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I am obsessed with how to build a better business, and I want to pass on what I’ve learned to other entrepreneurs. I’ve boiled down my experience into 9 Steps – the 9 things I wish I’d known when I started out. Armed with this advice, I’m certain I could have avoided mistakes, made better decisions and built HomeServe much faster.
I’d recommend thinking about these nine steps in order. You will find that one leads to the next, and each will take you closer to achieving your full potential.
Copy and Pivot
Copying in school is bad, it’s cheating. Copying in business is good, because it’s about learning. It’s extremely rare to have a totally unique concept. Much more likely, you’ve seen what a competitor is up to, have the humility to accept that it’s a good idea, and the confidence to know you can improve upon it.
Find an Investor
An injection of capital is what you need not just to fund growth, but to provide you with personal inspiration and discipline. The key is to make sure your financial partner is the right fit, shares your vision of success and how to get there and provides advice you value along the way. With the right financial support, entrepreneurs can futureproof their lives and focus on what matters most.
Get some CoachMent
However successful you are, there is always scope to learn from others. Valuable advice is often hard-won. Be persistent in seeking mentors and seize opportunities as they arise. A mentor can bring business experience, while a coach can help broaden your business thinking. I’ve decided to combine the two. I call it CoachMent.
Bricks Clicks and Paper
If you want to accelerate growth, you need an omni-channel approach that brings the physical and the digital together. Each works best when it supports the other. That means bricks and mortar, clicks through a website, and paper in the form of direct mail. The key is understanding what each channel does well and using them in balance. Real-world connections, supported by digital tools add genuine value.
Hire Your Replacement
Successful entrepreneurs have incredibly high levels of self-belief. But they must also have humility. Success often comes from having the self-awareness to realise that the best way to make your business grow is sometimes to get out of the way and let a better manager do the job.
Go Global with Locals
While a great business model can become a global phenomenon, it takes local talent to implement strategy to its full potential. Only seek countries where you have to change 10–15% of your business model. If you need to radically change your business model, you should think again about going into that country.
Evolution Not Revolution
In a world of relentless change, businesses have to evolve. But straying too far away from your core proposition is a recipe for disaster. You’ve built something, and now you need to look after it and nurse it into adulthood. Evolve it. Whether you should concentrate this evolution on revenue, profit or cash depends on which bit of the cycle you’re in.
Follow a Not to do list
“No” is one of the most important words in the lexicon for an entrepreneur. Our every instinct is to say “Yes”. But discipline and focus are paramount. We need to realise that the less we do, the more we will achieve. The Not to do list is the steering wheel. It keeps you focused and on your chosen track.
Hone Your Character
There are certain personal qualities common to entrepreneurs. I certainly don’t display all of them, but I know what I’m good at and I’ve learned what I’m missing. I’ve also learned how to spot these qualities in others. Courage, curiosity, integrity, low ego, non-conformity, persistence and resilience are the makings of an entrepreneur.
The 9 Steps to Build a Billion Pound Business
I started HomeServe with £50,000 and an idea that could easily have failed. There were plenty of moments when it nearly did. Thirty years later, I sold the business for over £4.1 billion. In How to Make a Billion in Nine Steps, I share the lessons I learned along the way, and the things I wish I had known that could have gotten us to a billion-pound valuation faster.
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