You’ve got the idea, you’re excited – you’re ready to hit the ground running. But wait – you want to be successful, right? Of course, what am I talking about? You’ve got a fantastic knowledge of your core business and that’s going to lead to unimaginable success. Is it? I’ve spent over 20 years in the IT Services industry helping companies in hypergrowth play catch up because they didn’t start the company with the proper foundational infrastructure. Sure, you can ride by the seat of your pants in this industry because demand outstrips supply, but don’t you want to build something with sustainability and substance right from the start?
Let’s talk about the basics. Risk and Cost.
Risk: You’ve gone out on your own, so you’ve already overcome the most significant risk, your own fear. Now that you’ve overcome that, it’s time to address the real pitfalls that are inherent to every new business. Lack of confidence, failure to expect the unexpected, failure to plan for success and growth, and failure to make the “right” investments from day 1. You’ve done your due diligence and know what you’re doing. Exude confidence, it will make you and all those new employees feel great. The unexpected will happen, so just know that things will go wrong and usually do at the most inopportune time. Just roll with it, own it, and move on. Failure to plan for success and growth and not make the right investments from day 1 are two serious pitfalls that revolve around cost.
Cost: it’s a factor in everything you do at the beginning. But the mindset you take about investing in your company directly relates to the mindset your employees feel from you and in turn, the services your clients receive. If you don’t believe in the company, how can they?
Realize, mindset doesn’t need to immediately equate to dollars, but it does need to equate to a well-thought-out expansion plan from day one. A plan that you can communicate, speak to and implement as you grow. As CEO, the way your company deals with growth is up to you. Your employees are looking for a place they can experiment, play, thrive and make a difference.
Your clients are looking for depth of knowledge, depth of service capabilities, and quality. That’s a tall order and in the IT space, hypergrowth is the norm. To survive and thrive, some essential planning and investments must take place from the outset so you can avoid many of the common pitfalls that will end up costing you more in the long term. Don’t be pennywise and pound foolish.
Your people should be at the core of everything you do. Investing in great people who not only believe in your mission but believe in themselves is worth the price every single time. In addition to hiring great people from the get-go, you also need to have the proper productivity and communication tools in place. Investments in these areas will yield the most significant outcomes. Let’s not forget your back-office operations, Human Resources, Sales & Marketing, and Finance. These areas will require more substantial investment, and to grow seamlessly you should already have a vision in place for how and when to invest in them.
I’ve experienced hyper-growth and helped companies in the IT space turn things around, which has afforded me the benefit of knowing exactly how to set up for success with LumiQualis. I’ve taken the risk, invested in the mission, and created a company that gets it, believes in it, and delivers on it.