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Business Growth
Aug 15, 2016

It’s All About Pace

Sponsored Content provided by Adam Shay - Director of VCFO Services, Red Bike Advisors

At our CPA firm we are fortunate enough to work with a variety of business owners within a variety of industries. It’s what keeps our days fun. We work with some businesses that are well established and some that are just starting up. Some are wildly successful and some are struggling to achieve their goals. I see a common theme with those businesses that are successful, regardless of the industry
 
It’s all about pace.
 
It’s no secret that high growth startups are all about pace. They’re trying to be first to market, hit milestones to aid in the fundraising process, and to continue to push innovation at a breakneck speed. It’s in the innovator’s DNA and you have to embrace the pace or you won’t last long in the startup world. It’s partially why that world is not for everyone – not everyone has that drive and motivation to keep themselves going when the tank is on empty. 
 
I would argue that pace is important for the success of all businesses. If you’re operating a more traditional business, your team still needs to have pace and a sense of urgency to get work done. You need a pace in responding to business leads and customer inquiries. Otherwise a better modeled business will jump in and grab them. Pace and a sense of urgency is a simple but effective way for your team to distinguish itself from the competition. It seems basic, but it will really provide your team with a sizeable advantage.
 
How do you have effective pace within your company?

  • The CEO needs to know where he or she should be focusing efforts while delegating effectively to the team.
  • The team should have a clear understanding of where things are headed and what they need to do to get there.
  • The team needs to have the skills to determine what is important and what is not so that it can focus on key initiatives.
I will add that pace is a two way street. You can push yourself and your team by going too far, too fast. This can lead to team member burnout, simple errors, and an overall poor customer experience. While I know some startup people will disagree with this, it can be important to regroup, recharge and refocus. I’ve pushed myself too hard too often and have experienced the detrimental physical effects. Like everything else, pace comes down to balance. 
 
My goal today was to help raise awareness of pace as it pertains to your business.
 
Adam Shay, CPA (N.C. License Number 35961), MBA, is managing partner of Adam Shay CPA, PLLC. He focuses on minimizing taxes and improving the financial results of entrepreneurs, and is actively involved in supporting the Wilmington entrepreneurial and startup community. For more information, visit http://www.wilmingtontaxesandaccounting.com/ or email him at [email protected]. He can also be reached by phone at (910) 256-3456.
 

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