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How do you scale from a small business to a mid-sized enterprise?

How do you scale from a small business to a mid-sized enterprise?

Whether you're aiming to scale your business or simply fine-tune your current operations, these insights will help you stay on track and ensure your business thrives.

Anne McGinty
September 11, 2024

Welcome to Time to Live: Thriving in Business and Beyond. In each newsletter, we'll dive into episode insights, personal growth, skill enhancement, and positivity.

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In our latest episode, Collin Hathaway reveals powerful strategies that private equity groups use to scale businesses—insights I wish I’d known when I was running my last company. His advice is the kind of game-changing knowledge that could have made a world of difference during our growth phase.

A few years ago, my husband Mark and I co-founded one of the largest professional holiday lighting installation companies in the Bay Area. What started as a small, two-person operation grew into a team of twenty, with six trucks and a warehouse filled to capacity.

While our decision to sell was driven by the desire to spend more time with family, the business had been thriving—even during economic downturns. However, when it came to scaling further, I didn’t feel confident in my skills and didn’t know how to double or triple the business from there. The idea of expanding to forty or sixty employees and twelve to eighteen trucks seemed impossible! But that’s because I lacked the knowledge and didn’t seek advice from more experienced business owners who had already taken that path.

Looking back, I see many mistakes I made: not firing toxic employees quickly enough, losing my appetite for risk, not delegating enough, attaching too much of my identity to the business, and not spending enough time understanding the roles and team needed for continued growth. I could go on and on.

Since launching this podcast, I’ve had the privilege of learning from incredible guests, and I can’t help but think how different things might have been had I known then what I know now. Hopefully, you’ve learned as much as I have.

Perhaps Mark and I would have taken a shot at scaling the business even further instead of selling. It’s hard to say for sure, but one thing is clear: when we sold, I didn’t see the path from small to mid-sized. Now, thanks to insights like those from Collin, the steps don’t seem so daunting.

This Week’s Episode Highlight:

Private Equity Insights from
Collin Hathaway of Skylight Capital

Click to listen to episode

In our latest episode, we discuss the strategies that private equity groups use to scale businesses - insights that many small business owners aren’t aware of.

Here are three key takeaways:

Define Your Growth Goals and Evaluate Your Team: Set clear targets, whether it’s to grow by 3%, to open another location, or to build a better team, for example, so you have something tangible to work towards. Knowing what you want for your business is essential. Identify the steps to achieve your goals and evaluate your existing team’s ability to execute - who to keep, who to shift, and who to let go. Tools like those discussed in Jeff Smart’s book Who can improve your hiring process. Hire slowly and thoughtfully, but act quickly if someone isn’t a good fit. Protect yourself through the necessary steps and ensure your entire team consistently performs at a high level.
Step Back and Reflect: As your business grows, find time to step away completely and reflect on your strategy and direction. And, don’t lose your appetite for calculated risks—staying too comfortable can limit your growth potential. Always be open to new opportunities.
Separate Your Identity from Your Business: While passion for your business is essential, don’t let it become a barrier to growth. Maintain your company’s values, but separate your personal identity from the business. Continuously look for ways to delegate tasks so you can focus on strategic growth.

Strategy Spotlight:
Maximize What You Have: Streamline for Success
Before expanding into new areas, focus on maximizing the potential of your current offerings. Streamline your operations to ensure efficiency and prevent spreading yourself too thin. By fully leveraging what you already have, you can strengthen your core business, maintain high-quality standards, and create a solid foundation for sustainable growth. Remember, it’s not about doing more—it’s about doing better with what’s already in your hands.

Positivity Corner:
Embrace the adventure of discovery.
You don’t need to have everything figured out from the start. Sometimes the path to success is about trying different things, learning from each experience, and gradually eliminating what doesn’t work. Try one new thing this week: an activity, a food, a restaurant, a conversation, or even a different approach to a routine task. Embrace the unfamiliar and see what new opportunities or insights it brings into your life.

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Thank you for being a part of Time To Live: Thriving in Business and Beyond! As always, we love hearing from you, so feel free to share your thoughts, questions, or feedback.

Stay inspired,

Anne McGinty
Host of 'How I Built My Small Business'

Planning for Season 2 - We Want Your Ideas!✨

This part of the process is SO fun - thinking about the overall layout for next season and exploring topics that resonate with me. For example, ocean-inspired businesses really catch my interest because at one point I studied marine biology, I love surfing, I’m a certified SCUBA Assistant Instructor, and have lived, worked, and travelled on sailboats.

Another topic that I’m passionate about is longevity and wellness. The knowledge and science in this field are constantly evolving, and I’m fascinated by the ways we can improve our lives and potentially cure our own diseases through better understanding, diet, lifestyle and self-care.

Have an idea? Let me know by sending me a message.

Last Week’s Episode Highlight:

Interview with Sandi Carter

She’s only 29, didn’t get a college degree, and has 2 skin clinics open in New Zealand - one on the North Island and one on the South Island. And, she won “New Zealand’s Beauty Salon of the Year.”

Sandi is a relative by marriage, and I first met her when she and her now-husband, Ryan (my cousin-in-law), visited us in Northern California. They were on their 'Overseas Experience,' a Kiwi rite of passage, and had bought a second-hand white conversion van that they completely transformed into a livable space for their road trip around America. With wood paneling, recessed remote-controlled LED lighting, drawers, and a futon-style bed that flipped into a couch facing backward, it was incredibly cool. Here’s their van conversion video - it’s amazing what you can do when you’re scrappy and with a vision.

At the time, Sandi was maybe 18 and hadn’t yet opened her first Blush Skin Clinic. Watching her absorb the experiences and knowledge from her travels and then return to start her first clinic has been truly inspiring and incredible. Seeing her journey unfold fills me with immense admiration and a deep sense of pride, not just for what she’s accomplished, but for the determination and creativity she’s shown along the way.

Stay inspired,

Anne McGinty
Host of 'How I Built My Small Business'