a business owner and you think building a strong foundation that leads to a valuable business isn’t for you - then I encourage you to continue to read.

You see - there’s a strong link between the value of the business and the freedom you, as the business owner, experience in your business.

I hear from so many owners that the reasons they started their businesses were to experience some sort of freedom - freedom to do work they want, freedom to create their own schedules, freedom to work when they want, and to create financial freedom. Yet, many don’t achieve these things.

Freedom = Value.

Why?

There’s a relationship between the value of your business and the time you spend IN your business.

First - what is value to you?

What I hear from my clients is that value means you get to meet your financial expectations through your business.

Value also means that it supports their lifestyle expectations.

And, it fulfills them at a deeper level

When it comes to your business, value also means how it can be viewed from an outside perspective. Is it valuable to someone else who might purchase your business one day?

Consider this…

Does your company bring you energy, increase your financial, emotional, and mental capital?

Or, is it sucking away your energy, and money you never seem to earn more of?

A business is a business when there’s equity to show for your investment. And has value to you and the world.

It’s painful to be reminded of the fact that life is short. But the gift in that reminder is to make the most of the time we have. That includes putting effort into growing your business so it provides the things you need it to provide for you.

If you’re putting up with drudgery, plateauing, or even putting off decisions, I’m here to say that there’s another way…

This is the seventh in the discussion of the eight growth drivers that generate value.

There are many ways to create loyal customers such as providing a valuable product/service and excellent customer service.

There’s another way that you can extend this value that will increase your customer loyalty - creating a model or offering, that solves your customer’s need so they buy what you have consistently.

Recurring revenue makes your company more predictable, extends the lifetime value of your customer, and ultimately makes your business more valuable. Valuable to you now and in the future.

I wrote a couple of weeks ago about how cash moving through your business is its lifeforce. It allows you to fulfill your mission, strengthen the business so it, your employees, and customers thrive.

Creating a recurring revenue stream is another way to bring cash flow into your business to create these automatic sales.

While there are many ways to do this, I’ll share how a simple service contract could be the place to start for many…

Even though I called this the second driver, these are really in no particular order and not necessarily in the order in which we would focus on for your business. If you missed the first driver of company value that I spoke about, you can check it out here.

To grow your business and to build a valuable asset, this is likely the most common area we think about for a business: Financial Performance.

Financial Performance is simple to understand but not necessarily easy to achieve…

I had a conversation today where someone asked me if I provide ‘Life Coaching’.

It’s an interesting question, because in a way all coaching is life coaching because even though I work with Leaders and Business Owners, we’re not always talking about business and work.

We talk about all the things that might come up that impacts WHO we are and how we show up professionally.

“Where ever you go, there you are” — Jon Kabat-Zinn

We bring our whole selves to work. We typically aren’t one way at work and one way at home…and if we are and it’s a dramatic difference, that can cause a LOT of stress for you in the long-run. If this is you, we need to speak.

I digress.

The question I received today make me think again about how we show up and what we bring with us wherever we go.