It takes guts to admit that your business isn’t functioning as it should. But, if you are going to grow as fast as you want to, it can sometimes mean a radical reassessment of your focus and investment.
Fresh Business Thinking has collected a series of insights from members of entrepreneur community The Supper Club—those who have changed direction and gone on to build rapid scaling business.
Three years ago, Fiona Talbot, Founder of Aitus Group, a commercial and residential property investment company, realised that faster growth was going to require drastic change.
Fiona explains: “I was at home thinking about my business – as we obsessive entrepreneurs do – when I had an ‘aha’ moment. I wondered: if I repurposed my entire net yield to acquisition, where would that take the business?” After some complex modelling, it became apparent that the value of this repurposing could be staggering. Done right, the company could be scaled to an eight- or nine-figure business within the next two decades.
A eureka moment certainly, but the implementation was going to be far from easy. The strain of pivoting a business so rapidly did take its toll. “I had founder staff leave and the passion I had for my vision was tested to the limit on a few notable occasions. But it forced me to address the resource gaps in my company, my own skill gaps, and how to get them filled.”
Despite the daunting size of the task, it mandated clearer, more centred thinking. Fiona sold off a part of Aitus Group that wasn’t a core focus—even to the point of turning down potentially lucrative opportunities, including a partnership with a successful online marketer with a multi-million-pound sales track record.
Looking back, Fiona admits that with the benefit of hindsight, she would have taken the time to:
- Clarify her vision for the company with her team and making sure they understood it
- Develop a more detailed plan for implementation to speed up the process
- Recognise which of her team were right for the next stage of her company and which were potential roadblocks
Although the process has been hard, Fiona is very happy with where it has taken her. “It was the biggest pivot of my entrepreneurial career so far. But, three years into its execution, the plan has brought us closer than we have ever been. The company is fit for growth and the rocket ship is leaving the launchpad.”