Another “must” on my list of business books is Verne Harnish’s Scaling Up: How a Few Companies Make It… and Why the Rest Don’t. After reading the intro, find the section that is most relevant to you right now. I don’t recommend the entire book all at once. For leaders of growth firms, this is a great reference guide that can point to many other resources. This is The Rockefeller Habits 2.0 and it includes these four keys to scaling your business.
Attract and keep the right people
Leaders make sure that the right people are doing the right things. Like in a game of chess where all of the pieces have unique strengths and abilities, your team needs to be made up of A players who are all different.
But they need to be “A” players: working with less-capable co-workers drains the energy from even the best, so hire fewer better people. One great person replaces three mediocre hires.
Create a truly differentiating strategy
Leaders make strategic decisions; great leaders involve several people to ensure great execution. A differentiating strategy will be an expression of your core values: the defining elements of your culture and the guiding principles for behaviors and decisions.
And that strategy will take time and investment: differentiators that come easily or cheaply won’t be unique for long and can be quickly copied.
Drive flawless execution
Know the single most important thing going on in your business in the next 90 days: the thing that you want everyone to be aligned on. Then determine the outcome – the number – that equals success. If it is not measurable it is probably not going to happen!
Make your metrics public so that they are shared by all.
This consistency in goals, metrics, and the way that the organization interacts can be like great Jazz: innovative, improvisational, and successful when operating within some underlying discipline.
Have plenty of cash to weather the storms
Lack of resources can kill a business. In a business climate that is changing every day, industry norms, advances in technology, innovative competitors, and other factors, can force an unanticipated investment – and one that allows you to thrive.