Are These 4 Things Really Needed to Grow Your Business in 2024?
In this video, Matt reacts to a video that shares the 4 things this entrepreneur believes are necessary to grow your business. Purpose. Leadership. Scalability. Relationships. Which, if any, will Matt agree with?
There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!
Video Transcript:
Business Advice Video:
To scale a business, you need four things. A purpose, you need to know why are you doing this. Second, leadership. Third, scalability. Like you have to be in a scalable model that fits the current market. Fourth, relationships. If you’re not happy with the people that you’re working with, your company’s not gonna scale.
Matt’s Review:
Okay, I think those are generally true statements. certainly, it helps to have a reason that you’re growing, not just “I want more money”. But something you’re trying to accomplish with what you’re doing that drives you even when you have a bad day or a bad week or things get difficult. It’s easy to walk away from just the idea well “I’ll get rich doing something else I don’t really care about this business”. But if you care about the business, the customers you’re serving, the mission that you set for yourself, then you will persist through bad days and continue to scale and grow. I think leadership is critical to that and that’s the same sort of, two sides of the same coin. If you don’t have leadership that cares about the mission then they’re probably not gonna be very successful in scaling. Or if they’re just the kind of person that’s not good at managing other people and kind of a jerk and only can sort of create toxic relationships around them, you’re gonna have a hard time scaling cause people aren’t gonna support you. And you can’t scale by yourself. Having a scalable model definitely helps. I think there probably can be winners in almost any category of business. I’m not sure there’s such a thing as a business that can’t scale. But there are certainly businesses that are easier to scale versus businesses that are much more difficult to scale. And if you’re in a difficult-to-scale business, by definition, it’s gonna take more work and be harder and probably cost more and take longer to scale than if you’re an easier-to-scale business. And then the last thing is if you don’t like the people you’re working with. Well if you don’t like the people you’re working with that’s on you, right? If you’re the business owner you are in charge of who you work with, right? By your hiring decisions. By your customer decisions. By your vendor decisions. so if you don’t like the people you’re working with, look in the mirror and figure out why that happened. And if you have an answer to that then you can fix it. And if you have no idea it’s probably you, you’re the, you know, common denominator in that situation. So maybe work on yourself. So that last one I feel like is a very fixable problem. Or one that doesn’t have to happen in the first place. But yes if you hate everybody that surrounds you, you’re probably not gonna stick it out to scale. So yeah, makes sense. So I agree with these four. And I think if you’re going to scale these are good tips to follow.
