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Scaling a business successfully always requires a solid foundation. This means that our organization must be filled with people who are aligned on the same mission and use the same values to make their decision. These five strategies can help you to grow more effectively, stronger, and more sustainably, no matter what stage your business is in.
We must know our timing and risk tolerance first
Like with any investment, when we are investing in scaling our business, we must be clear on our expectations in terms of timing and risk tolerance. A large part of knowing our timing is understanding how our plans for our personal and professional lives may impact each other. We must also have clarity on what we are willing to risk losing and what we are not willing to risk as we scale and grow.
Scaling occurs in two ways
The first way that a business scales is through, where we use it to hire people with the skills and knowledge needed to help us expand (although they might not have the same values). The other way to scale an organization is by people. This means we must focus on hiring the right people, who also hire the right people themselves. Scaling by our people creates much bigger financial margins, which also means that we can create an even bigger impact with the work that we do.
Having a Learning Phase is important
The Learning Phase for an employee includes their recruitment, which is an essential part of scaling a business. When bringing on new interns or employees, we must always look at their values first, rather than just the skills that they bring to the table. Another vital part of the Learning Phase is shadowing. First, we can have our new interns or employees shadow more experienced team members. Then, we have our experienced employees shadow those newer team members, to ensure that they are executing their job properly. Eventually, those colleagues become experienced team members, who can then begin shadowing the next generation of new interns and employees.
Have a goal for employees in the Execution Phase
Once we’ve confirmed that an employee is aligned in terms of their values and has also demonstrated an ability to produce in their role, they move into the Execution Phase. We need to have specific goals for employees in this stage, whether they are tied to metrics such as revenue generated or not. This approach also helps our business in areas such as engagement and retention. Employees who feel like they have personal or professional goals that they are encouraged to chase after are much more likely to excel in that environment.
Having an Equity Phase allows our company to thrive
Once our employees have met or exceeded their goals from the Execution Phase, we can reward them for their contributions, with financial rewards and more responsibility. By investing in employees who have not only shown personal growth, but an aptitude for recruiting and retaining other employees like themselves, we are continuing the cycle for scaling the business.