Managing growth – multiplication does not have to mean dilution!
Growth management in business is a huge topic and, some might say, a “business science” all of its own! In the years that I have been in business, I have driven and experienced both expansion and profitable consolidation and witnessed these two scenarios play out in other people’s businesses too.
One such example which springs to mind, is of a business competitor, outside of the property sector. This competitor had a fabulous product, and some great ideas and energy, yet could not break their glass revenue ceiling, because they lacked the ability to manage the growth needed to drive their business forward. For this company, multiplication always equalled dilution of quality of service, and they found themselves in a loop of constant new business acquisition – because they had a huge hole in their client bucket!
Take your eye off the ball and this can all too easily happen; here are six things that I have learned over the years, often the hard way!
- Mission Statement – pick one that you believe in, one that really resonates with you and plaster it everywhere, so that on the good days, the bad days and all the days in between, you will always remember why you began your journey. A good example of this is our Lettings Agency – KPA Property Management. We started this business because we could not find an Agency that did all the things that we wanted for our portfolio, which sweated the small stuff in the way in which we did – so our Mission Statement is “Lettings without Compromise!” This is not just descriptive for us but also a very bold statement to make, because it is hard to offer this kind of service at scale. However, it is important, as it not only stands as a daily reminder for us and a promise to our clients but, in standing by this avowal, throughout our business expansions, we are protecting our brand and ensuring that our service offering is still aligned with our core values – which is especially important to us!
- Do not be afraid to say “NO.” There is no rule about how fast your progress must be, remember it is business by your design, not by anyone else’s. If something does not chime with your mission, even if this seems counter-intuitive to your short-term expansion, then just say “no” – follow both your gut and your eyes on this one.
- Technology is amazing – embrace it! Collaborative tech tools will help you stay connected with your growing business and ensure that the reigns remain safely and firmly in your hands.
- Learn to delegate – this was a very tough one for me personally! If you don’t, then there are only 24 hours in a day (fact) and you will be limiting your business growth (and your sanity). Have faith in your team and “get over yourself” – other people might actually be able to do some things better than you – no successful businessperson (not one) got where they are today by not learning how to delegate. Use technology to set goals and KPIs for your team and monitor, adjust and communicate them constantly – working “on the business” and not “in the business” frees you up to drive the business forward and moves you out of the role of employee, there will be little growth until this sea change happens.
- Hire well. Take the time to find talented people who share your vision, are working in their excellence and capable of addressing your business’s needs. Then train them well, treat them well, communicate with them well and incentivise them. They are your greatest asset.
- Build a balanced team. Don’t just hire on the basis of CV – look at the person behind the position and profile them well; if you do, they will be happy, they will bring something special to the team and they will stay; if you don’t, you run the risk of having an unhappy team and of getting stuck in a constant cycle of recruitment and training.
Striving for growth, without making concessions on your vision and your core values is hard – but it is not impossible to grow, at the same time as maintaining that all important customer care, that you hold dear, it just takes time, effort, belief and a willingness to learn!
I can categorically state that twenty-five years on and I am still learning – and yes, often still the hard way; every day is a school day!
As Landlords and Investors ourselves, we can help and advise on all aspects of your portfolio. If we can help you then give us a call on 0117 440 6789 or email us here together we can make being a landlord simple, passive and stress free!
