| When you have a successful product or service, you | | | | you make planning a standard part of your business |
| can either grow your business at a regular, normal rate, | | | | operation, you will stay ahead of your competition and |
| or you can push it to take off like a rocket. Here are | | | | keep your business on the cutting edge." Cash to |
| the ingredients you need to blast your way to success. | | | | grow. Hypergrowth takes a lot of money. You've |
| Imagine this scenario: you wake up one day to find | | | | learned about the working capital cycle, and what to |
| that your product or service has become | | | | do when you're awaiting customer payments and you |
| phenomenally successful. What will your next step be? | | | | need to meet payroll. Hypergrowth is a different ball |
| You can either grow the company at a regular, normal | | | | game. You're nearly always going to owe someone |
| rate (and try not to get excited over your initial | | | | something, so get used to borrowing on a regular, and |
| success) or, you can push it to take off like a rocket. | | | | often expensive, basis. Banks are not necessarily |
| If you shoot for the stars, you're in for a thrilling ride | | | | comfortable with the idea of companies growing at |
| filled with high-stakes risks and rewards. Welcome to | | | | the speed of light, so you cannot rely on them as your |
| the world of hypergrowth. | | | | only source. |
| Here are the ingredients you need to blast you off to | | | | On the other hand, if you've established a good |
| incredible success. | | | | relationship with your bank, and have played by the |
| Bold vision. Success begins in the mind. | | | | rules as a responsible borrower, you'll have a greater |
| You, as the business owner, must totally and | | | | potential for success with your banker. |
| completely believe that your product or service will be | | | | Remember the perspective of bankers: They're |
| a smash hit. | | | | looking for assurances that the loan advanced to your |
| Blast off; burn rubber and leave your adversary in the | | | | company will be paid back. In any case, the patchwork |
| dust. You must have a vision so clear, so big and bold | | | | approach will be critical to your success in rapidly |
| that it's alive and three-dimensional at all times. Stay | | | | growing your business. You'll rely on everything from |
| focused on what you're trying to attain. Envision your | | | | bootstrapping to creative financing to get to your goal. |
| future clearly. | | | | The best employees. Excellence is virtually always a |
| Accept as inevitable the successes you will achieve. "I | | | | prerequisite for phenomenal growth. Think about |
| will succeed" should be your mantra - and your | | | | it--how can you expect to achieve your goals if, for |
| employees as well (if you have any). You also need to | | | | example, your attention to detail is sloppy or your |
| be able to communicate this vision to anyone and | | | | investment in your people is minimal? In committing to |
| everyone. More importantly, your vision should be | | | | hypergrowth, you're committing to excellence. You're |
| based on solid ground. | | | | sending the message that you're going to be the best, |
| Know, beyond any doubt, that you will triumph. | | | | and this will be reflected in all aspects of your business. |
| Enthusiasm. If you aren't continually 150-percent excited | | | | In a hypergrowth company, there's no room for |
| about your vision, how can you expect people to | | | | laggards. All of your employees need to be top |
| follow suit? Rekindle the flame daily; keep your | | | | performers who "get it" about your vision. One of the |
| enthusiasm burning. Remember, positive energy is | | | | challenges facing small business is attracting the right |
| contagious. Expressing this excitement on an ongoing | | | | people. Oftentimes, small business owners |
| basis will do wonders to bring your dream into reality. | | | | compromise, thinking that they will not be able to find |
| As your coworkers and customers climb aboard the | | | | anyone better. |
| vision, the spirit multiplies geometrically, and the group | | | | That perspective alone could stunt your growth. |
| energy propels the company through both the good | | | | Objectively assess the skill levels of your staff, and |
| times and the challenges. | | | | make adjustments where necessary. |
| Share the vision. Everyone from your chief operating | | | | To develop the best employees, Rickey Price, the |
| officer to your receptionist should fully understand the | | | | Small Business Administration's Welfare to Work Small |
| company's vision for the future. As Russell Johnson, | | | | Business Owner of the Year Winner, advises: |
| Small Business Person of the Year for the state of | | | | "Develop a culture for your company then train your |
| Montana and President of Earth & Wood Craftsmen, | | | | employees and train them well into that culture. |
| Inc. | | | | Training is the number one factor affecting the morale |
| advises, "To build a successful organization, you must | | | | of your employees. |
| surround yourself with talented people. These people | | | | It is only human nature for everyone to want to be the |
| must only share your visions for the business, but also | | | | best they can possibly be at their job and to receive |
| your visions of life and your role in society." Initiate | | | | the reward and recognition for being the best. A |
| programs in your organization that could help your | | | | well-trained employee who feel good about his job and |
| employees imbibe your vision. You can place | | | | is confident in the execution of his job is more |
| reminders of the vision everywhere - be it a poster, or | | | | motivated and more loyal to you and the company." A |
| even as screen savers. And don't stop there--your | | | | word about family. Most business owners are already |
| customers and vendors will know about it, too. You | | | | wrapped up in their businesses. When you want to |
| want to build a vision with an identity that's instantly | | | | propel your business to the next level, your |
| recognizable. | | | | involvement will become even more intense. Do your |
| What is your equivalent of the golden arches or Nike's | | | | family a favor by sharing the dream with them, and |
| swoosh? Constant benchmarking. The vision then | | | | explaining what you'll need for support during this |
| must translate into goals. What must happen in order | | | | exciting time. As Magdalena Torrez, Owner of |
| to reach the aggressive goals you are setting? This is | | | | Ranchito Restaurant and Wyoming Small Business |
| a function of determined and focused planning where | | | | Person of the Year said, "Be consistent in your |
| everyone owns the end result. Blasting your way to | | | | product and in your hours. Know that it will take long |
| success does not occur haphazardly; it's the result of | | | | hours of your own personal time and that if you have |
| creating and working a dynamic, forward-thinking plan. | | | | a spouse, they too must share the same dream. |
| You'll establish rigorous benchmarks, against which you | | | | Because it is hard enough doing it alone." To increase |
| will measure your company's actual performance. By | | | | your efficiency, take time to relax with your family |
| monitoring your plan against actual results on a | | | | ---even if it is only Sunday brunch--so that you keep |
| frequent basis, you'll be able to see early on if you're | | | | those relationships intact. |
| going off course. As Patrick Joseph Stella, President | | | | The decision to skyrocket your way to success is |
| and Owner of Fire Sprinkler of Nashville, LLC, advises, | | | | entirely yours. You'll need an unwavering, strong desire |
| "As a small business owner, you will be pulled in a | | | | that translates into action. Talk it over with your trusted |
| thousand different directions, but you must stay | | | | advisors and business confidants before you start. |
| focused on your core business. The best way to | | | | Clearly assess all the risks, as well as the rewards. |
| maintain this focus is to plan ahead and to create your | | | | Then once the rocket takes off, hang on. You're |
| vision on paper. Planning will keep the fires small and | | | | business will never be the same. |
| help you eliminate some problems before they arise. If | | | | |