At the heart of Coventry is an exciting culture of innovation that ignites entrepreneurial flair. From the incredible work done in the international car manufacturing sector to the astonishing breakthroughs of the tech industry – Coventry is the place to be for businesses of all sizes. So far in 2021, over £18 million of start-up loans has been allocated to West Midlands businesses, highlighting the entrepreneurial zeal of the region*. However, once established, one of the biggest challenges for a business is to progress to the next level. As part of International Leadership Week, local business growth specialist Kevin Riley from ActionCOACH Warwick shares his insight on how to propel your business forward.
Here are Kevin’s advice about how leaders can take their business to the next level:
Learn how to delegate. I find that many entrepreneurs who have grown their business are still doing multiple job roles. This distracts you from the vision of pushing your business further forward. Hiring an admin assistant or a site manager can free you up to lead your business rather than potentially being the reason the business gets left behind.
Commit to continuous learning. Business is a language which you must learn. Simply put, as your business grows, so should you. There is a fantastic range of books to help you develop. Atomic Habits by James Clear is one of my personal favourites. As part of nurturing this development, we have a monthly BookCLUB to build a community of business knowledge, where we also meet up to have a meal in a local pub – learning can be fun!
Use goal setting to push boundaries. Setting goals can be a powerful way to clarify your focus. The more you are willing to stretch and challenge yourself, the more you gain over the long term. A business plan or even smaller targeted tasks where you can focus on what you can control makes a huge difference.
Inspiration Scout, Hana Smiddy, has started a new networking group, The Owners’ Network, to support larger SMEs in their business growth. To join the group, you must have been established for three years or more, have a team of at least one and have a turnover of at least £250,000 per annum.
“We’re really passionate about helping business leaders get to the next level,” said Hana. “Many business networks attract freelancers, sales and business development representatives who have different needs to the business owner. We wanted to create an alternative for the larger businesses in our area. Being in a room with businesses of the same size who have the same challenges will enable valuable conversation and collaboration and can make a huge difference to your company.”
The Owners’ Network’s next event will take place on December 2nd at the Woodland Grange, Leamington Spa. The keynote speaker will be John Thornton, Marketing Manager from the world-renowned brand Innocent Drinks.
*British Business Bank, Press Release, 2021