Our initial post entitled The One Thing introduced the concept that there is a single thing that, if you pursue it with diligence and execute it well, will result in a wide range of benefits for you and your company. Before we explore those benefits in detail, this post will describe the kind of company you will end up creating as a result of having put in place The One Thing.
Although experts can’t agree on the actual Stages of Companies/Businesses, there is ample support for using the term Third Stage to describe the kind of company we’re all trying to create. Small and large, third-stage companies have reached the point where they can largely sustain themselves. Their CEOs have put in place systems that allow them to spend more of their time on strategic matters and they have managed to strike a healthy balance with their personal and business lives. A Third Stage company has other traits as well:
- They operate independently, without continuous input from the CEO. This means that the CEO has taken the time to communicate a compelling vision, described in detail how to reach that vision, assembled the right team to execute those plans, and effectively delegates so that he/she can operate at a truly strategic level.
- They are capable of sustaining themselves, meaning that they have a growing customer base as well as the means to continue that trend. A sustainable business relies on a solid, well-executed plan for marketing, sales, and finance.
- They are scalable. This is crucial. So many CEOs see their dreams fall apart when their company fails to keep up with the demands of a growing business. A truly scalable company will be able to keep up regardless of growth because they have solid, well-executed plans for staffing, leadership, facilities, and capital.
- They are creating value and supplying the CEO with multiple options for the future. While some will be happy to tinker along at a level that keeps them in their comfort zones, forward-thinking CEOs are always measuring value to determine their options for selling the company, attracting additional capital, borrowing to enable future expansion, or to enhance succession planning.
- Third Stage companies are fun. After the excitement of starting up a company, the responsibility and chaos of a growing enterprise can turn dreams into nightmares. Because Third Stage companies have cleared startup hurdles and successfully navigated the turbulent waters of Second Stage, the Third Stage CEO really can take a step back and think about and plan his/her next steps. When you can do that and sleep well at night, that’s fun!
In our next post, we will reveal The One Thing and explore in greater detail the many benefits to you and your company. If you’re like most who want to just get right on it so you can capture those benefits sooner rather than later, follow this link to reserve your seat now.