Tim Fulton discusses his experience as an executive coach and Vistage chair, exploring insights on business growth and leadership.

Key Takeaways

– Tim Fulton has 20+ years of experience coaching CEOs/owners of small-mid-sized companies through his practice, Small Business Matters

– Key barriers for business growth occur at $1M and $10M revenue marks, requiring delegation and systems implementation respectively

– Clarity on strategic intent (values, mission, vision) is crucial for attracting top talent and guiding decision-making

– Leveraging mentorship and peer groups like Vistage can provide valuable perspectives and prevent costly mistakes

Topics

Tim’s Background and Business

– Executive coach with 20+ years of experience through Small Business Matters

– Facilitates Vistage CEO peer groups and speaks on topics like financial performance, talent engagement, and strategic planning

– Transitioned from serial entrepreneurship to coaching after enjoying mentoring other business owners

Consulting Approach

– Typically works with established businesses facing growth challenges or stagnation

– Monthly one-on-one meetings with clients, setting their agenda

– Available 24/7 for urgent client needs

– No formal contracts – relationship based on mutual benefit

Business Growth Barriers

1. $1 Million Revenue Mark:

– Only 4% of small businesses surpass this

– Key: Owner’s willingness to delegate responsibilities (e.g., hiring accountant, salesperson)

2. $10 Million Revenue Mark:

– Barrier is implementing systems and processes

– Requires shift from “winging it” to organized business operations

Building Strong Teams and Culture

– Establish clear strategic intent: core values, mission (why), and vision (destination)

– Use strategic intent to attract top talent and guide decision-making

– Implement systems and processes (e.g., sales, hiring) to ensure consistency

– Create an “operations manual” or “playbook” for running the business effectively

Leveraging Mentorship and Peer Groups

– Tim has benefited from personal mentors throughout his career

– Vistage groups provide valuable perspectives and can prevent costly mistakes

– Courage to present ideas to smart, caring peers can lead to better decision-making

Resources for Early-Stage Businesses

– Small Business Development Center (SBDC) network: Free counseling and workshops

– Emory’s “Start Me” program: 4-month entrepreneurial training for startups

Next Steps

– Reflect on the “brutal fact of current reality” for your business (from Jim Collins’ “Good to Great”)

– Consider joining a peer group or seeking mentorship to gain outside perspectives

– For those interested in Tim’s services: visit smallbusinessmattersonline.com or email [email protected]

– Implement systems and processes appropriate to your business’s current growth stage

– Clarify your company’s strategic intent (values, mission, vision) to guide decision-making and attract top talent

You can subscribe to the podcast at https://matthewefird.com.

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