Is the major focus of owners wanting to increase profitability.
The vast majority of MSBs that wish to grow look for growth in sales to achieve this. Of these, the vast majority focus on winning new customers from their competitors.
Sales & Marketing
The most efficient, cost effective and most rapid way of achieving sales growth is to focus on the existing products and services that are sold to existing customers in existing markets. The key is to know what product are more competitive and within which markets should growth be pursued!
Time to Think
Business owners find time to be their most precious resource and nothing can give a business owner more than 24 hours in a day!
How time is utilised, how business owners organise their affairs and interact with others have an enormous impact.
This is often referred to as digital disruption due to significant changes that have occurred in some traditional markets. A number of examples being Airbnb, UBER, Seek and RealEstate.com.au to name just a few.
One major impediment for Medium Sized Businesses (MSBs) is cash flow. Research by the M-Institute identified cash flow - or the lack of it - to be one of the most misunderstood areas.
Selling Your Business
Most business owners are relying on selling their business to retire, whether this is through an IPO, trade sale or the transition of ownership to family members and management.