The three things you have to do before you can start growing your business

Hi, everyone. It’s Nishi from n-accounting. I hope you have a great day. So in today’s video, what I wanted to talk about is the three things every business owner needs in place before they can actually really think about starting to grow their business. As you can imagine, growing a business is a bit like building a house. You are constructing something and to do that you really need the right foundations in place. So what I want to do is film this video and help people understand what those foundations are and why they’re needed before you can really invest in the growth of your business.

So what I’ll do is I’m going to quickly share my screen just to help you understand the bigger picture and then where these items fit in. So you should be able to see my screen here. And what I want to do is just quickly come back to our Million Pound Processes course, which is part of our Apex program. But these are the 51 processes the majority of million pound businesses have in place. Or actually what I should say is every million pound business has the majority of these 51 processes in place, the vast majority of them in place.

So there is quite a bit here, but there’s three of these 51 processes that are absolutely essential before where you can start growing your business. So this is what I want to get into now and talk about the three most important ones to help you understand what they are, why they are there, and just give you an understanding of how you go about implementing them so then you’ve got the best foundations you need to start to grow your business.

So, the first one in my opinion is customer avatars. So a customer avatar is not just about you having an idea of your ideal customer. It’s about you actually writing down who your ideal customer is. So the challenge with not having a written document which clearly states who your ideal customer is, how they behave, how they like to be treated, where they hang out, the challenge with that is you then end up trying to attract all kinds of customers. And the problem is when you’re a Jack of all trades and master of none, or if you sit on a fence without really saying, okay, we are the best people to help this particular group of people, then you’ll attract no one.

Everyone wants to deal with a specialist in a particular area. And by creating a really solid customer avatar, what you’re doing is saying, okay, look, we know exactly who we want to deal with. And when you say that to the right people that you do want to deal with, they’ll really, really appreciate that. So it’ll give you that really clear idea in your mind about who you’re targeting. It’ll get you to a point where you can get your marketing really, really specific. So you don’t spend loads of money reaching out to people who aren’t going to buy from you. You only spend the money it costs to reach out to people who do want to buy from you and who will appreciate what you do for them. So that’s why a customer avatar is one of the most important things you’ve got to get in place.

You may also recognize it as a buyer persona. There’s quite a few different terms for it, but a customer avatar is hugely important for that reason, because it helps you then define your marketing strategy, helps you control your marketing budget better. And then it leads on to the next bit, which is about creating a signature solution.

Having a really good signature solution in place, which is aimed at your ideal customer. So once you’ve done your customer avatar, you can say, okay, well why would this group of people want to buy from us? What is it about us that is so tailored and effective for this particular group of people that they will not even look at any other competitors? They will just go straight to us because they know we are the only people that have exactly what they want. So a signature solution is about understanding the three main problems your ideal customer avatar has, and then understanding the root causes of the three main problems that your ideal customer has. And then coming up with the solutions and the milestones that will resolve those problems and the root causes.

So the signature solution is hugely important because it’s between the signature solution and the customer avatar, you then have the perfect storm of attracting the right people and then giving them exactly what you want. So you are reaching out to the right people, but then also delighting them with the one thing that’s going to give them exactly what they want. So that’s why a signature solution is so, so important.

By the way, this is all stuff we have worksheets and tutorials for in our Million Pound Processes course, which is part of the Apex program. So if you do want to understand a bit more about it, then please let me know.

And then really the third thing that is incredibly important before you can really start growing your business is creating your written points of culture. So what the written points of culture are, is almost like your values, but it’s about you documenting what your business is, what it stands for, and how you expect people to behave in that business, whether they’re customers, whether they’re your team, whether they’re suppliers. The reason you need to have this in place before you do anything else is because it means that when you do start attracting what you think is the right people, you then got a baseline to measure them against. And the written points of culture forms an incredibly important part of your team development and recruitment process. So the written points of culture really, really important for that reason.

I can give you a quick example of mine actually. So we’ve got our nine points of culture. So it not only explains what they are, but explains how we expect people to behave to actually adhere to those points of culture. And it’s really important because it means this is the start of you attracting the right kind of people that you want to work with.

So what I wanted to do with this video is just create this overview of the three things like, the Million Pound Processes, there’s quite a lot to it, but we do break it all down into bite size pieces. But even if you don’t have access to the Million Pound Processes, and you’re not on our Apex program, if you had to do three things it would be those three things. And if you do those three things, you’ll be in a really, really good position to start growing your business and building your business up. Because I mean, you’ll start working with the right people. You’ll be able to give them the right solution, and you’ll be able to attract the right members of the team, the right suppliers to actually take your business to the next level.

So I hope you found that useful. What I’d really like to do is just invite you to a free strategy session. Where what we’ll do is we’ll give you an understanding of what your business is worth today. We’ll then give you some clear strategies about how to bridge that gap between where you currently are and where you want to be. And we can help you understand a bit more about what we do as well in terms of supporting our clients. So please take me up on a free strategy session. Go to our website, book yourself in on the contact task page, or just comment on any of these videos and we’ll take it from there. So remember if you found this video useful, please remember to like, share, and follow, and I will see you at the next video.

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Free online training for small business owners

How to Create an Exit Strategy...

This session will cover:

  • The THREE things stopping you from scaling your business
  • The ONE thing you MUST do if you’re serious about exiting on a high
  • The tried and tested model you must implement NOW to lock down a high-value business sale later

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