Podcast Summary
Business owner's determination to grow despite challenges: Despite economic downturn, Anthony aims to grow Guardian Exhibition and Display to £1,000,000, emphasizing clear goals, long-term vision, and importance of rebuilding and hiring new staff.
Anthony Bouti from Guardian Exhibition and Display, despite facing significant challenges due to the economic impact of COVID-19, remains determined to grow his business and turn over £1,000,000 in the next year. The conversation highlighted the importance of having clear goals and reasons for wanting to grow a business, as well as the ongoing challenges of rebuilding after a crisis and finding new staff members. The episode also emphasized the importance of having a long-term vision for a business and building it with the intention of selling, even if that's not the immediate plan. Overall, the conversation provided valuable insights into the mindset and strategies of a business owner facing significant adversity and looking to bounce back.
The importance of clear goals and a well-defined vision for business growth: Setting ambitious goals and offering a comprehensive service are key to business growth. Having a clear vision and well-planned strategy can lead to significant expansion.
Having clear goals and a well-defined vision for your business is essential for growth. The discussion emphasizes that without specific targets and a well-thought-out plan, a business might only see modest growth. James Sinclair encourages entrepreneurs to set ambitious goals and offers his coaching services through his Entrepreneurs University to help them achieve those goals. Anthony from GD Displays provides insight into his business, which includes designing, building, and storing exhibition stands. He also shares that they print all the materials in-house and that the cost for a full setup could reach up to £40,000. The conversation highlights the importance of offering a comprehensive service and planning for clients with multiple exhibitions throughout the year. Overall, the conversation between James and Anthony emphasizes the importance of having a clear vision, setting ambitious goals, and providing a high-quality service to clients to ensure business growth.
Exhibition Display Services: Design, Build, Rent, and Print: Costs for exhibition displays can range from renting equipment and print services to purchasing and owning the entire display. The industry was hit hard by the pandemic but has received government aid to recover.
Designing and building exhibition displays is a full-service offering, from stand design and construction to equipment rental and print services. The cost varies greatly depending on the client's budget and goals. Some clients may opt to purchase their own equipment and only rent print services, while others may rent the entire display. The business discussed here had seen significant growth before the pandemic, but the industry was devastated by the shutdowns. They have been able to secure some government grants and help with rates to weather the crisis.
Pivoting business during uncertain times: Identify new opportunities and adapt to changing market demands to keep business afloat and generate income.
During uncertain times, pivoting a business to cater to new market demands can help keep it afloat and provide essential income. The speaker in this conversation faced challenges with business rates and grants, but instead of letting it hinder their progress, they identified a new opportunity. By recognizing the shift towards remote work and the demand for home offices, they pivoted their exhibition stand building business into designing and constructing garden offices. This not only kept their team employed but also generated enough income to keep the business running. It's important to stay adaptable and resourceful, especially during challenging economic conditions.
Anticipating a Strong Comeback for the Exhibition Industry: The exhibition industry is optimistic about a post-COVID recovery, but businesses must manage cash flow carefully to ensure survival.
The exhibition industry is anticipating a strong comeback post-COVID, as businesses in the B2B sector are eager to return to in-person events for marketing and customer engagement. The speaker expresses optimism about the industry's ability to bounce back, but acknowledges the importance of managing cash flow carefully to avoid overstretching. The speaker's business has relied on government grants, client payments, and loans to get through the pandemic, and expects June to be a key month for a return to normalcy. Despite the challenges, the speaker remains confident that the tactile nature of in-person events will continue to make them an effective marketing tool.
Navigating Early Stages of Business Recovery: Prioritize Hiring and Delegation: During business recovery, focus on hiring new staff, especially salespeople, project managers, and administrators. Delegate sales and marketing tasks to free up time for managing the business as a whole. Finding high-value clients' recruiters is a challenge.
During the early stages of business recovery from a downturn, predicting the return of normal operations and preparing for a potential flood of work is crucial. This means focusing on hiring new staff members, such as salespeople, project managers, and administrators, to help rebuild the business. For entrepreneurs with a sales background, it can be challenging to delegate the sales and marketing aspects of the business, but it's essential to do so in order to focus on managing the business as a whole. Hiring a competent managing director or delegateing these tasks to someone else can help free up time to focus on growth. Additionally, finding individuals who can bring in high-value clients is a difficult task compared to finding someone to manage a larger turnover. Overall, prioritizing hiring and delegation is key to successfully navigating the early stages of business recovery.
Entrepreneurs focus on strengths, delegate tasks: Entrepreneurs should delegate tasks they're not good at and focus on growth and sales. Hiring a competent manager can lead to significant improvements in the bottom line by freeing up time for innovation and vision.
Entrepreneurs should focus on their strengths and delegate tasks they're not good at to others. Using the analogy of a theatrical show, entrepreneurs are often excellent at making deals and getting business, but may struggle with managing the day-to-day operations. Hiring a competent manager can free up time for the entrepreneur to focus on growth and sales, leading to significant improvements in the bottom line. The entrepreneur's role is to provide vision and drive innovation, while the manager ensures the business runs efficiently. This division of labor allows both parties to excel in their respective areas and contribute to the overall success of the business. Entrepreneurs should remember that entrepreneurship and management are equally important for business success, and finding the right balance between the two can be the key to growth.
Setting clear business goals and focusing on sales: To reach a million in turnover and 100k profit, determine desired lifestyle profit, use simple formulas for profit, revenue, team, culture, and personal growth, grow organically, and make sales the foundation.
Building a successful business involves setting clear goals, understanding the numbers, and focusing on sales. The speaker shares how they have always strived to reach a million pounds in turnover and a 100,000 profit, but it's essential to determine what profit is needed to live the desired lifestyle. The speaker suggests using simple formulas like profit, revenue, team, culture, and personal growth to achieve these goals. They emphasize the importance of growing the business organically and making sure sales are the foundation. The speaker also offers their exhibition services to help businesses reach their targets and encourages listeners to support their company, Guardian Exhibition and Displays.
Prioritize Sales and Marketing for Business Growth: Entrepreneurs should focus on sales and marketing for business growth, as these areas hold significant value and generating customers is a crucial skill set.
Focusing on sales and marketing is crucial for business growth. According to James Sinclair, entrepreneurs who excel in sales and marketing should dedicate most of their time to these areas, as they hold significant value to a business. Hiring a manager to maintain profits and manage KPIs is important, but generating business and acquiring customers is a skill set that is equally, if not more, valuable. Sinclair emphasizes this point in his podcast and YouTube channel, which offers over 500 videos to help businesses grow. On Boxing Day at 7 pm, Sinclair will release a new YouTube documentary called "The Pandemic Million Pound Challenge," where they attempt to build a new business during the coronavirus pandemic. Overall, the key takeaway is that entrepreneurs should prioritize sales and marketing for business growth.
