16 June 2016
One of Velocity’s new business advisers reflects on a busy time helping local businesses that are dealing with the challenges of growth.
Aruna Bhagwan joined Velocity in January this year to support businesses in Bedford and the north of the county and she has been impressed by the entrepreneurial spirit that is alive all around the area.
“There is a great buzz in the business and networking groups that I attend and there is a clear desire among owners to find opportunities for growth and to get their businesses fit for them.
“These groups are a great place to learn what’s going on in the marketplace and for business owners to share and learn from each other’s knowledge and experiences.
“Even so, it’s not unusual for businesses to lose momentum a year or two into trading or after a period of sustained growth and for motivation to suffer as business performance dips”.
Aruna continues, “My role with Velocity is to help the business owner diagnose what’s behind these growing pains and to assist them and their team to re-build momentum and plot a course through these difficulties”.
In particular, requests for help to access new markets are a regular call on Aruna’s time.
“I have helped business owners to develop a robust marketing plan firstly by analysing data and information gained from research or previous campaigns and then by helping them to identify and target customers based on their distinct needs. We work out what are the right routes to market and how much to spend on marketing activities to achieve the best return”.
On other occasions, the reason for the dip in performance has been more fundamental and it revolves around the role of the owner themself.
Aruna explains, “Owners have found themselves immersed in the day-to-day output of the business when they should really be concentrating on running it.
“This is a key point in the growth journey because it may signal that recruitment is necessary or that it is time for the owner to surrender more responsibility for day-to-day tasks to their staff.
“Owners point out that it is often difficult to get the right people for the job and, although the exact solution depends on their particular needs, the key thing, whether recruiting a new employee or developing existing staff, is to seek people with the right attitude. ‘Hire character, train skill’ is a good maxim for these occasions.
“It is a sign of how the owner’s role changes. As their business grows, owners need to devolve more responsibility to the staff, understand the full range of skills their staff provide, identify potential leaders and develop them to manage day-to-day activities, so the owner is free to deal with the bigger picture”.
If this all sounds familiar, contact Velocity today on 0300 01234 35 and let Aruna and Velocity’s other business advisers help to put your growing pains behind you.
Our business advisers cover Aylesbury Vale, Bedford, Central Bedfordshire, Cherwell, Corby, Daventry, Kettering, Luton, Milton Keynes, Northampton and South Northamptonshire.