Growing your business or your company is hard. Generally in the beginning, it takes a decent effort to do so; interacting with customers on a daily basis and trying to be nice to them at all levels, and so much more. But you will agree with me that it’s better than having a life-sucking 9-to-5 job.
While there are a ton of strategies you could use to scale your business (even faster), it’s important you watch out for these 7 things that could make taking your business to the next level even faster.
Stay true to the core purpose
When scaling your business, never take your eye off of what got you there in the first place. Stay true to your vision and make sure everyone else does too. The decisions you make during this time of growth need to connect back to why you started your company in the first place.
Develop a new mission for your business
Although you’re sticking to a core purpose, you’ll need to chart a very clear course for the future. Map out your goals and assign a timeline, so you know exactly what you need tachieve after one quarter, one year and so on.
By asking every team member to work towards very specific milestones, you are able to grow in an intentional way. When creating a mission for your company, make sure your mission goals are measurable so you know which activities and initiatives will deliver the desired results.
Be very picky with new opportunities
As your company’s stature grows, expect a flow of opportunities at your doorstep. Most of them won’t be worth it. This is the time to stay focused on your customers and wow them at every opportunity.
It can be easy to get distracted from your customers with all these new opportunities coming your way. But remember, if you don’t have customers, you don’t have a business. Spending time and energy on opportunities that don’t align with your customers’ needs is just a distraction.
Focus on cash in the door
As your company grows quickly, invest in sales and marketing strategies that will continue to pay off over time. Seek out partnerships and systems that will produce for years to come, not just one-off deals for the sake of a quick buck.
Get your priorities straight
Here is where things get tricky. During a period of growth, we know how important it is to stay true to the company’s vision. But it’s more complicated than that. Founders and CEOs need to have the ability to step back and get the overall lay of the land.
Things can change rapidly, and it’s very important to evaluate whether the way you spend your time is aligned with your ultimate purpose. Do the goals you originally outlined still serve your company, and are you and your team spending time and resources on the things that will enable you to achieve your goals?
Get everyone behind your vision
Reach out to your staff, partners and customers, and invite them to share in your vision. People usually love to play on the winning team. And if your company is taking off, use the positive momentum to your advantage. It’s an invigorating experience and so many people walk away with a desire to be part of your company’s success.
Hire, train (and fire) to your vision
Every person you hire will either strengthen or weaken your culture. That’s a tough lesson to learn, but deep down, we all know it’s true. Consider applicants in terms of their personality and fit, and train them through an on-boarding experience that reflects your culture. Look for contributors who are motivated both by the company’s purpose and a genuine enjoyment of what they do. On the flip side, you can’t be afraid to fire people based on patterns of violating your company’s values or poor performance. As difficult as it may seem, there’s no doubt your company will be better for it in the long run.
Guiding a company through a period of rapid growth comes with a slew of challenges, but the lessons above will help prepare you for even the worst of situations.