Pleased to have appeared on SET for Success on 680 CJOB with Richard Lannon to discuss some important areas that business leaders need to address to successfully grow and develop their companies. Being a market leader is a goal for many, but in order to realize a company’s full potential, it’s critical to identify what that means for your business and then develop and successfully implement the plan. This process is one that is fraught with challenges, but having the right assistance could made success much more likely, to the benefit of your company.
As a business advisor, my approach is to bring a holistic perspective, recognizing that all functional areas within a company are related and impact one another. For a company to grow on a sustainable basis, all functional areas must be operating well, to provide the foundation for building capacity and sound operations. Those who do this well are in a position to become market leaders, representing the choice of investors, strategic partners, high calibre employees, and customers. Those who take a piecemeal approach tend to end up frustrated, wondering why their results are not better.
When companies are growing (or planning to do so), they must also recognize that capital is an important component; this is something that business leaders tend to discover too late. As a former venture capitalist still active in the industry, the vast majority of business plans that I see are not investor ready; this is the case at least 95% of the time. Investor readiness involves understanding the expectations of financial partners and investors, which differ significantly from where business leaders tend to focus their efforts.
Advisors could be helpful in a range of areas, including assisting companies with investor readiness and developing strategies for growth and implementation. As important as planning is, the most significant failures could occur during the implementation process, which is another lesson that business leaders tend to learn too late. If the objective is to generate sustainable growth and build value in a company so it could be transitioned to someone else in the future, market leaders would not attempt to do so without sound advice.