According to Katherina Lacey, Co-founder of Quincus, growing as an entrepreneur involves relying on others. Many entrepreneurs are sometimes too close to a problem to know how to effectively solve it on their own. That’s why Lacey suggests finding a business coach or professional to propel progress.
“It's good to have somebody that you can ping-pong with that's outside of your organization — [somebody] that's not family, that's not a friend, that’s not your therapist,” she said. “Somebody like a business coach who can help you structure strategy and make sure that you are going down a path that can be communicated to others.”
As businesses grow, more complex strategic problems present themselves, which may require more specialized assistance.
“I think that when you get to a certain size in a business, it's good to bring [a coach] on board,” Lacey told CO—. “Some professional business consultants even specialize in strategic scaling.”
[Read more: Do Your Employees Have a Digital Mindset? Here's How to Make It Happen]
Innovating and expanding in your industry
Innovating from your original idea to fill a market gap may afford surprisingly successful results.
Lacey and her business partner, Jonathan Savoir, first started as an Uber-like B2B delivery model, but learned more about the industry and discovered market fragmentation, supply chain issues, and an opportunity for an innovative solution. Eventually, they pivoted toward a software that digitizes and optimizes the traditional logistics process while giving users full transparency into their supply chain — an advantageous, transparent solution amid ongoing pandemic-related supply chain issues.
“We learned a lot about how driver behavior was when a market is fragmented, how logistics operations are actually managed … [and] realized that we actually had a product that could become not just a technology, but that could [be] a front-face to actually managing and controlling activities and operational behaviors,” Lacey said.
“I think that when you get to a certain size in a business, it's good to bring [a coach] on board,” Lacey told CO—. “Some professional business consultants even specialize in strategic scaling.”
Expanding in its market was a no-brainer for Quincus; Lacey and Savoir built the technology with scalability in mind. Their approach to expansion hinged on flexibility and customization for customers, ensuring their solution was malleable enough to fit different industries and company sizes.
“It's not just about the market itself and economics … which we do account for, but it's also about how [business owners] may handle their business and allowing them to manage their business without forcing them to change or to stay in a structured environment that may not fit them,” she said.
Lacey and Savoir built Quincus lean enough to allow for seamless terminology changes across languages and translations.
[Read more: How Three Big Brands Turned Pandemic-Prompted Innovation Into Sales]
Adapting to uncertainty
Lacey understands firsthand the challenges that the uncertainty and exhaustion of being an entrepreneur brings.
“You sometimes forget that you are going way faster than your team, and you need to know when to pull back,” she said. “You need to know when to say to yourself, ‘You can't do everything.’ You need to not just slow down, but you need to handle that uncertainty so that others don't feel it.”
For Lacey, it’s easy to become siloed as an entrepreneur, but she practices self-reflection and mindfulness to identify when she needs to slow down and rely on her team.
“It's lonely, [but] … it’s quite an adventure,” she said.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
