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Annalese Sharrock Strategic Director
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Becoming the next Google or Airbnb might be the goal for some business owners. Others are happy with building a sustainable family business that provides a stable source of income. Both are great goals and share many similarities when it comes to the fundamentals of business strategy, but where they are unique, particularly when it comes to approaching the finances.
Stephen Hill, Chartered Accountant and head of our Accounting team at Strategy Collective, says that each business is on a 1000 steps journey. “The difference is whether that 1000 steps takes you to the summit of Everest or whether it’s a less risky journey around base camp,” explains Stephen.
“The key for both businesses is for the owner to have the confidence that they have a viable and sustainable business, regardless of what their end game strategy is.” He goes on to explain that that confidence comes from different avenues depending on your end game.
Stephen explains that the business owner who adopts the “stabilising” business strategy will want to have a solid grasp on two tools:
Why does a tightrope walker hold a long pole as an extension to their outstretched arms? To gauge any slight imbalance before it’s too late. They can sense the pole drop slightly to the right, make an equally slight correction, and, thus, stay on course.
Stephen’s tools of forecasts and measures do the same job as the tightrope walker’s balance pole.
Facebook didn’t become Facebook because Mark Zuckerburg just spent more time plugging away at his laptop—it took investment, risk, innovation, staffing, out-sourcing, collaboration, and much more to develop the social network’s capabilities to be the online home of choice for 2.2 billion users (as of Feb 2018). So, you need to put in place some rungs on the ladder or footholds from which to build your capability and, in doing so, establish that all-important confidence that Stephen mentioned earlier.
Stephen explains that for each growth-minded business there will be a range of factors to put in place, including (but not limited to):
Stephen stresses the importance for business owners to grapple with these questions and use the answers to fuel their confidence going forward. It’s empowering when you see your goals, the numbers and your business strategy all align, says Stephen.
Ensuring you have an experienced business coach with you on the journey is like recruiting a mountain guide before venturing into the Himalayas. When the steps get tough, they are there to give you the encouragement and confidence to take that next step.
Our experienced business advisors have walked the route many times and can bring their experience and expertise to your business journey, helping you through the pain points and to reach your end goals.
Let’s grab a coffee and throw ideas around on how to take your business to the next level.
These 45-minute chats are obligation-free and suitable for every stage of business. Choose from one or several of our departments or just talk general business strategy (hold Command or Control to select more than one).
Watch Stephen Hill’s explanation of the growth vs stability business strategies.