Tips for a Fast Growing Company
This month, I had the pleasure of attending the Inc. 500|5000 conference for the Fastest Growing Companies in America. Consultants 2 Go is honored to have made the list for the third consecutive year. The speakers are always dynamic and deliver top quality tips and advice to growing companies. This year, speakers included Jim Collins, Gary Vaynerchuk, Jack Stack and Russ Prince. It’s too much to digest in one sitting so here are four tips to start your week:
1. What is your BHAG? This is a Big, Hairy, Audacious Goal! Jim Collins is asking growing companies to create a goal that is so big and bold that it might take over 20 years to accomplish. And if you don’t have this goal, you will not grow – or you will not last. You’ve got to have something to which you and your employees can aspire; not just a mission statement but something that stretches your company each year. An example of a BHAG is creating a core value for your company that will not change in the short term. All employees who enter your company will be trained on this goal and will keep it top of mind in everything they do.
2. Social Media Should Tell Your Story. Gary Vaynerchuk wants you to utilize social media tools to tell your company’s story. It can be told in snippets over time and you should get your customers, clients and employees engaged. True measurement of social media is not how many likes you get, but how engaged are your customers. If you have a small number of likes and a high level of engagement, that is better than tons of likes and no dialogue. Gary made his point regarding social media relevancy by asking how many people DVR TV shows and almost everyone raised their hands. He then pointed out that companies are still creating commercials while everyone in the room fast-forwards and misses their message. Companies need to be where they can access their audience and get their messages across.
3. Financial Transparency is practiced by Jack Stack and his company SRH Holdings. Every employee is shown and taught how to read the financials (income statement, profit and loss statement, etc.) so they understand their responsibilities to the company. Each department fills in a line of the income statement so that they always know the numbers. Every employee, from janitor to CEO, sets and participates in the bonus pool. This way, they know when the company is in trouble and can cut costs in their areas to avoid layoffs, as well as when the company is doing well and the bonus pool can be increased.
4. Best Practices that Lead to Wealth were given by Russ Prince, a wealth coach. His acronym for key principles is LEAP. Learn what you do best. Earn money by doing what you do best. Get Assistance when you need it. Persist to overcome adversity. This winning formula is practiced by all entrepreneurs.
I will practice these tips in my business and personal life. I realize I don’t have a BHAG while my clients and customers only sporadically participate in social media dialogue. I already practice open book transparency with my financials but I’m not sure if all my employees can recite my numbers. What can you start using immediately in your company?