Moving Through and Beyond Second-stage
On Aug. 20, 2020, Scott Burns, co-founder and CEO of Structural, shared how to move companies through and beyond the second-stage during a CEO Next Business Institute CEO Forum. During his presentation, Scott shared five important lessons he’s learned as an entrepreneur including:
- The long term ROI of crafting a clear statement of mission, vision, and values
You can focus your company by creating clarity around mission, vision, values. By doing this, you’ll set your team and company up for success. The process is as important as the product.
- Investing in alignment and creating a rhythm
In order to maximize your effectiveness, you must ensure your team is aligned. Create a rhythm for your team by practicing stronger communication and holding tighter executive meetings.
- Organizing to execute AND innovate
As a second-stage company, you need to have dual tracks to maximize success. You must execute the day-to-day operations but keep a strong eye toward innovation. In order to do this, you must organize and commit to both tracks.
- Balancing action and patience
Leaders need to balance taking actions with a heavy dose of patience. Sometimes, no action is actually the right action. Learn how to become more agile and be open to pivoting when the situation calls for it.
- Hiring for expertise, learn trajectory and CEO potential
As a leader, it’s your responsibility to hire talent that can not only do the tasks assigned but have the potential to grow as your company grows. Investing in your team is investing in your company’s success.