The article reflects innovative approaches helpful for building an industry-dominating business. Reading forward, you can learn the fundamental truths of scaling up and barriers that one faces while growing & certain tips and suggestions to overcome them.
As we all are aware that the mantra to success for most endeavors requires the right preparation, execution, and follow-through. Organizations need to make sure that everyone (every employee) is on board with the organization’s core values, purpose, and competencies.
“For scaling up, companies need to emphasize on the four decisions areas including - people, strategy, execution and cash management, which important for every company to get it right. You need to surround yourself with right people to make your life easy. For every hiring, managers need to go through many applications to select the right talent. One need to attract the right talent, select the right talent and learn ways to keep the right talent in your business. Then comes- the strategy, if you don’t nail your strategy well, you are going to waste next four to five years on execution,” explains Verne Harnish, Gazelles CEO, EO founder, and Speaker & writer.
While scaling up, an organization may face numerous challenges. Some of the common barriers to scale include leadership, infrastructure, and marketing. “Infrastructure has been a challenge in India as it is very fundamental and basic. In India, companies have done well despite the lack of business infrastructure inside the country. Marketing is the fundamental functional weakness that holds the company back from scaling. If you have strong marketing person part of startup team those companies scale much further faster. This is the function which Steve Jobs chaired.
You need a strong marketing function not just to attract customers but you need to attract talent, attract investors and to attract attention by media. The key is first to set aside an hour or week for marketing meetings separate from sales. From startups to companies with several thousand employees, I see a lot of them missing this particular routine. So having well-functioning separate marketing department is very crucial.
Another great barrier is ‘Ego’, when we assume that we know it all and we resist approaching for help. So a great suggestion for all entrepreneurs is - whenever you face an opportunity or challenge, take a piece of paper out and write the name of every person you think can help you. Then you approach them for help. It can solve great problems,” adds Verne.
Communication and accountability are another fundamental elements essential for success. It is crucial for organizations to establish a communication rhythm so that information moves through the organization accurately and quickly. For more, tune into SME Virtual conference with Verne Harnish – ‘Creating the right path for SMEs to get into a big league’.