You’ve proven your business model and are beginning to scale. Follow these 10 top tips for managing growth
You’ve proven your business model and are beginning to scale. Follow these 10 top tips for managing growth
If you try to do too much, you’ll spread yourself thinly and lose sight of what’s important. Keep an absolute focus on your strategy and don’t divert from it. Clarity is crucial.
You should have a medium- and long-term business plan already in place – but have you identified the milestones to hit if you are to get there? Concrete targets for user acquisition or revenue, for example, will force a focus on successful strategies to achieve your aims.
There is a reason why experienced entrepreneurs speak of ‘vision’ – with it, their business would not have enjoyed such success. Why is it unique – and what is the ultimate goal? The leadership team must agree on this. Many a founding team has split due to a widening chasm in this area.
There is often great outside pressure – for example, from investors – to grow too quickly in too many directions. What is your business good at? What is its ‘North Star’? Scaling in this area will give you the best chance of building a bulletproof business.
The founding team should be looking to pass certain roles and responsibilities on to others. Build an executive team which can do things you cannot, or perform duties to a higher level than you: an experienced financial director, product officer or marketing chief could send your business rocketing.
Not every project undertaken by you and your team will work. Open and regular dialogue on what is working, what needs attention and what is failing will direct resources effectively and keep waste to a minimum. A positive culture does not mean putting a positive spin on everything.
Diverse teams bring a variety of perspectives and experiences which then naturally drives innovation into your services and products. A flexible working culture, advertising roles in areas which will reach a diverse audience and training hiring managers to identify and combat unconscious biases will help in this area.
You may have a natural advisor in the form of an angel investor – but if not, identify someone who can help guide you in a mentorship role or even as a non-executive director. Their input, even once a month in a board meeting, could create unexpected opportunities.
Hire people with the aptitude to learn how to perform a role brilliantly – and attitude to get there. There may be roles where experience is essential, such as finance director, but talent is the most important quality you should look for.
As your customer numbers spike, don’t forget those who are already with you on the journey. Early clients may have taken a punt on your ambition so ensure you don’t leave them behind in the race for ever greater success.