Growth mindset: It is one thing to have a desire to grow, and it's another thing to put that thinking behind every decision related to the company. It helps the company take ambitious goals and pursue them in earnest. Recommended reading: Mindset - The New Psychology of Success by Carol Dweck. Click this link to read a blog that provides a quick synopsis of the concepts.
What got you here won't get you there: Skills and competencies that brought the organization to a certain level may not be adequate when you scale up. You will have to find people who can complement and supplement your skills. Also, you would need to upgrade your knowledge by building a team of mentors, coaches, consultants to act as your soundboard. You will need to get active in peer groups, industry forums and network with Industry Leaders. Recommended reading: What got you here won't get you there by Marshall Goldsmith.
Hire Right: You can no longer hire candidates who come to you with recommendations from friends and relatives. You should hire someone productive as well as with a positive attitude. Also, someone who has multiple skills may be assigned different work as the organization moves upwards. Read the concept - First Who then What in the book Good to Great by Jim Collins.
Become Collaborative: You need to rethink your relationship with your suppliers and other service providers. You can no longer have a transactional relationship with them. They need to become partners. I recommend Dravid Desser's Book Innovate.Collaborate.Grow.
Automate your business systems: When you grow, the number of activities increases exponentially. Companies throw more resources to manage them. It increases costs, reduces efficiency and errors. The good news is most of these processes are repeatable and can be easily automated. Also, investments in IT systems provide easily accessible data. Many tools are available to automate your business. But the starting point is systemizing your business. Recommended reading: Systemology by David Jenyns.
Invest in Marketing: The target customers significantly change during the Scaling up Phase. We need to activate multiple channels to reach out and engage with our potential clients. It is, therefore, essential to put your best resources into this function.
Make yourself dispensable: A company poised to scaling up does not depend on individuals. You need to be comfortable handing the reigns of the company to someone else. That way, you can focus more on meeting customers and identifying trends that can help you shape your business in the future.
If you wish to gauge the readiness of your organization to scale up, and take the survey
Subodh Gadgil
Comments