Lots of businesses in the hemp space are wide, but not deep.
Growing wide is a natural reaction for someone in the midst of a rapidly growing, constantly changing business. You’ve got to expand operations to fill the need – Change your strategy to comply with new regulations – Hire more people, create new products, find a bigger space… It’s all in the name of expansion and growth for your booming company. It’s based on a philosophy of go, go, go, in order to produce more, more, more… That’s growing wide.
Now, during this unique and unprecedented time, Cannabis companies have the opportunity to re-prioritize their most important values that will sustain them over the long-term. Rather than continuing to expand wider and wider, you now have the chance to do something special.
You can take your company deep.
Width is what people see on the surface. But depth is what takes your company the distance.
Therefore, if you’ve found yourself in a position where you’re starting to re-prioritize what you truly need in order to weather the potential storms ahead, may I suggest taking the time for your company to grow deep? Here’s how:
DEVELOP YOUR PEOPLE
There’s a phrase I love to pull out when the sh&t hits the fan… Goes like this; “Peace and harmony is not the goal. Progress is the goal. And you rarely find any progress in the midst of peace and harmony.”
People rarely grow when maintaining the status quo. As a business owner, if you realize that your people are your greatest assets, then it makes sense to invest in them. It doesn’t matter how fantastic your product is, or how wonderful your marketing graphics are – if the people on your team don’t grow, you’ll be constantly spinning your wheels and never gain any traction.
Growing deep with your people means expanding their capacity to become better leaders by reading business books, challenging them with new projects, or providing executive coaching. People don’t leave bad companies – they leave bad bosses. However, people are fiercely drawn to those who are fully vested in their success. When you show your people you care about their personal/professional growth, the result is a solid strength of depth that can withstand crazy uncertainties. Develop your people, and watch your business grow deep in a hurry!
HONE YOUR PROCESSES
When walking into a new business as a consultant, one of my favorite conversations is around the topic of processes. That’s because employees LOVE to talk about systems that are broken. Formulas that don’t work. Co-workers who don’t participate. Most of the time, I marvel at how they’ve managed to be even slightly productive thus far – given all the broken systems in place (whether or not they even want to change - well, that is a different question altogether).
Growing deep with your company processes means you hash them out until they work for everyone. You basically rip the band-aid off, hear everyone out, and design a new system that gets the job done. Then, implement it to prove it works. Reinforce the system, and enthusiastically pat everyone on the back, when they do it right. And for God’s sake, don’t stop at hashing-out one system – DO THEM ALL until you have a well-oiled machine that works flawlessly. Growing deep with your processes proves to everyone (including potential investors) that you intend to be around for the long-haul. Trust me – I’ve never met a business owner who regretted implementing a well-streamlined system. It’s a life-saver!
INCREASE YOUR PROFICIENCY
(Warning: It feels kind of wrong to make a sports joke in the middle of the Coronavirus, but let’s do it anyway...)
In my opinion, the old, “Who’s on first” sketch – is the epitome of the hemp industry right now. Too many employees are doing other people’s work (and nobody knows whose job it really is) simply because the work needs to get done. The problem is, that’s EXTREMELY inefficient - And it’s costing your company hundreds of thousands of dollars in lost opportunities for future success.
Without clear and specific guidelines (dare I say, “job descriptions”) you’ll never get the systematic, well-organized, highly profitable organization you wish to have. Only when everyone in the company knows precisely what their role is, how they’re going to be evaluated, when their performance reviews are going to take place, who’s reporting to whom, and exactly what’s expected of them – only then will you have true convergence (and accountability) with each employee.
Growing deep in these areas gives your employees ownership and it tangibly demonstrates how their personal contributions matter to the business. And when your people have the freedom to succeed (because they fully understand what you’re expecting them to do), it’s a sheer pleasure to watch them rise to the challenge. Increase your proficiency, and it’s just a matter of time before you start to see the kind of company you always dreamed of having.
IN SUMMARY
Companies who spend all their time "growing wide” have a tendency to look great on the outside, but they rarely succeed long-term. Only when you have internal depth of both process and people, will your productivity begin to skyrocket.
Now is an excellent time to double check that the width of your company doesn’t exceed your depth. And if it does, may I strongly encourage you to Grow Deeper. The long-term success of your business, and the ability to manifest the full vision of your company, depends on it.
Carrie Cox
The Hemp Business Advisors
Co-Founder and Corporate Liaison