As I mentioned in my last blog, high growth equates to hard work and high risk. This is why I feel the yo-yo mindset of the entrepreneur is vital. When things are moving fast it is so easy to lose sight of the critical matters. Vital things get blurred almost to a point where key ingredients for success get missed or just overlooked. Getting absorbed in the excitement of growth can be dangerous if we don’t take time out to:
Rise above and take the helicopter view: where are we going? How can we add value? How do we differentiate? Shall we tackle new markets and customers? Is the finance in place for further growth? Have I got the right team? What is the company blind spot?
Really get immersed in the detail: How much cash is in the bank? Have we chased all the invoices? Who owes us money? Why have those invoices not been settled? Have we paid all our bills? Has that mailshot gone out? Has the PI been renewed? Have the staff appraisals gone into the diary? Where are the management accounts? WIP? Pipeline?
The ability to rise above (and reflect) then get stuck in to the nitty gritty is what I call the yo-yo mindset, moving from one state to the other is vital. In the early days it’s often down to you to do it but as the company grows the team approach helps to support this yo-yo activity. Whatever the case it still has to happen, probably with greater frequency as the business grows. Its back to leadership vs management…..you need both in equal measures. Pointless hovering above the business all the time because nothing will get done. Equally being immersed in the detail means you become disconnected from the marketplace, not a good place to be.