Eurovia is a construction company that has grown to just under $15 million in annual revenues, despite taking no outside venture capital investment. Founder and CEO, Elmedin Ademi, offers the following three pieces of advice to business owners who want to ensure that their rapid growth doesn’t stop.
Hire slow and fire fast
Few things slow down growth like the wrong person in a key role, and, while it’s important to make decisions quickly for fast growth, hiring a senior executive is one of the exceptions to that rule. Vet candidates thoroughly, going so far as to contact blind references. And if a senior manager isn’t working out, don’t wait until he or she causes serious damage to fire them. The only thing worse than not having a VP of sales or a VP of marketing is having the wrong VP of sales or marketing.
Allow people to make mistakes, but not the same mistake twice
If you and your people aren’t making mistakes, you’re not being aggressive enough taking risks. That said, making mistakes isn’t an end in itself. Still, people must learn from their mistakes and not make the same ones again and again.
Pursue big markets
It seems like a no-brainer, but many CEOs make the mistake of pursuing a small market with little potential for growth because they know they can succeed there. If you want big growth, you need a big market. Shoot for the moon.