As part of a career development webinar for their alumni,
In a recent article published on the McKinsey & Company blog, co-authors Reid Hoffman and Chris Yeh discuss the notion of blitzscaling. It’s a term they coined for rapid business growth and acceleration in their eponymous book Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies.
The pair are known for helping everyone from business founders and venture capitalists, to corporate leaders, policymakers, and average joes understand how tech and digital connectivity has changed the way we work and allows us to build astounding businesses.
As such, countless companies and individuals from garage-dwelling startups to Fortune 500 titans, have tapped into their combined knowledge and insights to transform their businesses at lightning speed – also called blitzscaling.
What Exactly Is This Blitzscaling You Speak Of?
Blitzscaling refers to a specific set of practices that allows business owners to ignite and manage astounding growth, forging an accelerated path to the stage in a startup’s life-cycle where the most value is created.
This process prioritizes speed over efficiency in an environment of uncertainty and allows a business to progress from “startup” to “scaleup” at a frenetically inspired pace that captures the market.
Four Insider Tips From The Blitzscaling Pros
1. Act Quickly
When it comes to fast-paced tech-based industries, speed counts above all else. Your business has to be quick on the draw, which means having a firm grasp on what needs to happen now versus what can wait a bit until later. In order to gain a competitive edge, you need to push the envelope at the beginning to ensure that you hit the market first.
2. Don’t Be Scared Of Smart Risk
When you are innovating, uncertainty is part of the equation. As such, business owners should be ready to take on smart risk, pivot after mistakes, learn from errors quickly, and be willing to learn constantly. It all starts with establishing a marketplace, determining market fit, and accepting that everything is going to be in flux for quite some time.
3. Build A Nimble Team
The power of community is invaluable when it comes to building a business, and it all starts with hiring the right kind of people. If you plan to blitzscale you need to invest in top-notch human capital. Ideally, people who have experience in growing businesses from the grassroots level.
Bonus points if you have worked together before and know each other’s nuances. The smoother the process, the more you will be able to achieve together.
4. Keep Your Eyes On The Prize
In order to win, you need to know where your competitors are and how you stand in relation to them. Understand the space in which you are playing before you make any moves. Once you are clear on who and what you need to leapfrog, put your plan into action as soon as possible.
Blitzscaling refers to the process of upscaling a new business very quickly and immensely efficiently. According to co-authors Reid Hoffman and Chris Yeh, it comes down to four basic tactics – acting fast, embracing smart risk, hiring for adaptability, and focusing on winning.