Understanding Your Strengths and Weaknesses

Liz Wotherspoon

Growth Director at The Icehouse
www.theicehouse.co.nz
There are 33,500 owner-managed businesses in New Zealand turning over more than $1m and employing more than five people. While many of these businesses are doing okay, most of them could be doing a lot better.
When The Icehouse turned 10 in 2011 we committed, and then began our crusade, to deliver 1,000 Businesses of International Quality (BIQs) by 2020. Why? Because we recognised that this would have a material impact on New Zealand.
SMEs form a very large part of our economy and enabling these businesses to perform to their potential takes both aspiration and competence. It means having these businesses lift their capability and capacity to handle growth at pace with their revenue line.
Whether the end goal is international growth or local market dominance – being a business of international quality matters. New Zealand needs more businesses to understand what really contributes to this and be able to identify their strengths and where their opportunities are for improvement.
The Icehouse’s research-based BIQ framework allows business owners and entrepreneurs to hone in on six areas that we know make a real difference: leadership, offering, market, processes, capital and governance.
Feedback from hundreds of owners and managers participating in our development programmes tells us that being able to see the bigger picture perspective is incredibly valuable but often difficult to achieve.
Wanting to grow the business is only the start.
Having a specific set of goals, a clear strategy to achieve these goals, the right team and the ability to effectively lead them, a clear view of what differentiates the business, a deep understanding of the market the business participates in, systems and processes that enable the business to scale, the ability to fund growth, and a board or advisors that contribute to sound strategic decision-making are all critical factors to being an international quality firm.
Moving as many established SMBs as possible from being merely good, to being truly great, is significant for them and significant for New Zealand.
Businesses where everyone has a clear understanding of the vision, strategy, goals and measures enjoy a 29 percent greater bottom line result than other businesses.
Sustainable and profitable growth matters. So does creating new and better ways of doing things that make a tangible difference to the owner and the business.
Over summer make the time to reflect on where you’re at, what contributes to success, and how you could apply good advice and practical suggestions to your business in 2017.