Podcast Session 6: Scale Without Tipping the Scale
Posted: April 24th, 2019
The ladies of Garden Society skype with Tahira Rehmatullah, named one of the most powerful women in the cannabis business by Fortune Magazine and Complex. Together they dive into the grind of growing a business and explore how to scale without tipping the scale. In business, the proverbial “goal post” has a tendency to move. Learn tips for making adjustments to focus on the big picture while connecting with your joy along the journey.
Our Guest: Tahira Rehmatullah
Tahira Rehmatullah has deep expertise in branding, operations and strategy, and has been named one of the most powerful women in the cannabis business by Fortune Magazine and Complex. She currently serves as Managing Director of Hypur Ventures, a venture capital firm specializing in early stage and growth capital investments in the legal cannabis industry. She is also the Chief Financial Officer of MTech Acquisition Corp., a Nasdaq-listed special purpose acquisition company.
How you scale depends on your type of business and what environment you’re working in.
3 Things Everybody Wants:
Time 2. Design 3. Money
You can only realistically have two at a time.
Lesson: There is always something to sacrifice to get something else.
Tips from Tahira for Scaling Your Business
- Understand where the growth of your business is and put resources there.
Tahira wants to see asset light. Headcount light. And that the product is relevant and has been produced well or can be produced well.
- Goal: You want your burn rate as low as possible until the conclusion that warrants revenue generation at a sustainable level.
Are you boot-strapping and running an over-worked lean, mean team growing sales and your business? Or did you invest in personnel early but don’t have the sales to support the team?
- As your business grows there are more and more plates to spin and it’s important you find the right people to join your expanding team. How you grow depends on your intentions.
- Personnel is a complicated part of business. When you get to a certain number of people in your organization it can be difficult to let someone go. It can be emotionally draining as well as a drain of resources.
- Tip: Hire and fire fast.
- Don’t be afraid to hit pause – even for 48-hours – to make sure you’re making good decisions and everything still makes sense.
- Make sure to maintain your relationships outside of work and lean on your friends and family to help you stay balanced.
- Come up for air. Make the effort to know what is going on around you. Pay attention to everything – competitors, the market, national and global situations.