Heads up! Finally I’ve gotten what you want in growing your
company.
From recent research, I found out every business needs unique
ideas every day for easy management and success.
Here, I made it easy to acknowledge those major facts which
can’t or can be acquired from series of seminars by distinguish hosts.
Checkout awesome direct answers from dozen entrepreneurs as
the following question were asked:
“When growing your company, what is one overlooked thing you should
keep in mind?”
Here’s what YEC
community members had to say:
Company Culture
“With each new addition to your
team, the camaraderie and company culture will inevitably
change. It is important to not overlook your
company culture but instead have a plan to foster and
develop the initial spirit as the numbers grow. Your
culture is what brought them to the company in the
first place, so it is imperative not to lose it!” ~ Kim Kaupe, ZinePak
Knowledge
Management
“A small company often captures its working knowledge in the minds
of its early employees. As a result, you may struggle to educate new hires, and
some people may have a disproportionate amount of power or responsibility
simply because of what they know (rather than what they can do). To grow
smoothly, be disciplined about documenting your best
practices and sharing them with your team.”
~ AJ Shankar, Everlaw, Inc.
Clearly
Defined Roles
“It’s
imperative to clearly define each person’s role in the company,
especially when you start to grow. This includes the founding team and those
first hires. Take the time to clearly define roles, responsibility and a chain
of command so everyone is on the same page.” ~ Andrew Thomas, SkyBell Video Doorbell
Continued
Scalability
“We recently
updated a number of our processes and the structures within our company
simply because a lot of what we had in place works today, but would not be
appropriate or even feasible with four times the number of employees. For
instance, we found that how we all share stories about the weekend in a
roundtable format would not work when 30 people were at the table.” ~ Beck Bamberger, BAM
Communications
Each Small
Step
“As
entrepreneurs, we like to explore, we’re curious and we always get involved in
new projects. This is good. But it’s easy to forget to create processes to
establish stability and consistency. You should keep in mind your
vision and determine the steps you need to take to get from where you are to
where you want to be.” ~ Alfredo Atanacio, Uassist.ME
Cash Flow
“Don’t overlook
how much money is coming in, and balance it with the money you are spending to
grow. As Warren Buffet says: “Cash or available credit is like oxygen: you
don’t notice it 99.9 percent of the time, but when absent, it’s the only thing
you notice.”” ~ Kevin Henrikson, Acompli (now Outlook iOS/Android @ Microsoft)
Development of
Internal Tools
“When the company is small, a lot of tasks are done manually as it’s
not worthwhile to build a custom tool or buy a product to service the
need. As the business grows, a lot of processes inside the company
have to be assessed and optimized by building internal tools to streamline
operations.” ~ Randy
Rayess, VenturePact
Consistent
Team Quality
“Even if you are generating significant cash
flow or have just landed a new investment and want to grow your
team, you should never settle. Your team is always as
weak as the weakest link. You must always keep the quality of your
team as high as possible.” ~ Luke Skurman, Niche.com
Customer
Happiness
“As your company grows and you bring on more
new business, it’s important to remain steadfast in your focus on existing customer happiness. We monitor this
through tracking net promoter score and customer retention. This metric gives
us a good indicator of whether the business is scaling appropriately and is
likely to see increased total business.” ~ Ryan Wilson, FiveFifty
Core Values
“Maintaining
values and culture is crucial to long-term sustainability and growth, and a
strong argument can be made that these two areas indirectly impact
profitability. Having core values and strong culture gives employees
purpose, value and guidance for making key decisions. Continually investing in
these areas is key; they will help guide the business through seasons of
change. ” ~ Dusty Wunderlich, Bristlecone Holdings
Little Wins
“It’s easy to
get sucked into the mentality of looking forward to the next big obstacle,
especially when you’re leading a startup. But it’s very important
for the morale of your company to
stop and celebrate the little wins. Creating some sort of tradition — whether
it’s champagne or ringing a gong — will help give your team
perspective and prevent burnout in the long run.” ~ Mattan Griffel, One Month
Team Performance
Evaluations
“When you’re making money,
everyone’s work seems to be good and getting the job done. But sometimes
what seems like ‘getting the job done’ is actually a market run that overlooks
mistakes. Those same mistakes can come back to haunt you when that market slows
unless you have consistently worked with your team to
ensure that they are always operating at their best. This can be done through
regular performance evaluations.” ~ Rahim Charania, American Fueling
Systems
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