For business owners that are just starting out, the are many challenges awaiting them, and even as they grow the challenges just evolve. Todd Hess founded Todd A. Hess Painting Co which is built on a 21st-century business model that started as a 1 man operation and has grown exponentially. Get ready to learn about the five biggest challenges new businesses need to solve, how to take another look at your vision for the company, and what business owners need to look for when choosing a new software solution.
- There are five big challenges that a business must solve in order to scale. These are culture, people, standard operating procedures, systems, and processes to hold the systems in place.
- Many entrepreneurs starting their first business don’t take into consideration how important it is to have a vision for where they want the company to go.
- Your vision for where the company is going is not something that you decide on once and file away forever. Try to revisit it once a year and see if that goal is reflective of where you are now. Involve your team in the creation or refinement of your vision.
- By meeting regularly with your whole team to discuss improvements to the company’s standard operating procedures, you can increase your team’s buy-in to the procedures and the company as a whole because they feel heard and valued.
- As you start your company, you need to be adaptable to the changing conditions and challenges that arise as your company starts scaling.
- Keep a look out for opportunities to diversify and get involved in other revenue streams so that you are not entirely reliant on the success of just one business.
- When you buy a software solution for your company, take the time to learn the extent of what that tool can do. Chances are there are a lot more features included than what you originally bought it for.
Quote of the Show:
- “The men and women that make your company run and operate, have to be actively involved in that vision. They need to know and have transparency on where you're going and what you're doing” - Todd Hess
- McCormick Paints
- PEP Cloud
- Beyond the E-Myth by Michael E. Gerber
- Start with Why by Simon Sinek
- Leaders Eat Last by Simon Sinek
- Discipline Equals Freedom by Jocko Willink
- Leadership Strategy and Tactics by Jocko Willink
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