Dear Aunty B,
My business grew quickly to about $1 million revenue. Then I had my first child and for a year I deliberately held the business growth back to a manageable level.
As a result we haven’t gone backwards but neither did we reach our potential. I am now back on board and rearing to go, but we are having trouble picking up momentum.
I read your real life tips from entrepreneurs yesterday and wondered where most of them got their advice on growth?
Congratulations on your business to date. We have not only got a load of anecdotal information on who has helped the most when expanding the business, but we have also conducted research with RMIT University, asking entrepreneurs to nominate who has given them very significant help in expanding the business.
At the top of the list is great staff. In fact more than 80% of entrepreneurs nominate staff as providing significant help when expanding the business.
Next on the list are mentors, supportive spouses, other business men and women, accountants and business networks hovering between 40% to 60%.
Further down are banks, business coaches, industry groups, consultants, governments and parents (20% to 40%).
At the bottom are venture capitalists and former bosses (don’t bother).
So if I were you, I would plan a strategy group with staff, find a mentor, change spouses (if yours is not supportive), join a network and industry group, find an accountant who loves to talk growth strategies, get very friendly with your bank manager, scour government sites and go and have dinner with your parents while avoiding former bosses and VCs.
That will do it,