Running On The Right Road
21st November 2016
There is a German proverb that asks “what’s the use of running if you are not on the right road,” and it’s one that’s perfectly applicable to how you work in your business. Without a strategy, it’s impossible to know whether your business is on that road or not.
So many entrepreneurs get bogged down in the daily grind that they lose sight of the bigger picture. Deirdre O’Shaughnessy explores how best to work on, not just in, your business.
Caroline O’Driscoll (pictured), Tax Partner, KPMG
Caroline works with a range of clients including high-potential tech start-ups. She believes entrepreneurs are great “ideas people” but that this can be a hindrance if they can’t also look at the long term strategy.
“Most entrepreneurs have great ideas, they have that lightbulb moment, and they tend to focus on R&D, but the advice I would give them is to look at it in a holistic way – there is no point inventing a toaster if no-one wants toast.”
“The most common mistake I come across is that people are not thinking about where their revenue will come from,” she explains. “If you need help for financial expertise I’d suggest buying it in, but it might be as simple as talking to a mentor, just lifting the phone and asking someone. It’s not a sign of weakness. If you’re outsourcing, you still need to stay involved because you’re the one who’ll be implementing it and talking to investors,” she points out.
“Look at the bigger picture and don’t get bogged down in the nitty gritty. Every investor wants to see a business plan and that can sound scary and daunting but it’s an opportunity to challenge yourself and look at your objectives.” The best thing about a business plan, according to O’Driscoll, is that you become accountable to yourself as your progress becomes measurable; and that applies to every business.