Believe it or not, most companies don’t even have a 1 year goal.
As an entrepreneur, you should know where you are going and where the business is headed to. In this episode, you will learn that there is a system and a growth framework that entrepreneurs can follow and to keep all things in sync. Find the system, make it your own and prove that it works. You can go so much farther. You don’t have to be desperate to grow your company.
In today's edition of the Transition Guy, I am still here in San Antonio, participating in the ScaleUp Summit. My special is Shannon Susko, the author of The Metronome Effect, which is actually based in real life experiences. She was able to write the book based on her experiences in desperately growing her company. She was able to establish Fintech companies way back in 1995. But they actually pivoted three times until they found the solution. At the time, she was very desperate to grow the company. But what she ensures now is that nobody would go through what they have gone through – the utter desperation that she has been into.
So they thought of a couple of ways to knock the business out of the park. For most people, it means giving them the ability to do what they want to do in their lives. Lots of people love to grow companies. They go back and do it again, that is why Shannon did the same. In her experience, during the second time, three years, three months really proved the growth framework that they were able to pull from all the best thought leaders out there. They pulled out from strategic gurus, execution, cash as well as people. And they had to put it into a system – a system that never stops running. The growth framework allowed them to keep all things in sync altogether. In her first company, they have needed to find it yet. They had to find the system, make it their own, and prove that it actually works. Finally, during the second time, they were able to show that if you started with the system, a growth framework and owning it, understanding the pieces together, you can go so much farther. That’s what everybody wants to do.
But how do entrepreneurs bridge the gap between the imagination and the urge to grow the company to actually attaining it? The reality is most entrepreneurs don't even come close.
There comes a point where they just cannot do anymore. They hit that brick wall, and that's it for them. It’s finished. Truth is, they are not all in growth mode. They’re in photocopy mode, where they just do the same stupid shit year in, year out, hoping that time by itself will help them build that business. Well you know, that doesn't happen.
Most business owners should consider having a life-long plan. A goal of 10-30 years. It would be so much better to envision where you want the business to be and where it’s headed rather than driving around the block over and over again. It’s like riding on a car where you don’t know where you’re going. Having a life-long goal could help them guide in their belief where they want to be headed.
You’ve got to map out where the business is headed to.
The book by Shannon is really convenient because the terms used were “street version” where all entrepreneurs would be able to understand, knowing that not all businessmen went to a college or university. It was written in a way that if you're stuck in one area, you can go flip it open, and there are hand-drawn pictures on the wall. It's so simple. Her book also has an audio and E-reader version.
The pictures are accessible in on her website shannonsusko.com. They go chapter by chapter. Those pictures are critical because when you listen to the book, you'll go to find the pictures that you need. So they actually put it out there chapter by chapter, step by step, they've referenced all the thought-leaders that they used. They picked the best of the best that could be practical, actionable. Take a piece, take the action.
So, for those of you that have tuned into today's edition, we know that entrepreneurs at stage do get stuck. We know that people out there sometimes are petrified, they don't believe these books and stuff, they scare them. There is material out there that is extremely practical that will give you that step by step process, we call it “prescriptive”.
If you want to know more about Shannon Susko and her book Metronome Effect, head over to shannonsusko.com or the resources out there. Now, if you can resonate with the stuff that we've covered today, and you want more information, head over to boolkah.com and get in contact.
Remember, failing to learn is learning to fail.