Startup businesses have to struggle with environment volatility. The next stage companies which are in the growth stage struggle with volatility and complexity. These growing companies sometimes behave in unnerving and unexpected ways.
The entrepreneurs and leaders of the scaling (growing) companies require new skills and different approaches to navigating this challenging phase. It is the ‘middle’ period where the decline in businesses must be endured, and growth must be optimized. There can be swift alternating swings between both the situations. The entrepreneur should take ambitious risks along with his own leadership ways.
Here are few useful tips how one can navigate through this phase.
Leaders should leave the urge to control everything
Startup companies usually have a small team in which everyone is clear on the vision of the company and strive to act on it. Communication between members is frictionless. But as team size grows, to a single question like what are we trying to do, or what is the priority of the company, you start getting different answers, then it is the time to align the whole team. That is the company’s vision should be more focused upon and ingrained in everybody’s mind.
Leaders who start losing touch with their members as the organization grows should avoid regular check-ins of members and unnecessary sign-offs, which they do to maintain the feeling of control. Procedures and mechanisms should not be created in a vacuum. One has two options, to brainstorm people in a group or let members dream up ideas on their own and that idea should be discussed with everyone.
Discontinue weekly meetings
Processes which started when the company was a startup may have outlived their utility and usefulness. Like you may be conducting meetings every Saturday which may not be possible now just because today is Saturday and the meeting has to be conducted as it did in initial stage. Improving on the process or stopping it outright, as everyone has to assemble leaving their current work.
Encouraging collective participation
If the team device their own work process, the entrepreneur should not get in the way. Though entrepreneur may know better than anyone else what the business needs to succeed. There are chances that other new team members may know better than you what it needs to get work done.
Alignment of thoughts and ideas in one direction improves the process. But as companies grow this alignment weakens. New members join in, new products are developed and the mission gets obstructed. So in the growth stage once in a while, the entrepreneur must convey the company’s goal, aim, and mission loud and clear to all the employees as they do to their clients or public at large.
Before developing new products share with employees
Companies spend large sums of money to market themselves to the general public but too little to market themselves to their own people.
Any new product that the company plans to develop, the idea should be shared among all present there and their views and opinion should be considered, as everyone around sees the usefulness of the product from the different angle.
The main job of the leader in a growing company is that when the company is going for a change, there can be many different views and after discussion and deliberations point out to the whole team where to focus all their energies and attention to. It should be the central theme for everyone in the company.
Everyone wants to cross the growth stage smoothly but only few succeed.