It’s very difficult for “one man or woman” to effectively run a fast-growing company.
Systems which are often known as “drivers” need to be put in place, to ensure that everything does not depend on one individual.
It all starts with the labour team. The first group to be identified are the leadership team members. These people should be chosen on their skills and their work aptitude. Virtually everyone needs ongoing training and mentoring to be able to perform a leadership role in a fast-growing company.
Each leadership team member should be involved in a skills matrix examination, to identify the areas in which they are competent and the areas that they need additional training or mentoring.
Care should be taken in assembling the remainder of the team members, by also assessing their skill levels in a range of activities, in order to implement a suitable training program that meets the needs of the team members.
The company also needs a Board of Directors or additionally a Board of Advice. Whilst the Board of Directors has guidance on their duties from the Corporations Act, there are no legislative requirements relating to Board of Advice appointments.
Besides the legislative responsibilities for Directors, their key role is to appoint the CEO and to then to assist the CEO and the leadership team in performing their roles.
These items are the first segment of the “Key Drivers” which will contribute to the success of a company. If these drivers are not implemented, it can lead to serious problems as the company commences to scale up its operations.