Matthew Curtis
20/20 Vision.... Planning for 2020
I am sure that there will be plenty of us making connections between the year 2020, and having 20/20 vision - a measure of clarity of eyesight over a distance of 20ft.
Often when we talk about 20/20 vision in respect of planning or decision making it can be to rationalise things that didn't work out so well due to unforeseen factors... we say things like "it's easy to have 20/20 vision in hindsight"
At the time of writing we are about to enter Q4 of 2019. Volatility, Uncertainty, Complexity & Ambiguity (VUCA) levels are at levels that many business leaders & managers have never experienced before. The UK & EU are on or not on the cusp of a new relationship, the Middle East seems to be on the brink again, whilst China & the USA are in the midst of a trade war.
UK employment is at joint highest levels since records began, levels of vacancies are also running at high levels & pay is increasing quicker than inflation, great news if you are keen to capture customers extra disposable income, but more of a challenge in the battle to attract new talent into your business.
It's also true to say that the UK & the UK is far from alone in this has a productivity challenge.
Productivity has been flatlining, since the financial crisis, of 269,250 businesses formed in the UK in 2012 only 43% made it to 5 years old. (Source ONS)
What does it all mean?
If you are planning ahead for 2020, taking a simplistic incremental view to your revenue and costs might not be good enough, what if their is a further attack on Middle East oil production, what might a no-deal Brexit, delayed Brexit or no Brexit mean for your business, not only in terms of your ability to access raw materials or move goods across borders but what about accessing talent?
If salary expectations rise above inflation, what can you do to address your own productivity challenges? Can you create more with the team you have already? can you engage them more fully so they are less likely to be tempted away by a competitor with deeper pockets?
What can you do?
This year is the perfect opportunity to take a holistic view to your planning, utilise the data hidden in your CRM and ERP systems, harness the knowledge of your people & customers. Scan both the external horizon but also take a look inwards at your people, processes & resources to make sure they are being developed to overcome your productivity challenges, making your business not only one of the survivors but a top performer.
Where can I get some help?
M4C Consulting, Coaching & Training can help you on the journey to not only creating your 2020 vision, but in engaging your teams in the process to get their commitment rather than compliance. Support can extend throughout the communication, launch and implementation phases as required.
How do I find out more?
To arrange a chat about how M4C can help your business call 0191 8107170 or 0208 0580046 alternatively email Take-off@m4cltd.com M4C Consulting Coaching & Training
https://www.linkedin.com/pulse/2020-visionare-you-making-your-plans-matthew-curtis
The Case For Bootstrapping Your Business: The Path to Profitability and Independence In the vibrant, ever-evolving world of startups, the decision to bootstrap or seek early-stage investment can significantly shape the trajectory of your business. Bootstrapping, the art of building a company from the ground up using personal savings and revenues, often gets overshadowed by the allure of venture capital. However, the benefits of this self-reliant approach are profound and, in many cases, essential for long-term success and sustainability. 1. Complete Control and Ownership One of the most compelling advantages of bootstrapping is the retention of complete control and ownership. When you rely on your own resources, you’re not beholden to investors who may have their own vision or agenda. This autonomy allows you to make decisions that align with your mission and values, fostering a culture that reflects your authentic vision. It’s your business, and you call the shots—an empowering position that can lead to innovative and unorthodox solutions that set you apart from the competition. 2. Financial Discipline and Efficiency Bootstrapping necessitates a stringent level of financial discipline. Every dollar counts, and this constraint drives entrepreneurs to optimize every aspect of their operations. This frugality often leads to more efficient business practices, ensuring that resources are allocated to initiatives that directly contribute to growth and profitability. By focusing on generating revenue early and efficiently, bootstrapped businesses build a solid foundation that can withstand market fluctuations and economic downturns. 3. Strong Customer Focus Without the cushion of investor money, bootstrapped companies must prioritize their customers to generate revenue. This customer-centric approach often results in better products and services, as feedback is directly tied to the company's survival and success. Building a loyal customer base not only drives profitability but also creates a community of advocates who can help propel the business forward through word-of-mouth and organic growth. 4. Sustainable Growth Bootstrapping encourages sustainable, organic growth. Unlike venture-backed startups that may experience rapid, unsustainable growth driven by the need to satisfy investors, bootstrapped companies grow at a pace dictated by their actual performance and market demand. This steady, measured growth often leads to more stable and resilient businesses, capable of weathering industry shifts and economic challenges. 5. Creativity and Innovation Constraints breed creativity. When resources are limited, entrepreneurs are often forced to think outside the box to solve problems and achieve goals. This inventive mindset can lead to groundbreaking solutions and unique market positioning. Bootstrapped companies frequently develop innovative business models and creative marketing strategies that give them a competitive edge. 6. Higher Valuation When a bootstrapped business reaches the point where it’s ready to seek external investment, it often commands a higher valuation. Investors recognize the value in a company that has demonstrated profitability and a viable business model without external funding. This higher valuation means less equity dilution for the founders and a stronger negotiating position. 7. Personal Satisfaction and Confidence Finally, the journey of bootstrapping a business instills a deep sense of personal satisfaction and confidence. The knowledge that you’ve built something from scratch, relying on your own ingenuity and perseverance, is incredibly rewarding. This self-confidence can be a powerful driver for future endeavors and challenges, fostering a resilient entrepreneurial spirit. In conclusion, while seeking early-stage investment can provide a significant cash infusion and resources, bootstrapping offers a unique set of advantages that can lead to a more robust, customer-focused, and innovative business. By embracing the challenges and rewards of bootstrapping, entrepreneurs can build companies that are not only profitable but also aligned with their core values and vision. The path of bootstrapping is not easy, but for those who choose it, the rewards can be immense and deeply fulfilling.
Crafting a Winning Pricing Strategy: Balancing Cost-Up Pricing, Market Pricing, and Value Perception to Align with Customer Experience
Book your road-trip to success - via Take-off@m4cltd.com