What are the six pillars of corporate structure for growth? What do they mean to you in your business and how can you apply them right now?
As a business owner, you want strategies that will grow and scale your business, but understanding the core pillars for growth is more important than implementing any tactic. The six pillars of corporate structure for growth are the CEO role, scale, leadership, mindset, business acumen, and financial acumen. We’ll divide these six pillars into two interrelated sets.
Mindset, CEO Role, Leadership and Scale
These four pillars are strategically interconnected so we’ll look at them as a group.
Mindset starts with knowing where you and your business want to go, which you can learn about in Episode 2. Then you must make the mental shifts necessary to keep the business moving forward.
“It can be hard to do the uncomfortable things.”
Recognize what those uncomfortable feelings really are: you breaking through to another level. Don’t stop. Keep doing the work. Most people don’t hit their goals because goal-reaching requires consistency in uncomfortable things.
“People who get to where they want to get to have to do uncomfortable things.”
People also get overwhelmed by doing everything or not knowing what they don’t know, so fear can hold them back.
The CEO Role can easily trip businesses up. Just because someone founded a company doesn’t mean he should be its CEO. Ask yourself, “How many things is the CEO currently doing that she should not be doing?”
The CEO’s job is to set the vision and become the face of the company, internally and externally. The CEO models culture, leads and hires the executive team, and creates the best customer experience possible.
“The job of a CEO is to set the vision of the company and bring the talent to make sure the company executes on that.”
Leadership is leading others and the business. The CEO needs to lead and teach others about the customer experience he or she wants.
“People want to be led.”
Every start-up has some level of chaos at times, but leadership shows up with the critical times.
Being able to scale is critical in business. If you don’t have systems and processes in place to scale, you’ll ultimately stumble. Knowing what the org chart should look like and who is filling those roles is a key part to being able to scale and grow.
“Sometimes the process is just about knowing when to be hiring more staff.”
Business + Financial Acumen
Business Acumen is comprised of:
- Revenue, sales
- Deal structures
- Strategic partnerships
- Management and employee incentives
- Equity structure
- Contract negotiations
- Legal and compliance issues
- Industry standards
- Strategies, tactics, and value creation
Business acumen is gained over time and through the experiences of others.
Financial Acumen includes:
- Balance Sheets
- Profit & Loss Statements
- Cash Flow Statements
- Network and capital
Is analysis being done and is it shared? Why does cash flow matter? Somehow needs to be fully apprised of the financial realities of the business.
As a reminder, the 6 Pillars are:
- CEO role
- Business acumen
- Financial acumen
Listeners, please remember to push forward and be kind.
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