In today’s edition of the Transition Guy, I am attending the ScaleUp Summit here in San Antonio. Today's guest is Monte Wyatt, who has been a coach for a number of years. Monte is actually writing a book on what really causes companies, what are the common traits, what are the things that actually let businesses gain exponential growth. This is interesting. Most businesses when they start off, they have this phenomenal romance that, “I wanna start my business and I wanna grow big,” and it's the dream. It's a dream that everybody has. “Am I going to be the next Apple? Am I going to be the next Uber?” Or whatever. The reality is, well, you know it's that very few businesses actually get that exponential growth. There are reasons for that.
There’s so many things involved in exponential growth. It’s not about the product, it’s not about the person. But it’s about the system that you build your business around.
What makes the businesses that achieve exponential growth different?
They have a clear strategy. They know what success looks like and how they need to be structured. What is the business model? That is the first question that every business has to answer. How will we succeed? There's got to be an opportunity that they're filling. There's got to be leverage ability in the service or product that they provide.
What does leverage ability mean to entrepreneurs?
It means that things can be duplicated. It means that we can get more done with less effort to truly have exponential growth. If you can't expand to other countries easily, other states easily, you are not leverageable.
Most business owners think that by working harder will get them to where they need to be. But that’s not the case. Actually, it's time to become a little bit smarter. Why do you think companies don't leverage?
As Monte said, it starts out as a job. It's a job for them instead of thinking of it as a business. As a job, you're getting done with what's right in front of you. When it's a business, you have to step back and look at the whole world of where is the opportunity, where's the market, how do we continue to grow every single day?
What I always encounter is that these business owners have a team that they don’t use efficiently to their best potential. What they don’t realize is that a business needs to have both leadership and management. I think that’s the biggest weakness most entrepreneurs have.
In order for the business to achieve its exponential growth, it has got to have both leadership and management.
Part of leadership is giving direction and expectation and then allowing your team, empowering your team to do the work. Management is about, “Hey, you're inspecting what you expect,” and there's KPIs for every one of those areas that they have to be doing. Then you know they're doing the right thing but if we don't have leadership and management, you can't do what you're supposed to be doing.
Leadership and management in the business require discipline – which is one thing I find entrepreneurs lack. They don’t like routine. The sheer nature of an entrepreneur is they love their freedom.
How do entrepreneurs develop discipline?
Identify the routines in your business. Routines should not be about a person. Routines should be about the business. What routines for meetings are we going to choose to have as an organization? What routines are we going to have to review our progress, review our numbers? Numbers pertain to the actions that create results.
But how do entrepreneurs get those routines in place and develop discipline? Communication. It is always the most challenging thing that everybody is focused on or everybody misses because they don't think it's important.
Communication improves your time. If the routines are communicated right, people can be more focused and intentional.
For all of you people that have tuned in today, working faster, being the hamster in a hamster wheel and running faster and faster isn't going to necessarily build this great business that you so desire. Roger Hamilton comes out with this really good concept. He says, “Sometimes to speed up, you got to slow down.” It's not how great you can be as entrepreneurs. It's got to be how great you can actually build your teams. Invest in your team, take time to make them great and unleash their full potential. After all, they can contribute a lot to the exponential growth of your business.
What would be Monte's top five things that they need to do in order to get exponential growth?
First, you got to have leadership and management. Leadership is caring for your people and empowering them to do their job. Management is making sure we're doing things right.
Second, have purpose. Purpose is bigger than profits. What is the impact that we're making to the world?
Third, have a continuous business development. You've got to have a system around how you're marketing, how you're selling, how you're servicing the customers so they come back.
Fourth, make sure you’re developing your people and people development has to occur every single day. No one including us, ever or has fully arrived. If you think you've fully arrived, you're starting to die.
That's probably one of the biggest things I find. It's quite interesting being at the ScaleUp Summit. There's a thousand entrepreneurs here actually learning with their leadership teams how to do business in this modern world. The reality is people are changing and so are the rules. The days where things would remain constant for a period of time are over. In fact, what I have learned this year may not be applicable next year because the rules keep changing. It's all about that learning. It's all about that self-development. It's all about that continuously being current.
Fifth, make it fun.
If you have fun in your business, people will want to work with you. If you are the tyrant, nobody's going to want to stay working with you. Create a fun environment in your business. It's about the culture that you create and you can guide, define and live your culture, but you have to choose the culture that's best for retention of your people, best for excitement about the future and best for the organization that you're wanting to build.
The best businesses out there have got all these things in place. The reality is they didn't just wake up one day and have all these things in place. It's a journey.
The question you've got to ask yourself is what are you doing to take that first step on that journey to get your business ready for exponential growth?
Now if this stuff has resonated with you and you want more information head over to boolkah.com and get in contact, and remember, failing to learn is learning to fail.