He has sold more than 250,000 copies of this book, and there is a reason; he has nailed it. For 10 years, I have read this book from front cover to back and tried to memorize it's contents and live it.
It's harder than it looks but once you get the knack of it, everything becomes simple.
In his book, he says:
There are three barriers to growth common among all growing firms: the need for the executive team to grow as leaders in their abilities to delegate and predict; the need for systems and structures to handle the complexity that comes with growth; and the need to navigate the increasingly tricky market dynamics that mark arrival in a larger marketplace.
I feel as though I have a good grasp on most of this, but particularly the first two, need constant updating and improvement. You can never just stand still and hope that the systems and structures you put in place last year, will work year-on-year.
Entrepreneurs of growing companies know:
They need to delegate to others
If you don't delegate, you won't grow. If you think that only you can do something, then you are doomed from the beginning. When you finally realize that 80% is acceptable, you will start letting go and looking at the big picture.
"This is the major reason why 96% of all firms have fewer than ten employees, and a vast majority have fewer than three," notes Harnish in his book. Never a truer statement. Using leadership, better briefs and empowering your team to take control and be self-starters is imperative to providing a foundation for your company to become a high growth entity.
Systems and Structures are imperative
I've been writing this down for 16 years but finally a few years ago, the penny dropped. Your business has to be completely and utterly automated and systemized to ensure that without you, it works seamlessly. Go away for 3 months and see if your business is still operating and making a profit - that's the real test.
By investing in systems and structures, entrepreneurs are providing the framework for every person that works on their team and allows them to have all the tools to be successful at their disposal. It also allows for employees to add value and constantly improve processes and systems to stay with the times and benefit from a more collaborative approach.
What systems and structures do for a company also ensures that they are managing risk particularly if a key person were to leave the company for whatever reason. No matter who leaves Marketing Eye today, we have processes and systems in place that the company doesn't miss a beat. It helps me sleep at night and managers feel like they are able to keep moving ahead no matter what.
Data Drives Prediction and Watch the Market
What your numbers, look at what your company did in the same month the year before, and the year before that. Get updated results daily. Make sure you have a financial dashboard available for you to access at any time so you always know what is going on in the business. Watch the market and see what other players are doing, but never copy. Just keep that knowledge safely in the back of your mind when making decisions for your business. Move with the times, don't fight it. Never be afraid to hire a lean business consultant to help you cut the fat from your business, particularly when you know slower months are ahead.
There are so many things that all entrepreneurs need to learn, but mostly you can do so from those who have already become successful and are able to show you the road.
Reading books by authors that have not been successful is a waste of time. They may teach you about habits, but their only success may be selling books and that will have little relevance to your business. Google information if you want it to be something that is lacking in fact or experience, and always note, when interviewed, people only say what they think you want to hear or read, it may not necessarily be the case.
Mellissah Smith is a marketing expert with more than 20 years experience. Having founded and built two successful marketing companies internationally, she is well recognized as a industry thought leader and innovator. Mellissah started her career working with technology and professional services firms, primarily in marketing, public relations and investor relations, positioning a number of successful companies to list on the various Stock Exchanges around the world. She is a writer, technology developer and entrepreneur who shares her thoughts and experiences through blogs and written articles published in various media outlets. Brag sheet: #2 marketer to follow on Twitter (2003), Top 150 Marketers to Follow (2015), Top 10 innovative marketers (2014), 60K+ followers on Twitter with 97% authentic.
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