Thu, 09 Jan|
Goldsmiths, University of London
10 Steps to Growth – A Business Growth 1-Day Bootcamp (2)
You will join other businesses in a series of lively sessions which will challenge how you respond to 10 barriers to growth in a way which is specific to your own business. This will stimulate a self-diagnosis of which of the 10 barriers are your critical ones to address.
Time & Location
09 Jan 2020, 08:30 – 20:30
Goldsmiths, University of London, 8 Lewisham Way, New Cross, London SE14 6NW, UK
About The Event
Growing a business can be an exciting and rewarding experience with long term benefits for you, your family and the local community as it creates and sustains employment not just in your business but also in the businesses, you and your employees support. It will also give you a great deal of personal satisfaction.
When you start a business there always seem to be too many urgent day to day things to do – finding clients, serving clients, admin and dealing with the bank and never enough time to do them all well, let alone planning how you are going to make the business sustainable and then grow. Growing a business can appear daunting when there appear to be so many different hurdles you need to overcome as well as coping with the urgency of the “day-to-day”.
The good news is that studying how businesses grow, the challenges they meet and in what order and how they overcome these challenges has enabled us to put together this programme – the 10 steps to growth pathway - which will enable participants to identify where they are on the growth curve and then take the necessary steps to start or continue their upward trajectory. There is a logical order to the 10 barriers at the heart of this “10 steps” model and by attending the first stage – the growth masterclass which has these 10 steps at its core – you will be able to take your next steps confident that you will be the doing the right thing at the right time.
This “10 steps to growth” programme is suitable for any eligible business. Those who haven’t yet started active trading but have a business idea that they want to bring to market will find that they will be able to identify what they need to do to give them the best possible chance of a successful start and then proceed into growth. Those who are already trading will be able to identify what they might want to change in their current business activities and then carry on growing the business further. Once you have identified the barriers you want and need to overcome, we can personalise a support programme of mentoring and/or purpose designed skills workshops designed around the needs that past experience tells us are very common shared requirements.
The programme starts with a 1 day “bootcamp” in which you will join other businesses in a series of lively sessions which will challenge you to you see how you respond to 10 barriers to growth in a way which is specific to your own business. This will stimulate a self-diagnosis of which of the 10 barriers are your critical ones to address and in what order. This is far more effective than a diagnosis by a consultant who tells the company one-to-one where their problems are and then leaves. With a number of businesses joining you in the process it creates a very open and supportive environment which not only provokes honesty and acceptance but also demonstrates that in facing these barriers you are not alone. Part of the significant value that previous participants have gained from similar sessions has been from the contacts made and the feedback and ideas from the participants themselves. The nature of the solution in each case is likewise surfaced in a discussion led by the tutor (who also describes the way in which other companies have met and, in some cases, fallen over these barriers - and then crossed them). One-to-one reflection on your conclusions with the workshop facilitators and the tutor will enable you to identify a pathway of either mentoring and/or the skills training sessions through which you can overcome the barriers you have identified.
The workshop starts by examining what we mean by growth, challenging and debunking the myth that the growth of a company inevitably needs investment – other than perhaps the sweat of the founders! On the other hand, it shows how by overcoming many of the barriers to growth and enabling “bootstrap financing” it puts a company in a far better position to raise finance – on its terms – when the time for external finance is right. It then addresses the growth barriers in turn – such as no 1 – “why do your customers buy from you – and not your competition” – challenging each company to give an answer which is meaningful and on which they can act because it relates to a real customer preference, which leads on to the concepts of competitive advantage and then market segmentation.
We have said that the barriers to growth – and the consequences of overcoming them are logically linked. For example, knowing a genuine competitive advantage and understanding segmentation, particularly customer communication preferences (how they choose to get information) leads on to the idea of positioning and branding which enables a sales pipeline to be built and managed cost effectively. Understanding how to do this and with sufficient experience of the real market enables workload, revenue and profit predictions to be made – in turn, the key to bootstrap finance.
This approach was originally developed for the award-winning London Fusion Programme, in which Goldsmiths was a leading partner. The format has since been used successfully with over 200 businesses in the UK by the tutor, Philip Ternouth.
The topics covered in the bootcamp workshop are: -
• What do we mean by a growth rather than lifestyle business?
• Summary of the 10 barriers
• From client preference to market segmentation
• Sales pipeline – the key to bootstrapping
• Marketing and promotion
• Staff and culture – why do people want to work with you (particularly critical for a service business growth)?
• Systems and processes – dealing with the “day to day”
• Growing the product and service portfolio
• Sales Channel
• Positioning (you will leave with at least the beginnings of a “positioning statement”
• Scalability – plan to avoid the problems that increasing your business by a factor of 10 might cause!
After addressing the 10 barriers we will discuss the nature and possible benefits of bootstrap finance