Gallop Solutions’ very own CEO, Daniel Davis shared his business success lessons and insights at the last WSBC Business Leaders Luncheon held on Thursday the 28th of May. The sold out event saw 250 people pack the room to hear how they could ensure they are leading their business to leverage the opportunities presented by the massive growth in Western Sydney.
‘Opportunity’ was the key message of the day; how to grab it and use it to better your business and enhance growth. We heard how Greater Western Sydney is the fastest growing region in the country and how tapping into the +2 million population and more than 240,000 businesses could just be that piece of the puzzle you were looking for. We walked away knowing that seeing holes in the market before anyone else and thinking outside the box were the real secrets to success!
Here are the five key points that we’ve taken away from it and want to share with you:
1. The Expansion Formula – The holy grail of all formulas! In order to grow, move forward and expand, complete these three steps and watch your company prosper:
“Expansion Formula:
1. PROVIDE GOOD POLICY.
2. MAKE IT EASILY KNOWABLE.
3. BE STRENUOUS IN MAKING SURE IT IS FOLLOWED"
In other words, providing good policy is outlining the ‘rules of the game’ and how your business operates. Making it easily knowable is keeping the message simple, visible, and available at all times. Be strenuous with the guidelines by implementing team training, measuring KPIs and regular reporting.
2. The 7 Ingredients of Structure – Structure your business robustly into the 7 Divisions and you’ll have a strong foundation from which to rule the business world. Divide your company into an Executive team, an Establishment team, a Sales and Marketing team, a Finance team, a Delivery team, a Quality assurance team and a team that attracts New Clients and you’ve got a recipe for success! Start by having clear defined roles and then focus on filling them with the right people. You are ‘The Pilot who has the Dream’, it is important that YOU take responsibility for this.
3. Board of Directors – If opportunity is key, then having a Board of Directors helping you run your business is a no brainer. Why not gather together a group of people who have different skill sets and can bring something new to the table? Imagine having the support of a group of professionals who can share experiences you may not have and who have your best interests at heart – the opportunities are endless. This does not mean a paid board necessarily; the key is an Advisory Board of people who are deep in knowledge and generous in their spirit of sharing it.
4. Monitoring Performance – Running your business with statistics enables you to create company performance indicators. Could you drive your car without a dashboard? The same applies in business; statistics for each area ensures you always have your finger on the pulse. Predict when you are at capacity and may need to hire or outsource, monitor how each team is performing, what they are producing and celebrate your successes as you go – not just in retrospect!
5. Be Prepared – In every way possible, have a business plan with clear directions of where you want to go. Live it, breathe it and revisit it as often as possible and adapt it to the changes that will inevitably happen around you. Build a business structure with the numbers (i.e. statistics) behind it, if the numbers don’t work, the business won’t work! How do you do this? Read each of the previous points above and adopt them as your own.
The opportunity to leverage the business growth happening in Western Sydney is now. Research
the market, look for gaps to fill and steer your ship into the path of expansion, prosperity and success! Those gaps may not be product innovation or expensive marketing campaigns; they may just be as simple as providing extraordinary service which clients rave about, keeps them coming back and even makes them refer you to their connections.
To find out more about how Gallop Solutions helps businesses to adopt all of the above and achieve evolution and growth, contact Caroline Gilroy on 0488 335 010 or cgilroy@gallopsolutions.com
You may be eligible for complimentary tickets to one of Gallop Solutions business leader events or seminars!
