Having started a wealth management company for doctors, MedCapital, in the last year and seeing it grow incredibly fast, and having run MedRecruit now for ten years through ups and downs, and through running Board of Directors for three years (which exposes me to tens of businesses and their owners), I’ve come to realise that there is one thing that you absolutely must have to have a consistently growing business.
What do I mean by that?
In a commercial market, there is a frenzy to grab customers. Growing by grabbing more market share is one of the hardest ways to grow a business, according to a paper published by McKinsey.
But that doesn’t mean it can’t be done.
When it happens effectively it is because the business has created a point of leverage whereby they can get a larger return on their investment than their competitors to deliver a major competitive advantage.
Leverage can come in the form of your product, your path to market, your service, your processes, essentially anything in your business that can give you an advantage.
If you can’t articulate what your point of leverage is then I suggest you devote some Think Time to developing it, because I’ve never seen a business flourish without one.
I run a course called Board of Directors. Business owners join me for two days every three months and we go deep on their businesses, and their own personal psychology.
Recently we got some HR people in to help us improve our professional development program at MedRecruit.
People often talk about the impact they want to have… In the future.
After a crisis, most people aim to get back to the state they were in before the crisis.
Recently the World Medical Association ratified a change to the Declaration of Geneva, the modern-day Hippocratic Oath, the value-set of doctors worldwide, to include the health and wellbeing of doctors.
I was recently speaking to a group of corporates.
And I had to smile.
I speak to a lot of groups of people AND Purpose is something that I’m big on, and it invariably leads to someone asking the question, “I don’t know what I want to do. What should I do?”
“When is it giving up, and when is it changing direction?” is a question I get asked a lot.
Some people like beer.
Some people like wine.
Recently I was fortunate to attend a good friend of mine’s wedding in Bali. He’s a partner at a well-known law firm in Singapore, and many of the attendees were merchant bankers, venture capitalists and other people in the finance space.