Rachel Cheal & Her Four Top Tips: Reaching the Top of Your Game & Staying There
On Tuesday 7th November 2017, Headspace is excited to offer our members a free 1:1 consultation with Rachel Cheal, Founder of the Growth Lab. The Growth Lab is a financial
consultancy that advises businesses on how to achieve successful growth. Below
she shares her top tips for success.
Tops. The pioneers of Motown music -
they performed together as the original four piece for four decades, producing
hit after hit after hit.
own version of The Four Tops – top tips to make your business a big hit.
1. Top Cat: get the right team in place
Cat. Leader of the group of alley cats
who are always up to weird and wonderful tricks. Top Cat may take all the credit, but he
couldn’t do it without the help of his trusty gang.
as your business grows, you need to be honest about what your strengths are and
delegate more. You cannot focus on where
the business needs to be in 2-5 years if you are still chief dish washer! Find those in the team who can take on more
responsibility and allow them to shine. Identify
key hires that need to be made and use your network to snap up the really good
As well as
full time hires, consider engaging experienced consultants such as a legal
counsel or marketing strategist. These
people will bring a wealth of technical expertise as well as sound advice on
best practices seen in other businesses.
2. Topography: Map out your business and understand its peaks and troughs
The key to
understanding your company’s performance is by:
1. Setting goals - without goals, you
have no way of measuring your team and
your company against a set of pre-determined objectives.
2. Tracking against them - timely and
accurate information is key here as well as knowing what to measure. Developing
a scorecard for key performance indicators is akin to the dashboard of your car
- it lets you know how your vehicle is performing and provides you with an
early warning sign if something is not quite right.
3. Modifying where necessary – if you
don’t like what you see at any given time, you can do something about it and
drive future improvements in performance.
allows you to learn from the past but also to keep looking ahead and have
confidence in the decision-making process.
3. Topiary: trim the excess in your business to ensure it grows in the right direction
can be realised in 3 ways – technological, operational and cost-based.
technologies available to help your business run smoothly. For example, using an accounting package such
as Xero that automatically pulls in your bank statements and sends out payments
reminders to customers can cut down your time spent on financial admin.
efficiencies can also be made through reusing as much as possible and
identifying where the bottle necks are. Cross
training the team so that there are no hold ups when someone is sick is a case
in point here.
you need to but also make savings where you can. Try to avoid taking on too many fixed costs as
these are incredibly difficult to reduce when times are tough. A co-working office
such as Headspace is a cost-effective way of ensuring you are only paying for what
you need and can scale up or down as required.
4. Triceratops: keep a firm eye on your cash
most businesses fail? Poor cash
movements can be volatile. Know when you
are expecting cash to come in and when you might have large outpayments.
Outsource bad payers if necessary – forking out a few hundred quid to issue a legal
letter may be worth it to save your business.
Negotiate good terms with key suppliers.
Become friends with you bank manager (you never know when you might need
that overdraft extension). Know who to
pay first – VAT surcharges can be extremely costly for a business.
identify 12 months out when you’ll need more cash and where this will come
from. It always takes much much longer
to raise money than you think.
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out more about The Growth Lab, please contact Rachel here
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