40 Things Every Start-Up Should Do To Scale Up

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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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1 Hire Fewer People, But Pay Them More

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2 No Team Can Be So Big That It Can’t Be Fed With 2 Pizzas 

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3 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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5 Leaders must hire people who are better than them. 

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6 Heads of Business Units need to lead as if they are individual CEOs.

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7 Use the Lean technique - Eliminate time wasted on activities that don’t add value for customers / clients.

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8 The cost of a bad hire is 15x his or her salary (according to TopGrading)

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9 You need a strange culture and strange strategy to differentiate your firm in the marketplace. 

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10 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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11 Failure to develop sufficient leadership is one of the three biggest barriers to growth 

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12 Focus on eliminating or delegating tasks that drain you. 

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13 Great Managers discover what is different about people and capitalise on it 

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14 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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15 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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16 Organise your employee handbook into sections around each Core Value

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17 Deadlines cannot be an excuse for making mistakes. Be quick but don’t hurry! 

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18 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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19 A company can outperform rivals only if it can establish a difference that it can preserve.

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20 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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21 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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22 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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23 Senior leaders need to be in the market 80% of the week, either figuratively or literally.

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24 • 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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25 • 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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26 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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27 Whichever competitor has the most market intelligence, and uses it, wins.

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28 All executives and middle managers should have a coach (or peer coach) holding them accountable for behavioral changes.

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29 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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30 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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31 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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32 Line up all your meetings in a day instead of spreading them over in a week. 

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33 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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34 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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35 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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36 Revenue is vanity, profit is sanity, and cash flow is king.

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37 Midsize businesses should target at minimum a 30% return on net assets.

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38 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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39 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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40 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 Special thanks to all the people who made and released these awesome resources for free: ▧ Presentation template by SlidesCarnival ▧ Photographs by Unsplash ▧ Backgrounds by Pixeden

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