This is exactly why Rhythm was created! Fast growth causes far too many problems.
I was reading the news on my lunch break today, and I was shocked to find out that Nasty Gal, formerly a vintage store on eBay transformed into a multi-million dollar online retailer, was bankrupt! WHAT?? What could have happened? I was intrigued because the founder, Sophia Amoruso, was a Spotlight Speaker at HubSpot’s Inbound15 that I attended. At the time, she was the fastest growing online retailer in the country! Her whole story is just so interesting. She came from nothing. She had a creative vision and built a brand that was popular with millennials. She caught the attention of Silicon Valley, Forbes named her “Fashion’s New Phenom,” and she even wrote a book, #GIRLBOSS.
It turns out, they grew so fast and just could not handle it. I am truly sad for her, and all her employees. This is why Patrick says you have to “slow down to go faster.” If you follow Rhythm's Think Plan Do Methodology, you can avoid this happening to your company.
A Strategic Think Rhythm will allow you to create a focus for the future of your business. You need to set aside time to think about your competitive, economic, and political landscape. You need to analyze opportunities and threats; brainstorm and test new revenue generating ideas.
You should be concentrating on:
Next, you need a Plan Rhythm. Execution Planning will help teams and individuals understand what they are supposed to do. Figure out the company priorities that will drive your strategy forward. Every team member should be aligned to those priorities. Create a vision that energizes your team to achieve a goal every year and every quarter. Back up this vision with metrics and tracking tools. This allows for adjustments along the way.
You should be concentrating on:
Finally, you need a strong Do Rhythm - the process of getting the work done by executing your plan. By having your team be accountable to your execution plan, you can discover which critical adjustments need to be made and brainstorm options and opportunities. This allows for a proactive environment to ensure goals will be met.
You should be concentrating on:
I really would not like to see other young companies growing at such a fast pace get derailed like Nasty Gal did. I have been at Rhythm for 5 years now, and I have seen how this methodology helps get more initiatives done, successfully. If you want to succeed, I suggest you follow this proven method. I realize there is a ton of information here so I suggest you start by getting Rhythm Certified to understand the basic Rhythm Methodology, its key components, and why each matters. Learn the differences and connections between Strategic Thinking, Execution Planning and Doing the Work, the common language and habits necessary to succeed week after week, quarter after quarter, and year after year.
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