My primary business goal in my CEO mentorship program is to help business owners become leaders and learn the proper methodology for scaling. You cannot afford to allow your company to become passive and complacent or else risk losing what you do have in the long-term because of uncontrollable factors such as market shifts, the economy, and your competition. Your business will flat-line by not taking action. This is why I am providing the following condensed “Allison Maslan’s Top 12 Principles of Scaling a Business” to help forever emblazon them in your memory (if you haven’t already done so from prior blog posts).
THE TOP 12 PRINCIPLES OF SCALING A BUSINESS
- Don’t be afraid to fail. It’s okay to fail—and you will at some point. Then you will recover and be smarter, stronger, and more resilient than ever before.
- Passionately believe in your Big Picture Vision. Share it with your team, your customers, your partners, your friends, your family—anyone who will listen. Shut out the voices of those disbelievers. Don’t allow them to throw you off your path.
- Always focus on ways to generate sales and keep the cash flow going. There are myriad ways to generate revenue to scale your business, including Leveraging; Replicating Yourself; Hiring Forward; Upselling and Cross-Selling; Getting Customers to Buy More; Licensing; Expanding Globally; Franchising; Creating Certification Programs; and Buying Competitors. Find the ones that fit your model best and dive deeply with them on a daily basis. (Download my 17 Scalable Strategies to learn more ways that you can scale your company.)
- Invest in hiring your “A” Team. Having experts to run the weakest of your Four Quadrants will free you up to focus on where you shine most. Make sure the people on your team are in the right positions and fit your company culture. Then inspire them to accomplish great things. (Discover the Four Quadrants and what you need to put in place to create your “A” Team with my free training and download here.)
- Learn how to make quick decisions and stick to them. I hope I’ve drilled this in enough by now!
- Delegate, delegate, delegate! Get out of the way of your employees and empower them, so that your company becomes a self-managed one.
- Deal with the elephant in the room; embrace conflict to ultimately resolve it. Practice saying “no” and setting boundaries, even if they might disappoint people. Remember: “No is the new yes.”
- Create and improve systems and processes that support and drive your Big Picture Vision. Build your business through your systems—not your blood, sweat, and tears.
- Don’t work with negative people. Life is too short. Period.
- As the leader, everything bounces off you. To grow your business to 10 times its size, you need to elevate your own personal growth and leadership by 12 times, to handle all that growth.
- Get support. Stop losing opportunities and wasting time and money recreating the wheel. To reach your goals in a fraction of the time, work with mentors who have walked this path before you—and succeeded.
- Focus on creating abundance. Constant worry about your finances can wreck your business fast.
Print out these dozen principles and mount them somewhere accessible and visible on your desk. Think of it as your personal business coach. It’s okay to slip every once in a while on your journey to scaling a business —remember, failure is Principle #1!—but these principles are there to help get you right back on track.
Voice for Business Success
Allison Maslan, CEO and founder of Pinnacle Global Network, is a Wall Street Journal Best Selling Author of Scale or Fail which is endorsed by Daymond John and Barbara Corcoran from Shark Tank.
She’s built ten successful companies starting out at age 19. Her client list has included Ben & Jerry’s, Supercuts, Merrill Lynch and Charlotte Russe.
Allison founded The Pinnacle Global Network ® in 2010 to pay it forward and help business owners scale their companies and reach their dreams. Pinnacle has since become the world leader in scaling businesses.
She has shared the stage with Les Brown, Peter Diamandis, Richard Branson, Kendra Scott and JJ Virgin to emceeing the largest marketing event in North America. Allison’s also been featured in Success, Inc. Fortune, Fast Company and Forbes Magazines, is a regular contributor to Entrepreneur Magazine and a featured expert on ABC, CBS, NBC, CNN and Fox across the US.