40 things every start-up should do to scale up
TRANSCRIPT
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40 THINGS EVERY START-UP SHOULD
DO TO SCALE UP
From the book ‘Scaling Up’ by Verne Harnish
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Hire Fewer People, But Pay Them More
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No Team Can Be So Big That It Can’t Be Fed With 2 Pizzas
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If more than one person is accountable, then no one is accountable, and that’s when things
start falling through the cracks.
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4
Hire people who don’t need to be managed, and regularly wow the team
with their insights and output.
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Leaders must hire people who are better than them.
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Heads of Business Units need to lead as if they are individual CEOs.
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Use the Lean technique - Eliminate time wasted on activities that don’t add
value for customers / clients.
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The cost of a bad hire is 15x his or her salary (according to TopGrading)
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You need a strange culture and strange strategy to differentiate your firm in the
marketplace.
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It’s better to do 3-4 hours of interview instead of spending hundreds of hours of headaches if you hire the wrong person
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Failure to develop sufficient leadership is one of the three biggest barriers to
growth
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Focus on eliminating or delegating tasks that drain you.
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Great Managers discover what is different about people and capitalise on it
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Onboarding needs to be a celebration. Throw a party for people who join the company
instead of doing it when they leave
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Modern Careers are like rock climbing where top does not have to be the goal. Getting
across the rock face or reaching another spot can be more exciting & rewarding.
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Organise your employee handbook into sections around each Core Value
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Deadlines cannot be an excuse for making mistakes. Be quick but don’t hurry!
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Identify your one-phrase strategy which represents key lever in your business model that drives
profitability and helps you choose which customer desires to meet and which ones to ignore.
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A company can outperform rivals only if it can establish a difference that it can
preserve.
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If everyone can accomplish one thing in addition to his or her daily job, that’s a dozen improvements every quarter, or
hundreds.
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Knowing what trends are going to shake up your industry — and having a plan for dealing with them — will help
you stay ahead of the competition
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Quarterly Theme is a fun motif you can use in your internal marketing to rally everyone around achieving your
Critical Number.
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Senior leaders need to be in the market 80% of the week, either figuratively or
literally.
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• What should we start doing? • What should we stop doing? • What should we keep doing?
3 questions you should ask your recent hires.
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• How are you doing? • What’s going on in your industry/ neighborhood?
• What do you hear about our competitors? • How are we doing?
4 questions leaders should ask clients in person (not on a survey).
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Share insights from conversations with clients at the executive team’s weekly huddle. Don’t bog down the process
with a bunch of written reports.
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Whichever competitor has the most market intelligence, and uses it, wins.
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All executives and middle managers should have a coach (or peer coach)
holding them accountable for behavioral changes.
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Make sure that the Core Values, Purpose, and Priorities are posted throughout the
company. These can be displayed on walls, floors, ceilings or even in the boardroom.
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Most matters can wait for the daily huddle or the weekly meeting. Bigger issues, which
necessitate getting everyone in a room for a few hours, can be addressed during the monthly
management meeting.
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Avoid checking up on whether someone did something the previous day. Looking forward is great management; and looking backward
is micromanagement.
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Line up all your meetings in a day instead of spreading them over in a week.
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Have your CFO give you a cash report everyday. Observing the sources of cash
flowing in & out on a daily basis gives real insight into your business’s financial model.
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Find ways to speed up & move cash more quickly through the business. Eg. Specify a due date on the invoice rather than include
the standard due in 30 days.
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10% (profit) is the new breakeven. Once you add new labor and profitability drops, hold
labor costs steady and grow back to 15% profit. Keep repeating the cycle.
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Revenue is vanity, profit is sanity, and cash flow is king.
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Midsize businesses should target at minimum a 30% return on net assets.
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Success belongs to those who have these two attributes:
1. An insatiable desire to learn 2. An unquenchable bias for action
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And along the journey, there is a set of habits — routines — that will make the climb easier. “Routine sets you free”
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And lastly, whatever you do, avoid doing everything all at once. One step
at a time.
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Thanks & Keep In Touch! Creator: Kanchan Lad | @Socialpaparazzi
Any questions?
You can find us at: @hmarketer | [email protected]
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Credits
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