How to Manage a Fast-Growth Startup

April 10, 2023

How to Manage a Fast-Growth Startup

As a startup founder, you'll need some important skills in order to keep your business growing. You'll need to hire smart people and empower them to do their best work. You'll have to work hard at building a culture of empowerment within your company. 

And last but not least, you'll have to stay focused on the long-term future of your startup while also taking care of yourself and your team. In this article, we'll look at how these five skills can help you manage a fast-growth startup successfully:

Key Takeaways on managing a fast-growth startup

  1. Establish clear goals: Define short-term and long-term objectives to guide your startup's growth and maintain focus on key priorities.
  2. Build a strong team: Assemble a talented, diverse, and motivated team that shares your vision and can help your startup scale effectively.
  3. Implement efficient processes: Streamline operations, automate repetitive tasks, and establish standard operating procedures to maximise productivity.
  4. Embrace adaptability: Remain agile and responsive to changing market conditions, customer needs, and emerging opportunities.
  5. Prioritise financial management: Monitor cash flow, develop accurate financial forecasts, and secure funding to support your startup's rapid growth.
  6. Invest in technology: Leverage innovative tools and technologies to improve efficiency, enhance decision-making, and gain a competitive edge.
  7. Cultivate a growth mindset: Encourage continuous learning, experimentation, and adaptability throughout your organisation to drive ongoing improvement.
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Be prepared to hire smart people

If you're a startup founder, this is the most important piece of advice I can give you: Hire smart people. There are very few things that will help your business grow faster than hiring great employees who know what they're doing and can get things done.

Hiring isn't something that should be done lightly or without thought, and it's not just about finding people with specific skills; it's also about finding people who fit into your culture and who share your values. In fact, if I were to prioritise hiring over anything else (even raising money), I would choose hiring first because having a strong team will enable everything else in your startup journey, from product development all the way through marketing and sales activities, to succeed at higher rates than otherwise possible as well as make each person feel more confident about their role within the organisation overall!

Focus on building a culture of empowerment

Empowerment is a form of motivation. It's inspiring people to take responsibility for their own actions and decisions, rather than having them wait for you to make all the decisions yourself. Empowerment gives people the freedom to do the right thing, even if it means going against your wishes or judgement in some cases.

When you empower others, they feel like they're part of something bigger than themselves, and that can be extremely motivating!

Embrace the importance of learning new skills

Learning new skills is a skill in itself, and it's critical that you embrace the importance of learning new things in business. As your company grows, you'll need to hire people who have different talents than you do, and if they don't understand what makes up your culture or how things work at your company, they won't be able to contribute effectively.

There are also many technical skills that aren't necessarily related directly to running a business but can make a big difference when it comes time for hiring and retaining talent: coding languages like Python or Ruby; data analysis tools like SQL and Excel; project management software like Trello.

Build your team's resilience

Resilience is the ability to recover quickly from setbacks. People who are resilient are more likely to succeed than those who aren't, and resilience can be learned.

Here's how you can help your team build resilience: Give everyone a voice. When you're building something new, it's easy for people to feel like they don't have an impact on the final product because they don't know where their work fits into the big picture, and that feeling can sap their motivation and make them less resilient when things go wrong later on in development or launch. Giving everyone an opportunity to contribute ideas early in the process will help keep them engaged throughout all stages of development (and beyond). It also makes sure that no one person has too much power over any given decision, which leads us nicely into our next point...

Take care of yourself and your team

Overwork is a common problem in fast-growth startups, but it's not sustainable. You don't want to burn out your employees, who are the lifeblood of your business. And if you're working too hard yourself, then you're not doing either of these things well enough, and that can lead to problems down the road when people start leaving or even quitting on their own accord because they've had enough.

Taking time for yourself isn't just about having fun; it's also about making sure that you stay healthy enough so that when something goes wrong with one part of your life (like an illness), then another part won't be affected by being unable to function properly due to being understaffed because someone left due to burnout caused by overworking themselves too much without taking breaks often enough throughout their day.*

Always be learning new skills - and helping your team learn, too!

  • You should always be learning new skills.
  • You should help your team learn new skills.
  • You should be a mentor, coach and teacher (and leader).

You can do it - but take care of yourself and your team!

As a founder, you're the one who has to make sure that things are moving forward. You need to be able to keep an eye on the big picture while focusing on the details at hand, which means staying productive and focused all day long. This is easier said than done when you're working in a fast-growth startup environment where there's always something new coming up or an urgent task demanding attention. Here are some tips for staying on top of things:

  • Use the right tools: If you've ever tried using pen and paper to track tasks or appointments, then you know how easy it is for something important to fall through the cracks, and even if it doesn't get lost completely, trying to find what needs doing again later takes time away from actually doing it (which is why we recommend using software like Trello). Having everything organised in one place makes it much easier for everyone involved with managing projects at work - including yourself!

FAQs on managing a startup for fast growth

In the following FAQ section, we'll address common questions and concerns related to managing and sustaining rapid growth in a startup. This section aims to provide practical insights and guidance to help you navigate the challenges and opportunities that come with scaling a fast-growing business, ensuring long-term success.

How can I cultivate a growth mindset?

Now that you have a solid understanding of what a growth mindset is, it's time to learn how to cultivate one. The first step is to recognize the power of your beliefs and their effect on your actions. As Carol Dweck explains in her book Mindset: The New Psychology of Success, "You can choose to take control over your mindset, which will give you more power than other people have over their lives."

For example, if someone has a fixed mindset about his or her ability (e.g., "I'm not good at maths"), then he or she might avoid maths classes in college because they're afraid they'll fail. On the other hand, someone with a growth mindset would see taking those classes as an opportunity for improvement, and therefore something worth doing even if he or she doesn't know everything yet!

How can I get started with good financial management in my startup?

  • Start with a budget.
  • Set a weekly or monthly budget and make sure you have a plan for your startup's cash flow.
  • Create a financial plan for the next 12 months, including an accounting system that can track expenses and revenue in real time (or at least very close to real time).

How can I future proof my startup business?

It is important that you identify what is most important to your business. This will help you focus on the key drivers of your business and make sure that you are not missing any major risks or opportunities.

For example, if your core customer base is in one country but your biggest competitor has decided to expand into other countries, this could be an opportunity for you. However, if there was no way for them to expand outside their home market then it would not be possible for them (or any other competitor) with limited resources and time constraints such as those faced by startups like yours! Therefore knowing where things are going can help future proof against some unexpected events occurring which may otherwise affect profitability or even survival of a venture."

How can I stick to my business goals?

  • Take a goal and break it down into smaller steps.
  • Set a timeline for each step, then prioritise them according to what's most important to you.
  • Make sure you have the right support system in place, this could be friends or family members, mentors or advisers who can help guide your business decisions at various stages of growth (for example, when hiring new employees). A good mentor will provide valuable insight into what works well in their own businesses; they should also be able to offer guidance on how best to manage certain aspects of running a startup, such as HR issues like hiring staff members or managing finances so that cash flow isn't an issue during periods where there aren't enough clients yet!


What's the takeaway? You can do it! But take care of yourself and your team.