Yet there are three barriers to scaling up, which weāll discuss in the next chapter:
⢠Leadership: the inability to staff/grow enough leaders throughout the organization who have the capabilities to delegate and predict
⢠Scalable infrastructure: the lack of systems and structures (physical and organizational) to handle the complexities in communication and decisions that come with growth
⢠Marketing: the failure to scaleup an effective marketing function capable of attracting new customers, talent, advisors, and other key relationships to the business.
Thus, to overcome these barriers your team must master, using our tools, four fundamentals:
⢠In leading People, take a page from parenting: Establish a handful of rules, repeat yourself a lot, and act consistently with those rules. This is the role and power of Core Values. If discovered and used effectively, these values guide all the relationship decisions and systems in the company.
⢠In setting Strategy, follow the definition from the great business strategist Gary Hamel. You donāt have a real strategy if it doesnāt pass two tests: First, what youāre planning to do really matters to enough customers; and second, it differentiates you from your competition.
⢠In driving Execution, implement three key habits: Set a handful of Priorities (the fewer the better); gather quantitative and qualitative Data daily and review weekly to guide decisions; and establish an effective daily, weekly, monthly, quarterly, and annual meeting Rhythm to keep everyone in the loop. Those who pulse faster, grow faster.
⢠In managing Cash, donāt run out of it! This means paying as much attention to how every decision affects cash flow as you would to revenue and profitability.