The key pitfalls you need to avoid as a scale-up CEO
There’s no doubt about it, scaling up a business is hard work.
Leading a business from start-up to scale-up is one of the most exhilarating but challenging things you can do.
Although you’ve proven you have what it takes, taking things to the next level and running a 50+ person team in a rapidly growing company is drastically different to running a 10 person start-up.
The business is only going up, but to keep it on that trajectory requires a different mindset and set of skills.
You’re going to be faced with a constant barrage of challenges, so to help you avoid some common mistakes here are some of the key pitfalls you need to steer clear of as a scale-up CEO.
1. Don’t be afraid to make mistakes
Things move fast in a scale up and you will be faced with so many new experiences that you’re guaranteed to get it wrong sometimes. In fact, you’re probably going to get it wrong all the time, especially at the start, but that’s how you learn to get it right.
Failure is a part of business, don’t let it derail.
You can’t be afraid to take risks and make mistakes. You need to embrace these opportunities as teaching moments to keep your business, and self, developing.
It’s important to remember, mistakes aren’t always a bad thing. Yes, it can sting, but it can also be an opportunity for improvement.
When you fail at something, you get a rare chance to see your shortcomings. Mistakes reveal flaws and weaknesses that demand improvement.
It brings to the surface any issues that might cause you even more trouble down the line. By highlighting the problem, you can work on a solution or introduce a process so that it doesn’t happen again. Or if you handle a situation or interaction with a member of your team badly… you know what to do differently next time.
Learn from your mistakes, don’t be afraid of them.
2. Don’t think you know it all
What you know got you to this point, but it’s a whole other ballpark in a scale up. You need to be constantly developing the business as well as yourself for it to be successful.
New people will need to be hired; some may need to be let go. Processes will need to be reviewed, adapted or even scrapped completely. Leaders should be continually reviewing and improving on their own thinking, skills and behaviour.
Just because you have gotten this far doesn’t mean you know what it takes to keep up the momentum.
Nobody expects you to know everything. As you scale you need to reach out to experts and be building a team who you can delegate to and will help you keep the business growing.
If you’re not constantly trying to learn and teach yourself new things, you may find yourself left behind.
3. Don’t rush things
Scale-ups may move at a quick pace, but this doesn’t mean you should rush things.
Decisions will have to be made quickly, but you should still take the time to educate yourself and make an informed choice.
You have a huge mountain of work ahead of you, but it’s important to take small steps. You need to keep the bigger picture in mind, but don’t try and do everything at once.
The key to any change is to break it down into small, easy steps that collectively result in a shift. Tools like OKR frameworks can help you focus your strategy and make sure everybody is on the same page when it comes to company goals.
If you try to take on too much too soon, not only will the quality of work go down, but you will also most likely lead yourself to burnout.
Remember, scaling up is a marathon, not a sprint. Don’t wear yourself on the first lap if you want to be in this for the long haul.
One last thing…
You have a lot to deal with as the CEO of a scale up, so let me help you with your teams.
Unfortunately, high performing teams aren’t the default… but they can be with some hard work and Braver Leader’s team coaching!