Making some of these mistakes? | Issue #250
Scaling a business: 5 mistakes companies make during rapid growth
You’re the CEO of a fast-moving business. All the stars are aligned. You’ve defined your core customer, and everyone’s clear on the problem you’re solving for them. Time and effort have gone into creating a sound strategy, and you’ve landed a minimum-viable product.
Now you’re set on scaling up. But you want to do it properly. Most importantly, you want to grow so that your business becomes more efficient over time, not less. Too many businesses scale up and get caught in a growth trap. Revenue grows, but profit turns to zero. If they’re not careful, they’re growing broke.
From my experience scaling up two UK technology service firms and coaching scale-ups, I know the rapid growth challenges you’ll likely face. Now I coach businesses through these common scaling-up errors. So what are they? And how do you overcome them?
E256 | Powerful Pricing Strategies To Boost Profitability with Jenny Millar
In a world where pricing is often feared and neglected, one woman is on a mission to bring some light to the topic. But what happens when she reveals the power of pricing to shape customer actions and boost business performance? Find out on a new episode of The Melting Pot with Dominic Monkhouse.
This week we learned from pricing expert and the founder of Untapped Pricing, Jenny Millar. With a decade worth of hands-on experience in managing the fees for selling on eBay’s European platforms, she has a deep understanding of how to use pricing as both a financial boost and a mechanism for customer behaviour management. She extends her ability to help organisations discover their product’s true value, leaving no room for guesswork. Jenny’s unique insights, drawn from both qualitative and quantitative customer research, provide game-changing guidance for businesses eager to leverage pricing to optimise growth.
Download and listen to learn more from Jenny Millar.
Dominic Monkhouse joined the BwB to talk about how he helps businesses accelerate their growth and productivity by improving leadership strategies, better organising staff, creating stronger team relations and improving overall company culture and working environment. He also tells us why he thinks sales commissions and annual appraisals qualify for the big bin of bullsh*t.
A common misconception is that alignment symbolizes unanimous agreement – a perfect consensus. However, the true essence of alignment isn’t about procuring an idyllic agreement. It’s about instilling commitment, even when disagreements surface, and focusing on the ‘why’ behind decisions rather than just the ‘what’ (goals).
Psychological safety is important when fostering healthy conflict in teams, but it’s not the only factor to consider. Researchers have found that intellectual honesty significantly increases a team’s ability to innovate.
With unconscious bias in the way, recruiters can make unfair and counterproductive hiring decisions. That’s because this tendency limits the diversity of thought, skills and experiences within a team, preventing an organization from reaching its full potential for growth. Great piece to help you reduce your bias in your recruitment process.
If you’ve listened to this week’s episode of The Melting Pot, you know this is a MUST-read for any business leader looking to transform their operations and improve performance. One of Eli Goldratt’s convictions was that the goal of an individual or an organization should not be defined in absolute terms. A good definition of a goal is one that sets us on a path of ongoing improvement. Pursuing such a goal necessitates more than one breakthrough. In fact, it requires many. To be in a position to identify these breakthroughs we should have a deep understanding of the underlying rules of our environment. Twenty-five years after writing The Goal, Dr Goldratt wrote Standing on the Shoulders of Giants. In this article, he provided the underlying rules of operations. This article appears at the end of this book.
NEWS FROM THE FARM
Ready to overcome the growing pains in your business?
Do you need a process and an operating system to hold your business together as your team gets bigger?
In 12 weeks, the Scaling Up Master Business Course will provide you with the strategies and tools to tackle the common hurdles that come with scaling your business.
Join the first European cohort and empower your team to navigate the challenges of rapid growth with confidence – even through uncertain times.
Starts 5th September
Quote of the week
“Success is not final. Failure is not fatal. It is the courage to continue that counts.”Winston Churchill
Dominic offers business coaching and management development, strategy planning and organisational change, using tried and tested methods to launch your organisation onto an unparalleled growth trajectory. His programme is a function of his broad experience, his deep expertise and a proven process used by over 2,700 firms worldwide.