Beyond the Launch: Strategies for Startup Growth

CHAPTER 1: Where to Start

Starting is often the hardest part with most becoming paralyzed at what feels like a massive series of difficult tasks before them. Before jumping in there are three things I would strongly suggest get addressed first. This chapter is dedicated to those three things.

Objective Evaluation

An objective evaluation before a growth phase is crucial for informed decision-making. It reveals strengths, weaknesses, and untapped opportunities that guide future planning. Identifying potential pitfalls allows proactive mitigation, ensuring the business is poised for sustainable expansion. This objective scrutiny serves as a foundation for effective and resilient growth strategies.

Conducting a thorough and objective evaluation of a business entails a strategic focus on key areas. Start by establishing clear evaluation criteria, encompassing financial performance, market position, operational efficiency, customer satisfaction, and employee engagement. Gather comprehensive data from diverse sources, including financial statements, customer feedback, and employee surveys. Armed with as much information as you can get, conduct a SWOT analysis to identify internal strengths and weaknesses, as well as external opportunities and threats shaping the business landscape. You will also want to delve into the financial health of the organization by scrutinizing statements and identifying trends. Simultaneously, assess operational efficiency and employee engagement, ensuring alignment with industry benchmarks.

LESSONS LEARNED: The goal here, by consolidating these insights, is to give yourself and objective evaluation of the business and have a real ‘gut check’ on where the business is. In my experience, the business is never as far along as the founder or business leaders thinks it is and, as a result, heavily benefited from ‘dropping their shields’ and taking an objective look at their organization. Armed with a new understanding of where their company actually is in their journey, decisions made before and during entering their growth phase had a much larger impact.

Define the Mission

Defining a business mission and ensuring alignment across the organization involves a series of critical steps. First and foremost, leadership must actively participate in the mission definition process, as their commitment is pivotal for cascading the mission throughout the organization. Soliciting input from key stakeholders, including employees, customers, and partners, ensures a comprehensive perspective that reflects diverse viewpoints. Crafting a clear and concise mission statement is crucial, succinctly articulating the purpose, values, and long-term goals of the business for easy understanding. This mission should align seamlessly with the core values of the organization, fostering authenticity and resonance with both internal and external audiences.

LESSONS LEARNED: This is, in my humble opinion one of the most important things to do from the very beginning; and make a big deal about it. Important enough that it is one of the few things I mention more than once under the ‘Lessons Learned’ notes throughout this book. Pulling everyone out of the business for a day or two and having the company completely involved and focused in defining the mission of the company long term, the values of the company and any subsequent short-term goals (annually and then quarterly) provides a ton of benefits. In addition to having everyone on the same page with a single direction, you will also get the teams buy-in as they were part of the process. Lastly, this is a fantastic opportunity to hear from everyone on your team as everyone will have a unique perspective pending their position and interaction with clients. I strongly suggest making this a full day working session at the very least.

A robust communication strategy is essential to disseminate the mission effectively. Various channels such as town hall meetings, internal communications, and training sessions should be employed to reinforce the importance of the mission. Integration of the mission into daily operations and decision-making processes is paramount, helping employees understand how their roles contribute to the overall mission and encouraging alignment in actions. Establishing key performance indicators (KPIs) aligned with the mission and regularly assessing progress through feedback mechanisms create a continuous feedback loop, emphasizing the mission's importance in achieving strategic objectives.

Training programs that highlight the mission's significance should be provided to ensure that employees are equipped with the knowledge and skills necessary to contribute effectively. Leaders play a crucial role by embodying the mission in their actions, setting an example for the entire organization. Creating channels for feedback and open dialogue fosters a culture where employees feel heard and can contribute to the ongoing refinement and alignment of the mission. Periodic reviews are necessary to ensure the mission remains relevant in the evolving business landscape, allowing for adjustments based on changes in the industry, market conditions, or internal dynamics. Overall, these steps collectively contribute to the establishment of a mission that resonates with stakeholders and cultivates a culture of alignment, ensuring everyone works cohesively toward shared goals.

Clean Up the Company

I have always used the term ‘cleaning up the company’ but what I really mean when I say that is to resolve any legacy issues that are still lingering from previous efforts or versions of organization. This could come in the form of the CRM project that was never pushed over the finish line, the half-baked out product offering that fizzled out or even a review and correction to