Startups who can’t reach level 2- where are they going wrong?
In the session, we welcome Guy Cooper on stage to teach us the best ways to avoid stumping your company’s growth.
Statistics show that 28.7 million businesses in the US fail to scale; that’s 90% of all startups; why is this? We discuss why with expert Guy Cooper.
Do you have the right people in your team?
Jeff says hiring is a hard and time-consuming process, but it is essential when it comes to scaling your business!
It is important to understand the people you’re hiring, and trusting them is even more difficult, so make sure you have a resume on your desk at all times!
You may even want to hire an HR person who specializes in hiring to help you out. A great tip to scale your business!
And as Michele says, hire for your replacement.
Have you shared your vision?
Ensure that everyone on your team, and those you are working and co-working with, share the same values as you and align with your direction for the business.
If you’re not on the same track, how can you arrive at the same destination?
Understand what type of culture you want your company to have, what will motivate people, what kind of personalities will ‘fit in’ with the dream team.
Michele says she believes that when you start the company, you will need to reassess the company as you grow. Is everyone up for the challenges of scaling the company? Do the people at the top have the skills needed? You have to be so brutally honest about these things.
Are you letting go and delegating?
Per Jeff and Colin, the most challenging part when scaling a business is trusting others and learning how to delegate.
As an entrepreneur, It is extremely important to be self-aware and know what you’re really good at and what you’re not so good at to delegate those tasks to people who are better skilled in those areas.
Step back and allow people in your company to make mistakes. Don’t stand in the way of your team’s learning! It’s part of the process.
Letting go is crucial to scaling your business. Stop thinking you need to be the best at everything, it will serve you as an entrepreneur and your company.
Letting go is essential and critically important to scaling your business!Jeffrey Sass
How often do you check in with your team?
Checking in with your team can be helpful when you need to start trusting and delegating. Always bring your team’s focus to the collective goal, which is scaling the company.
Talk to your team, discuss, have those tough conversations, and find the roadblocks and the bumps in the road. Iron out those bumps and stay on track. Like every other area in life, communication is key!
For more insights and growth tips, listen to the full session above!
Delegate or Die by Dr. Randall Harris