THE RIGHT RESOURCES TO GROW YOUR BUSINESS
Ensuring you have the right resources for your business to be resourceful.
Have you ever considered what the fundamental difference is between running your business and growing your business?
Increasing efficiency is top priority, therefore what additional resources does your business require to execute to improve performance, align employee motivation and increase market share? Does your business have a compelling value proposition along with concise goals supported by brand identity and consistent key messaging?
Resources required to stimulate best practice business growth incorporate a robust accounting system enabling your business to automate, consolidate and integrate operations, particularly if your business is well-versed in the ever-changing tax and government regulations.
In addition, effective operational systems including relevant customer-centric and efficient back office processes, as well as seamless management programs highlighting areas where operating costs can be reduced. Enabling concise business decisions derived from sound data increasing profit margins and cash flow. Accurate cash flow reporting and identifying timely acceleration opportunities are also imperative.
“What gets measured gets improved.” — Peter Drucker
Strategy, Execution, People and Cash are the cornerstones to a productive, sustainable business. The most critical resource regardless of how strategic your execution or positive your cash flow to future-proof your business is People. As a high performing business owner or managing a business your most important asset are the people you surround yourself. The right personnel resources will facilitate company growth and maximise productivity and as a company leader you are likely to feel less isolated fighting spot fires on a daily basis.
When it comes to your competition, the right human capital is your only difference!
Today businesses are being asked to do more with less. As a business owner effectively managing your time is another key area enabling you to improve overall company efficiency. To that end, a far greater cost-effective solution to gain access to the experience of one additional employee, is to leverage the accumulative knowledge and diversity from some of the best business minds by joining an advisory board.
Coraggio’s CEO Richard Skarzynski shares, “this strategically positions you to access the skills, perspectives and advice from numerous non-competing industry leaders who are focused on supporting you and transforming your business.”
An advisory board is a smart financial alternative and return on investment.
Staffing issues such as interpersonal conflict, discrimination and more recently remote working regulations, have become more complex in recent times, as well as complicated and costly, if not handled appropriately, exposing businesses to expensive litigation.
The advantage of an advisory board, as opposed to an additional staff member or retaining an independent business coach, facilitates direct access to experienced business leaders providing constructive feedback and who are invested to driving greater performance and profitability for your business. Additionally, an advisory board seamlessly morphs your “two taxi team” into a “bus” overnight whilst fast-
tracking business growth, mitigating legal risks including eliminating potential litigation.
Mentoring makes good leaders even better when they invest time to explore and discuss big picture strategies with experienced business leaders. Coaches are trained specifically not to do the work for you. In fact, as cited by New York’s Executive Coach, Michael Melcher, “Coaching is a method of helping clients find their own answers.” Advisory boards however draw on member’s entire life and work experience as a collective, providing sharpened skill sets specifically aligned to drill down on your business challenges towards a positive resolution and viable outcome.
Chair of Coraggio, one of Australia’s leading Advisory Boards and business leader Campbell MacKintosh cites, “Most SME’s I speak with who have been down the business coach route have gained no real value from the standard template and text book approach, especially for established businesses seeking growth. Sound strategic advice drawing from hands on experience is a far more valuable human element in my opinion and an accelerant for any business.”
Where are you likely to obtain the best return on your investment? Who do you turn to
- a business coach or advisory board? Each has a value add, assisting to identify and break down barriers to success and determine how to overcome them. However, an advisory board enables you to dip into a cross-pollination pool of expertise from several individuals, whether it be a quick phone chat or coffee catch up or, a deep dive into issues amongst all your fellow board member peers who harness a high familiarity of your business.
Advisory boards are typically comprised of various experts capable of providing insights about specific areas of the business and some entrepreneurs need more than just a one- on-one mentoring relationship to help their companies grow. While a coach may assist navigate personal challenges, an advisory board holistically manages overall personal as well as strategic company direction.
Strategic thinking is the single most important thing you can do to grow your business.
This plethora of expert opinions and wealth of advice from Coraggio board members from various industries successfully running their own business is a priceless company asset. Peer colleagues addressing business situations and innovative solutions providing a collaborative new perspective, for your business to scale and navigate.
When Coraggio members are asked about the core principles derived from their advisory board they acknowledge new perspectives and untapped opportunities in relation to:
Learning from the best and each other stimulates company innovation and competitiveness.
Coraggio’s CEO Richard Skarzynski cites, “Members learn from conversations centered around their organisations, as well as from peer group discussions where ideas and assumptions are challenged, insights explored and relevant stories translate into tangible actions. An advisory board guarantees you remain focused on the most relevant priorities and gain the perspective to maintain accountability, propelling profits and improving business acumen.”
