ATC’s April Leadership dinner focused on “What it takes to scale your business”. We welcomed professionals who were seeking guidance in anticipation of scaling or advice on their current scaling journey. Indeed, making the decision to proactively grow your business is a momentous decision that requires forethought and guts.
These are a few tips from our panelists that will help you when you’re ready to make the leap! Get more details about the 2019 Scaling Series, a curriculum-based course to equip executives with the skills necessary to transform your company, HERE.
Invest time into identifying your client profile.
You have to be willing to walk away from business that isn’t in your client profile. It’s so difficult, but so healthy for your business strategy.
Understand your funding.
What is absolutely critical to the success of your business vs what is important to the success of your business? You may need to look at important needs and make some tough decisions about which funding will go (or not go) towards funding .
Survey your market.
It seems like a no-brainer, but surveying your market in preparation to scale can strengthen your strategy. For example, product #1 from The ABC Company – creative, I know – is not making the revenue impact originally projected.
The company could decide to cut the product and put $3million into developing a new line
They can learn that customers are unimpressed with the lack of durability in the product design and make the decision to put $200,000 into changing the design to a longer-lasting color palette
Finding the right feedback mechanism for your market is critical.
Have you built a culture of accountability?
Scaling companies cannot live without a culture of accountability. Build your values into the hiring process from the beginning to get the core employees who are positive, effective, and phenomenal. They will be the ones to uplift your employees when the company experiences growing pains.
Each of our Leadership Dinners provide an environment to foster relationship-building with the right people and valuable discussions to make sure you are implementing the most impactful and cutting-edge business strategies to reach your goals.
We hope to see you at the next event! Check out our event calendar HERE for details and tickets.