June 29, 2023

EPS05:19 [Robert Norton] Challenges of Scaling to $100M+

21 minutes

Welcome to the Evolvepreneur (After Hours) Show

I am your Special Host Christine Campbell Rapin

Join me today where we dig deep with our guests and get you the best concepts and strategies to fast-track your business.

My very special guest today is Robert Norton ...

Robert Norton, with eight years of technologist experience including his role as CTO of Thomson-Reuters, is a serial entrepreneur who started four businesses, all sold for over $1 billion in net profit to investors during his tenure. He has twenty years of expertise as a CEO coach, adviser, and management consultant, specializing in growth and scaling.

Scaling a business requires changes in operations, finance, strategy, hiring, and systems. Around 40 different skills across the team are essential for successful scaling. Product-market fit and a repeatable sales formula are prerequisites for scaling, while maintaining competitive advantages and building the right team are crucial for sustained growth and innovation. Initial focus on a niche market without competition facilitates easier scaling before expanding to a broader market, and creating barriers to entry safeguards against imitators and maintains profit margins.

Key Moments:

Scaling a business requires more than just sales growth. It also requires operational improvements, financial management, longer planning horizons, and systematizing processes.

There are around 40 skills required for a company to scale successfully, not just one individual. This can include advisors, consultants, and part-time staff.

Companies should not try to scale until they have product-market fit and a repeatable sales formula.

Scaling requires hiring good people who can implement systems and processes, not just doing the work themselves.

Management needs to track key performance indicators to effectively manage a scaling business.

Very few startups actually reach $10 million or $100 million in revenue due to the challenges of scaling.

A company's sustainable competitive advantage comes from its people and constant innovation.

Startups should focus on a targeted niche with little to no competition initially before broadening their market.

Building a strong team is the most valuable resource for a scaling business.

Scaling requires different skills and mindsets compared to running a startup. Processes, systems and managing people become more important.

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