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Are You Stretching in Your Office?

11 January 2017

In sports, a player’s coach (or coaches) ensures that they stretch before they take to the field. This is all part of ensuring that the sportsperson gives their best performance and can play to their maximum potential without hurting themselves.

In business, we consult business owners to stretch in a slightly different way but to achieve the same result: deliver the best performance without hurting themselves.

When we talk about stretching, we are talking about stretching yourself and your business to achieve more, and move the business forward. This does not just involve working hard in your business, but ensuring you are also working on the right things so that you are achieving the greatest outcome possible.

Let me share with you a framework that may make this whole stretching in business thing a little bit clearer.

Let’s plot a graph with 4 quadrants, where the vertical axis determines your results – going from “similar” to what you are achieving now to “greater” than what you are achieving now. The horizontal axis determines your activity, going from doing “similar” activity to what you are doing now to “different” activity to what you are doing now.

Stretching in the office

Similar Results for Similar Activity – Stagnate

In the lowest quadrant, we’re talking about when you are coasting along, continuing with the same work, the same profits, and the same stuff that has been happening all along.

While you are not moving backwards, you are also not moving forwards. You are not innovating and you are not increasing the impact of your business in any way.

Here, you are at a stagnate stage. I would venture to say that it can be one of the most boring places to be in business. At least, it is if you have the drive to want to do more, be more, and impact more with what you are doing.

Some people may be satisfied to cruise at this point, but most of the business owners I know are not content with that.

Greater Results with Similar Activity – Systemise

In the next quadrant up, your output has started to increase. Maybe more leads suddenly poured in and you now have lots of customers. You are probably having to work harder – maybe even work longer – in order to keep up. And your profits are growing along with this increased workload.

Sounds like a good place to be right? It might feel like your business is moving forward. But the reality is, your business is ‘growing’ but it is not ‘stretching’. If you are still doing the same kind of work you have always done, in the processes that have always existed, but you are now having to do more of it, then you are simply working more and not stretching out your business muscles.

If you are sitting in this quadrant, then what you need to focus on to move up into stretching is how to systemise. If you are constantly now doing the same things over and over – and that’s generating profit – then create processes to streamline, automate, or delegate that work now, so you can move on to opening new channels, products, and markets.

If you would like to hear more about this please feel free to get in touch below.

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Similar Results but doing Different Activity – Satisfy

In this quadrant, you are probably working at about the same level and your profits are remaining steady, but you are constantly pivoting, trying new ideas and releasing new products and services.

This too can feel like a good place to be. It feels like you are innovating and doing interesting things. I call this quadrant “satisfy” because many business owners feel a sense of satisfaction or even fulfilment and excitement by the constantly changing environment. Entrepreneurs enjoy discovery, so constantly doing new things can feel like fun.

However, while it definitely is fun and exciting, you are once again not actually stretching your business – or yourself. That should actually already be clear to you, as a shrewd business person, if you are listening to the numbers. Your profits are steady – they’re not increasing. If the output or impact of your business is not increasing, then you cannot call that stretching. You are simply experimenting and testing and measuring.

If you are in this position, then what you need to do is ensure you have a proper business plan in place and that you are consistently paying attention to this plan and reviewing it (preferably quarterly) to avoid being distracted by shiny things. Make sure that if you are moving to try something new, that you are not replacing the things that are working and bringing you profit, and you are instead building in addition to those things you have already tried and tested.

Greater Results and Different Activity – Stretch

So we come to the final quadrant. Here, you can finally feel the stretch. If you are sitting in this quadrant, then I’m sure you already know that stretch feeling we are talking about!

Here, not only are you seeing your profits and results increasing, but you are also changing or expanding the way you do your business. It is that wonderful combination of both increasing your impact, and having fun while you do it. This is what we aim for in every business consulting session.

At an SME level, this might be evident in that you are finally building a marketing funnel; or choosing your niche and marketing avatar; or creating clear inbound marketing strategies; or developing a clear sales process. These are changes where you are systemising and moving forward with your business and if combined with increasing profits, then it is a clear indication that you are stretching and progressing.

Can you see how when you stretch properly in your business, you need be both doing more, different, and exciting things, but also keeping an eye on your output to ensure you are also progressing in impact and profit as well?

And now can you answer – are you stretching properly in your office?

If you would like to discuss any of the points covered here, please feel free to request a free call below.

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If you would like to have an obligation free discussion about selling your business, please email shweta@growthidea.co.uk. You can find more about our investment criterion on https://growthidea.co.uk/private-equity.

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