Three Tips for Growing a Successful Company - In conversation with Barry G. Moss
There are those out there who believe that having a grand idea for a business is enough to ensure success. That the idea would carry itself, and minimal planning or forethought is required. In the reality of the business world, so many factors come into play that will affect a company’s growth. In these instances, it is crucial to have certain understandings and action plans to ensure the healthy nurturing of a start-up business.
Today we are in conversation with Barry Moss. With over 30 years of experience as a business strategist and senior advisor, Barry has harnessed insights and cultivated a broad perspective to help company boards, senior advisors, and philanthropies accelerate organizational success. Barry discusses the three key takeaways to growing a successful company with us.
Barry, as an entrepreneurial igniter- what top 3 tips would you give someone who wants to grow a successful company? Let’s discuss each one in depth.
“My first tip would be to have the goals for your company explicitly laid out and a strategy for achieving them. When creating a business plan, people often stop at their business idea without establishing their main goals and formulating a plan. It is essential to ask where you want your business to be and what is the most effective way to get there and to have clear and distinct answers. This planning allows you to see more clearly what you need today, tomorrow, and one year to three years from now to achieve your goals. It is important to invest upfront in understanding your business ideas, goals, earning models, etc., to give it the best shot of succeeding.
“The second tip is to ensure you have enough financing. It will be challenging to get financing in the next two or three years, so it is crucial to have a financing plan to absorb losses while starting and growing your company. Without a well-thought-out plan, you will be at the mercy of any investor and financier willing to fill in the gaps in a desperate scenario. You could lose majority control over your company.
“The third tip is to ensure you have contingency plans for key people in your company. Regardless of your business, your people are critical to a successful ending. It’s imperative to note and understand that people will leave for better offers. At this point, a contingency plan is beneficial because you will already know who will be the next person up to help you continue your growth. Your employees do not work in isolation, and when one leaves, there is a ripple effect on the efficiency of your company. Contingency planning is more than just replacing a person, it also involves understanding what is entailed in their role and how it will affect the company and planning accordingly.”
Thank you, Barry, for your astute advice.
Connect with Barry on LinkedIn.
