This is my third time that I am mentoring companies in the Stanford Latino Entrepreneur Leader Program, also known as SLELP. I can tell you that helping people to make more successful their company, exploring how they can find the hidden capabilities they have and do not know that will make scaling the company and develop a path to transform the company into a much solid and large venture is for me a the kind of challenges that I love to do.
The program holds a mix of lectures, live and online networking events and activities, online session and mentoring in such way that the participants are exposed to a set of new situations that help them to prepare a plan to grow their companies. In this week session with Mario, one of my mentees we got into a great conversation:
“What it takes to make a successful expansion plan?”
This is a great question that I always has been in the back burner for me and I had explore several ideas like:
- Find your strengths and focus you growing actions into the areas where you are very strong
- Discover a set of opportunities that you can use as the starting point for new business
- Get investment, loan or any way to have the financial resources to move forward.
In this time, I came with a different direction that was toward to have within your company a special person, that we called “New Venture Manager”, the person in charge to grab the ideas, explore with the people in the company, research opportunities with current and potential customers and get involved in the business area to find what is missing that can be a new good opportunity.
This time I realize that having a person with just one goal: “Find the best way to grow the company in a given amount” it can be increasing sales, find new markets, discover new products or develop new business opportunities is a must decision to make.
Some of the reasons why are the following ones:
- Hiring or assigning the responsibility for a person within the company makes several commitments, like to have a real cost that will be the interest of everybody involved in making worthwhile.
- Having a person with a defined goal, allows following up the evolution of a given project.
- The person goal to succeed makes him accountable of the results and will drive the project forward. If the person has also a clear reward to achieve the result it impose another layer of pressure.
I found that the typical programs in universities, government or other providers of such target of helping the companies to expand their business focus only on have the CEO involved. Usually these programs have a very little success despite of having involved the CEO. The reason why this happens, it is very clear for me today. You need a very strong support to make strategic decisions, but you need to have a person fully dedicated in perform a task that requires a lot of effort, time and involvement.
Then my suggestion to Mario was to find the way to have this “New Venture Manager” involved in the initiative as soon as possible to achieve the desired goals of make his company grow according to his desires.
What do you think about it? I would love to have a conversation with you to explore this approach, contact us.