Scaling Up - How To Surround Yourself With The Right People For Your Business
"Get the right people on the bus and the wrong people off the bus" Jim Collins
In this section, Verne and his team discuss the importance of surrounding yourself with the right people. Business Leaders need great people both within the company and external stakeholders, not limited to, investors, suppliers, customers, partners, and advisors- as well as a great support network. All of these people are critical to the business’ success.
How do you know you need to make changes on the ‘people side’ of the business and in your personal life, as you scale up the ventures? Verne and his people pose the following questions:
- Are you happy? Do you enjoy coming to work? Or are you experiencing irreconcilable issues with business partners? Is there a specific executive not getting the job done? Is there a team member who disrupts everyone else? Is there a customer with too big a share of your revenue? Are you having issues with a family member or friend? If you have been an entrepreneur for more than a few years, chances are you have faced one or more of these relational issues.
- Would you enthusiastically rehire everyone, knowing what you know today? This goes hand in hand with the questions above (except for family) and includes not only employees but existing customers, suppliers and other stakeholders in the business. This is a painful question, which requires one to face the brutal facts and make changes. It’s especially tough when the company has simply outgrown some earlier relationships.
If you fail to address these relational issues head on, they will continue to drain your emotional energy, leaving little to expend on the strategy, execution and cash aspects of the business. That is why Verne and his team address people first in their 4 decisions model. Take a few minutes to complete the 3 one-page tools covered in this section:
- One-Page Personal Plan (OPPP): Provides a framework for people to plan their personal life.
- Function Accountability Chart ( FACe): Clarifies the people who are accountable for scaling the business
- Process Accountability Chart (PACe): lists the processes and people accountable, that keep the business running smoothly
NOTE: The “e” in the FACe and PACe are acronyms representing the energy and entrepreneurial spirit that leaders must possess in order to scale up a business.
Scaling up Podcast https://youtu.be/GlLERaljQEU
Meet me on March 15th for a discussion of the book 'Good to Great' https://www.meetconstance.com/upcoming-events/beverlyhillsbookclub
Pick up a copy of February’s book 'The Goal: A process of Ongoing Improvement'