Episode 7: 3 Big Challenges that get in the way of Growth
In this episode, I dive into the significant hurdles that hinder business growth. Based on Australian business statistics, it’s startling to discover that only 7% of Australian businesses surpass 2 million in sales turnover. However, there is a subset of businesses below this threshold that are eager to grow but uncertain about the path ahead. I identify three key barriers to growth: loss of control, lack of operational support, and fragmented focus. Loss of control arises when business owners lack the necessary structure and support to manage their operations effectively. To overcome this barrier, it’s essential to consolidate and streamline operations, seeking external assistance if needed. Understanding the numbers and financial aspects of your business is crucial for success and scalability. As businesses grow, complexity increases, and managing all aspects becomes overwhelming.
Lack of operational support, the second barrier, results from a scarcity of experienced resources, preventing owners from stepping up as CEOs and building capable teams. Transitioning from an operational manager to a leader requires trust and delegation. It’s imperative to assemble an A team, trusting the processes in place and allowing them to work efficiently without constant intervention.
The final challenge is a fragmented focus, which leads to constantly changing decisions and a lack of clear vision. Without a strategic growth plan, businesses may grow haphazardly, lacking profitability and serving unintended markets. Choosing the right direction and making strategic decisions is vital to overcoming this barrier. By breaking through these challenges, businesses can experience accelerated growth and join the elite 7% Club. If you’re looking for guidance on growing your business from seven to eight figures in a manageable and profitable way, feel free to reach out to me through my website at jennystillwell.com.au. Remember, better strategy leads to a better business and a better life.
- Only 7% of Australian businesses break through 2 million in sales turnover.
- Loss of control, lack of operational support, and fragmented focus are key barriers to growth.
- Understanding and managing the financial numbers is crucial for success and scalability.
- Transitioning from an operational manager to a leader requires trust and delegation.
- Developing a clear vision and making strategic decisions is essential for sustainable growth.
The 7% Club book