Having worked with countless businesses over the past decade, it is becoming clearer that there are specific pain points that business owners hit and often stay at. They are revenue turnover of $500K, $1.5K, $10M, $30M and $110M. Businesses can get stuck in a routine which becomes repetitive. This routine reminds me of Einstein’s definition of insanity – doing the same thing over and over again and expecting a different outcome. At the $10M revenue point I am seeing the Business Owner seeing lots of opportunities in the market but not sure how to capitalise on them with their current team, structure, systems and processes. They know that they need advice on how to get to the next level but have outgrown everyone around them. They have tried industry netowrks, informal advisory boards, mentoring and coaching and have outgrown them all. They see others’ implementing Advisory Boards and Governance Boards and wonder if this is the right thing for them to do. The other challenge the Business Owner is facing is that it shard to let go of the controls, but they really need to consider replacing themselves with a CEO, ideally one who is experienced in taking a business from good to great. They are also now thinking about succession planning and selling, however, do not know what the right strategy is.
The good news is that if you can get through the $10M pain point, the next significant pain point is at $30M.
Einstein was right – don’t do the same thing. Contact us for a free Growth Score Report from the Advisory Board Centre which will help you to identify the next step to take.