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Lesson# 7 - The Seventh Most Valuable Lesson I Learned While Running a High-Growth Business: Build A Strong Team!

Lesson #7: Build A Strong Team

Title: The Seventh Most Valuable Lesson I Learned While Running a High-Growth Business: Build A Strong Team!

In the fast-paced world of high-growth businesses, one lesson stands out as a cornerstone for sustainable success: build a strong team. This insight, drawn from the trenches of entrepreneurial experience, transcends the typical managerial platitudes and touches the essence of what propels companies from startup scrappiness to industry leadership. Let’s delve into why this is crucial, how aligning on values and culture forms a solid foundation, and the imperative of investing in a stellar senior management team.

Why Building a Strong Team is Crucial

At the heart of any high-growth business lies a powerful truth: no founder, no matter how brilliant, can do it alone. A strong team amplifies capabilities, fosters innovation, and drives execution. Here’s why:

1. Diverse Skill Sets: A high-performing team brings together a variety of skills and perspectives, enabling the business to tackle complex challenges and seize opportunities that a single individual might miss.

2. Scalability: As the business grows, the demands on leadership increase exponentially. A robust team can manage and scale operations, allowing the business to expand without diluting its core strengths.

3. Resilience: In the face of setbacks, a united team provides the resilience needed to pivot, adapt, and continue pushing forward.

The Role of Values and Culture

Establishing a clear set of values and a strong culture is more than just a feel-good exercise. It’s the bedrock upon which you can build a cohesive, motivated, and high-performing team. Here’s why:

1. Alignment and Direction: Clear values and culture act as a North Star, guiding decision-making and behaviour. When everyone is aligned on what matters most, the path to achieving business goals becomes clearer and more cohesive.

2. Attracting Talent: The best people are drawn to environments where they feel their work has purpose and aligns with their personal values. A well-defined culture attracts top talent who are not only skilled but also passionate about the journey.

3. Retention and Engagement: A strong cultural foundation fosters a sense of belonging and loyalty. Employees who feel valued and aligned with the company’s mission are more likely to stay engaged and committed, reducing turnover and maintaining momentum.

Investing in Senior Management

One of the most critical aspects of building a strong team is investing time and resources in your senior management. These leaders will be your strategic partners in navigating the complexities of high growth. Here’s how to approach this crucial task:

1. Hire for Excellence:

Seek out individuals who excel in areas where your expertise may be lacking. The goal is to build a team of specialists who can challenge you, offer fresh perspectives, and enhance the company’s capabilities. Occasionally, you will find hires who surpass even your highest expectations. For example, my most valuable senior hire was Charlotte Sawyer, initially our Finance Manager and later our CFO. My background was in sales, not financial management, so having someone like Charlotte, who could handle this crucial area with absolute confidence, was essential for our growth and stability. Charlotte remains one of the most efficient and diligent people I know and remains a close friend to this day. Loyalty and having people who are 100% transparent and honest with you are invaluable. Allison Mulligan exemplified these qualities for us, ultimately reshaping the operational side of our business and steering it in a strategically new direction. Another exceptional hire was Lloyd Gordon, one of the best salespeople you're likely to meet. With patience and guidance, he transitioned into a new sector and quickly became a formidable force within the business.

2. Clarity of Vision: The best talent thrives in environments where the vision and journey are crystal clear. Articulate your vision with precision and ensure it resonates throughout your senior management team. This clarity not only attracts top-tier talent but also aligns their efforts with the company’s long-term goals.

3. Support and Empowerment: Once you’ve assembled your team, provide them with the resources, autonomy, and support they need to succeed. Create an environment where they can take ownership, innovate, and lead with confidence.

The Journey Ahead

Building a strong team is not a one-time task but an ongoing commitment. It requires vigilance in maintaining cultural integrity, investing in professional development, and continuously refining your vision. As your business grows, so will the demands on your team, and ensuring they are equipped, motivated, and aligned with your values will be crucial.

In conclusion, the seventh invaluable lesson in running a high-growth business is about recognising the unparalleled power of a strong team. By fostering a clear culture and investing in an exceptional senior management team, you lay the groundwork for sustained growth, innovation, and success. Remember, the journey of high growth is not just about scaling your business, but also about building a legacy with people who share your vision and passion.