Where would Amazon be today if they had stuck with only being an online bookshop? By strategically expanding their story, they opened new opportunities. Thankfully, the systems worked to get everyone in alignment and within two years, we were able to sell the company to a fortune 500 company at 17 times EBITDA.Īs you grow, so must your company’s Story. We were able to implement quarterly strategic planning, goal setting, weekly meetings, and daily huddles. Enter my CEO coach, Patrick Thean from Rhythm Systems. The key to not derailing is to get the right systems in place.īack in 2005, the wheels began to fall off the bus at one of my companies, the board moved against me, and the staff and investors had lost confidence in me. If the vision becomes unclear or misaligned with the actions being taken, a company can quickly lose its way and communicate the wrong message both internally and externally. As the company scales and the team grows, this becomes more difficult. If your team isn't aligned around your vision, it's like trying to herd cats- You need to get everyone on the same page!Įarly on, it’s easy for everyone to share a common vision for the company’s purpose. When you have proven your concepts, then you can apply the cash to accelerate growth! Here is the lesson: even if you raise money, treat it like gold! Keep true to the scrappy startup you used to be. Focus on DIY people with the drive and know-how to get you to scale in zeroes. It’s difficult for them to scale down to a small business mentality when they have been running a massive enterprise. Be careful, though, not to hire someone who has been running a billion-dollar company. Jack Welch said it best: “Hire people with runway.” If you have a company that is running at 1 million and going to 10 million, you need to hire someone who is already at 10 million. Still, growth isn’t just about adding new people on, but also recognizing when people have gone as far as they can.
Sometimes people have the right skills to get the company off the ground, but they lack the “runway” to 10X growth-or what I like to call “scale in zeroes.” This is always a tough one because often the original staff have become close friends at this point.
Change your mindset by delegating responsibilities, not tasks.ģ. Believe me, I’ve have had too many “3:00 in the morning moments” because I have been the one responsible for a particular area. Once they are in place, you can trust them to build wealth for you without you worrying about it. If you're missing a few blocks, your tower is going to come crashing down. Scaling a startup is like building a tower of Jenga blocks-you need to find the right pieces to make it stable and sturdy.
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