What Needs to Happen First?

Building a business that gives you more money, time, and choice doesn't happen simply by being busy.

This week, I spent a day mentoring businesses as part of a panel. They came from different industries, were at different stages and faced different challenges.

One organisation was navigating the best structure to move forward. Another was an established family business where operational limitations were restricting growth opportunities. A third had so many ideas that deciding what to pursue next was a challenge.

Although their circumstances were different, one question kept coming back.

What needs to happen first?

When you're running a business, there can be a long shopping list of things you want or need to do. Some are urgent, some are holding back progress and others need to be in place before you take the next step.

But you can't do everything at once. Across these conversations, three common themes emerged.

1. When there is a long shopping list

One recurring theme was finding a way forward when several competing priorities were demanding attention. When you're running a business with a team, almost everything on your list can seem important. You need to keep the wheels turning whilst also building for the future.

Both are important. But where do you start?

Sometimes, the answer isn't about deciding which task is most urgent. It's about understanding what needs to be in place before the next thing can happen. For example, you might be planning to expand your business. But if your current operations are already struggling to cope with demand, will expansion improve the situation or simply create more pressure?

Perhaps the first step isn't increasing sales. It might be improving systems, clarifying responsibilities or building the capacity of your existing team.

The important question becomes:

What is holding us back, and what needs to change before we can move forward?

Sometimes, resolving one issue can make several other things on your list easier to achieve. It may even make some of them unnecessary. Have a look at your own list of priorities. If you could address just one issue this month, which one would make the biggest difference to the rest?

2. When your brain is running at 1,000 kilometers an hour

Another theme was having so many ideas and opportunities that deciding what to focus on becomes a challenge.

Business owners are often full of ideas. One conversation leads to another possibility. You see an opportunity in the market, think of a new product or service, consider a different way of doing things, or identify something else you could improve. Before long, you have a growing list of possibilities.

Having ideas is a strength.

But not every good idea needs to be acted on today.

The challenge isn't necessarily finding better ideas. It's deciding which ideas deserve your attention now and which can wait.

I find it useful to think about ideas in three groups:

• Act now: What is important enough to receive your attention and resources today?

• Keep for later: Which ideas have merit but are better pursued when the business is ready?

• Let go: Which ideas no longer fit where you want to take the business?

Putting an idea aside doesn't mean it isn't worthwhile. Sometimes, it's simply a matter of timing.

And deciding not to pursue something can be just as important as deciding what to pursue.

Before starting another project, ask yourself:

Is this the right opportunity for the business now, and what needs to happen first to make it successful?

3. When you're planning for something further ahead

The third theme was about working towards something that may still be two or three years away.

Perhaps you're thinking about expanding into a new market, changing your business model, stepping back from day-to-day operations or eventually selling the business.

When the goal is several years away, it can be tempting to put off the planning.

But some things take time to build.

If you want to step away from daily operations in three years, you may need to develop your management team, document processes and reduce the business's reliance on you over the next few years. If you want to grow substantially, you may need stronger systems, financial capacity, better information and people who can take on greater responsibility.

And if you're thinking about selling the business one day, the work required to make it attractive to a potential buyer may need to start well before you're ready to sell.

The question is: what do you need to start building today to make the future you want possible?

I would approach this by considering three things:

• Build now: What systems, skills, relationships or capabilities will take time to develop?

• Track now: What financial and non-financial information will you need to understand whether you're making progress?

• Leave until later: What decisions can reasonably wait until you have better information or the business is ready?

You don't need to have every detail of your three-year plan worked out today.

But you do need to understand which foundations take time to establish.

Small steps taken consistently can put you in a much stronger position when the time comes to make those bigger decisions.

Finding Your Starting Point

Looking back at the mentoring conversations, each business had its own circumstances, challenges and ambitions.

For one, the priority was identifying what was holding other activities back. For another, it was making decisions about which ideas deserved attention and which could wait. And for another, it was recognising what needed to be put in place now to achieve something further down the track.

The common thread wasn't about doing more.

It was about understanding what mattered most and identifying the right place to start.

Sometimes, that means addressing a problem you've been working around for too long. Sometimes, it means putting a good idea aside so you can focus on something more important.

And sometimes, it means starting something today that will give you more options in the years ahead.

Building a business that gives you more money, more time and more choice comes from making deliberate decisions about what you're building and why.

Have a look at your own business this week.

• What are you trying to achieve?

• What needs to happen first?

• And what is the very next step you can take?

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Towards Growth is a strategic business advisory and mentoring practice.

The ideas, insights and client stories we share come from our own work and practical experience, with AI used for editorial support.

The Revenue-to-Value Model™ is a proprietary framework of Towards Growth.