|
Imagine
this scenario: you wake up one day to find that your product or
service has become phenomenally successful.
What will your next step be? You can either grow the
company at a regular, normal rate (and try not to get excited
over your initial success) or, you can push it to take off like
a rocket.
(article continued below ...)
If you
shoot for the stars, you're in for a thrilling ride filled with
high-stakes risks and rewards. Welcome to the world of
hypergrowth.
Here
are the ingredients you need to blast you off to incredible
success.
Bold vision. Success
begins in the mind. You,
as the business owner, must totally and completely believe that
your product or service will be a smash hit. Blast off; burn
rubber and leave your adversary in the dust. You must have a
vision so clear, so big and bold that it's alive and
three-dimensional at all times. Stay focused on what you’re
trying to attain. Envision your future clearly.
Accept as inevitable the successes you will achieve.
“I will succeed” should be your mantra – and your
employees as well (if you have any).
You also need to be able to communicate this vision to
anyone and everyone. More importantly, your vision should be
based on solid ground. Know,
beyond any doubt, that you will triumph.
Enthusiasm. If you
aren't continually 150-percent excited about your vision, how
can you expect people to follow suit? Rekindle the flame daily;
keep your enthusiasm burning. Remember, positive energy is
contagious. Expressing this excitement on an ongoing basis will
do wonders to bring your dream into reality. As your coworkers
and customers climb aboard the vision, the spirit multiplies
geometrically, and the group energy propels the company through
both the good times and the challenges.
Share
the vision. Everyone
from your chief operating officer to your receptionist should
fully understand the company's vision for the future. As Russell
Johnson, Small Business Person of the Year for the state of
Montana and President of Earth & Wood Craftsmen, Inc.
advises, “To build a successful organization, you must
surround yourself with talented people. These people must only
share your visions for the business, but also your visions of
life and your role in society.” Initiate programs in your
organization that could help your employees imbibe your vision.
You can place reminders of the vision everywhere – be it a
poster, or even as screen savers. And don't stop there--your
customers and vendors will know about it, too. You want to build
a vision with an identity that's instantly recognizable. What is
your equivalent of the golden arches or Nike's swoosh?
Constant
benchmarking.
The vision
then must translate into goals. What must happen in order to
reach the aggressive goals you are setting? This is a function
of determined and focused planning where everyone owns the end
result. Blasting your way to success does not occur haphazardly;
it's the result of creating and working a dynamic,
forward-thinking plan. You'll establish rigorous benchmarks,
against which you will measure your company's actual
performance. By monitoring your plan against actual results on a
frequent basis, you'll be able to see early on if you're going
off course. As Patrick Joseph Stella, President and Owner of
Fire Sprinkler of Nashville, LLC, advises, “As a small
business owner, you will be pulled in a thousand different
directions, but you must stay focused on your core business. The
best way to maintain this focus is to plan ahead and to create
your vision on paper. Planning will keep the fires small and
help you eliminate some problems before they arise. If you make
planning a standard part of your business operation, you will
stay ahead of your competition and keep your business on the
cutting edge.”
Cash
to grow.
Hypergrowth
takes a lot of money. You've learned about the working capital
cycle, and what to do when you're awaiting customer payments and
you need to meet payroll. Hypergrowth is a different ball game.
You're nearly always going to owe someone something, so get used
to borrowing on a regular, and often expensive, basis. Banks are
not necessarily comfortable with the idea of companies growing
at the speed of light, so you cannot rely on them as your only
source.
On the
other hand, if you've established a good relationship with your
bank, and have played by the rules as a responsible borrower,
you'll have a greater potential for success with your banker.
Remember the perspective of bankers: They're looking for
assurances that the loan advanced to your company will be paid
back. In any case, the patchwork approach will be critical to
your success in rapidly growing your business. You'll rely on
everything from bootstrapping to creative financing to get to
your goal.
The
best employees. Excellence
is virtually always a prerequisite for phenomenal growth. Think
about it--how can you expect to achieve your goals if, for
example, your attention to detail is sloppy or your investment
in your people is minimal? In committing to hypergrowth, you're
committing to excellence. You're sending the message that you're
going to be the best, and this will be reflected in all aspects
of your business.
In a
hypergrowth company, there's no room for laggards. All of your
employees need to be top performers who "get it" about
your vision. One of the challenges facing small business is
attracting the right people. Oftentimes, small business owners
compromise, thinking that they will not be able to find anyone
better. That perspective alone could stunt your growth.
Objectively assess the skill levels of your staff, and make
adjustments where necessary.
To develop
the best employees, Rickey Price, the Small Business
Administration’s Welfare to Work Small Business Owner of the
Year Winner, advises: “Develop a culture for your company then
train your employees and train them well into that culture.
Training is the number one factor affecting the morale of your
employees. It is only human nature for everyone to want to be
the best they can possibly be at their job and to receive the
reward and recognition for being the best. A well-trained
employee who feel good about his job and is confident in the
execution of his job is more motivated and more loyal to you and
the company.”
A
word about family. Most
business owners are already wrapped up in their businesses. When
you want to propel your business to the next level, your
involvement will become even more intense. Do your family a
favor by sharing the dream with them, and explaining what you'll
need for support during this exciting time. As Magdalena Torrez,
Owner of Ranchito Restaurant and Wyoming Small Business Person
of the Year said, “Be consistent in your product and in your
hours. Know that it will take long hours of your own personal
time and that if you have a spouse, they too must share the same
dream. Because it is hard enough doing it alone.”
To increase your efficiency, take time to relax with your
family ---even if it is only Sunday brunch--so that you keep
those relationships intact.
The
decision to skyrocket your way to success is entirely yours.
You'll need an unwavering, strong desire that translates into
action. Talk it over with your trusted advisors and business
confidants before you start. Clearly assess all the risks, as
well as the rewards. Then once the rocket takes off, hang on.
You're business will never be the same.
About the Author:
Isabel Isidro is
the editor of
Power HomeBiz Guides.
|
