by Linda Ruffenach
“There is no elevator to success. You have to take the stairs.” – Zig Ziglar
Congratulations you have acquired your first set of customers and have secured funding. Things are looking bright for your business and growth is imminent. Are you and your organization ready?
I have always believed that success can be scarier than failure. As a business evolves, each new stage creates new challenges and opportunities. Many businesses fail during the growth stage, not because they are having trouble securing new customers but because they do not know how to scale up for growth. You and your leadership need a plan. Even though it might change as you go along, having a roadmap for success will ensure you are moving in the right direction.
- Identify Your Strengths and Weaknesses
Start by doing a simple SWOT (strengths, weaknesses, opportunities, and threats). Sometimes to get to where you are going you need to determine what tools you have to get you there as well as what potential roadblocks you might find along the way. Ask these key questions.
Strengths (Internal)
- What do we do really well?
- What qualities separate us from our competitors?
- How would you rate internal resources? Where are we really strong?
- Are there tangible assets that strengthen our value proposition? (intellectual property, technologies, etc.)
Weaknesses (Internal)
- What are we lacking as an organization?
- What do our competitors do better than us?
- Where are there resource limitations?
- How would you rate internal resources?
- Where are we lacking talent?
Opportunities (External)
- What markets are underserved that could benefit from what we do?
- Where do you see potential growth opportunities within the work you support today?
- Where do you see opportunities for strengthening our external brand and value proposition?
Threats (External)
- Are there emerging competitors that we need to be aware of?
- Are there potential changes coming that we need to mindful of and the potential impact on the organization?
- Any potential negative perceptions with clients, press, community, etc.?
- Do we foresee changing customer attitudes that could impact our success?
- Develop a 90 / 180 Day Plan
You and your leadership need a plan. Even though it might change as you go along, having a roadmap for success will ensure you and the organization move in the right direction. After completing the SWOT analysis, prioritize the challenges that the organization needs to solve to achieve success. Develop a 90-day and 180-day strategic plan with concrete goals and outcomes. I recommend creating SMART goals that provide a clear vision of what done looks like. From there, you can create the tactical roadmap for success.
- It is recommended that you adopt or create a methodology for managing company goals and objectives. The 4 Disciplines of Execution is a tool I have used many times to help stay on track and to ensure we get done what needs to get done.
“Talent is your vehicle, passion is the fuel and potential is your destination.” – Terry Mante
- Build Your Team
I am sure by now you have discovered that you cannot do it all yourself. To build a truly successful company you need to surround yourself with talented and passionate individuals. One of the first steps to creating a team is to first evaluate the team you already have in place. Be realistic with yourself on where you see strengths and weaknesses. Identifying the major gaps will help you decide what type of talent you need to bring into the organization. When it comes to hiring someone into an entrepreneurial environment there are a few key things to keep in mind.
The first recommendation is to hire for passion first and experience second. You want members on your team that are excited about what you are doing and are ignited by taking on new challenges. You want someone who is not afraid of hard work and are willing to do things outside of their core job description. A person that requires a highly structured environment may not be right for a high-growth entrepreneurial environment. An exception to this is someone who likes to create a structure that enables scalability. You also need to consider what type of leader you are. Up until now, you have probably been Jack of all trades. To grow and scale the business you will need to relinquish some control. Now is the time for you to figure out what you really love to do and find someone to do the things you dislike.
