When your company is hitting its stride, you feel it. The team is excited, customers are pouring in, and your job seems easy. These are the highs of entrepreneurship, and one of the best positions a founder can be in. While a beautiful place for a company to be in, it usually doesn't last too long. Eventually, either the company becomes distracted or a new competitor walks in.
What's surprising is how many startups lose their traction channel due to dumb mistakes. Sometimes in entrepreneurship, doing the best for the company means not changing anything. With new ideas and the changing factors in a startup, this can be tough for leaders to understand.
Below, you'll find 3 ways to extend your company's hot streak as long as possible. If you can hold out for long enough, you may be able to use your mojo to reach startup greatness.
1. Focus more internally, rather than externally
Once you've found a repeatable business model,, you'll start feeling an itch to announce this to the press. You want to be able to gain media attention to gain more clients, and boost team morale. Unfortunately, many times this can hurt your ability to hone in on what is making your company successful. Getting press is like a drug, too much of it can be dangerous. This is because at some point we start thinking more about how to make headlines than what is best for our business.
In most cases, a company's mojo is found through doing small boring things the press doesn't want to focus on. A slight tweak in the sales process, or improving team communication can ignite your startup. When you're company has hit it's stride, you need to concentrate on the things that are working. Getting in useless battles with competitors for gaining media attention is a waste of time. Work in silence, and your competition won't know what hit them.
2. Push your team to improve organization
When things are going great, you want to optimize your time to make sure your team is focusing on what is working. A lack of organization is the big killer of achieving this. Some companies are able to get away with sloppy internal operations for a while, but it always catches up with them.
We've all seen companies where everything is out of order, yet the organization still finds a way to grow. Overtime, they ignore their problems until they become so big they prevent the company from growing. And when the team finally tries to fix the issues, it's too late.
To prevent this, be a stickler with your team to keep hitting deadlines and continue your company routines. Once you jump on the success train, it's easy to start thinking you can relax on enforcing the rules. That is a big no-no.
3. Don't gamble big
When your company starts taking off, your team will start coming up with some audacious ideas. With increased traction come bigger and more expensive goals. But those proposed projects will need resources, and can pull you away from what's working. Simply put, when you found a business model that works don't become overambitious. This is a common problem we see in many companies who try growing too big too fast. Instead of sticking to what's proven successful, the entrepreneur spreads the company too thin.
When you've got the company mojo going, develop a habit to say no to most of the crazy ideas you here. Obviously, you must still innovate to be successful. But when you've found a model that you can scale, new ideas should help promote your business model not drag it away.