VimpelCom and Compass are both companies that experienced rapid growth around their initial product offering periods. Hypergrowth can be incredibly challenging, with every meeting seeming to focus on overcoming obstacles. Shortages in staffing and network capacity seem to exacerbate the problems.
With proper management and organization, companies can successfully navigate hypergrowth. In some ways, start-ups have an advantage over established companies when it comes to hypergrowth, as they are more flexible and management sits at the top. However, when the right people are in place, midsize and large-size companies can successfully navigate hypergrowth.
The Impact of the Compass CFO
Compass is a company offering digital tools for real estate agents. Kristen Ankerbrandt joined the team as its CFO in 2018. This followed her 12 years of experience at the Carlyle Group and time as a Goldman Sachs investment banker.
Ankerbrandt had extensive experience with acquisitions and mergers, which she applied to Compass. The most relevant of this was her experience with tech companies and investors during growth periods. According to Ankerbrandt, the most vital characteristics of a successful CFO in this position are managing well and being direct.
Her leadership was critical during this time of expansion and growth.
The Impact of the VimpelCom CEO
Compass faced similar challenges during times of hypergrowth during its adoption of cellphones in the Soviet bloc. To prepare for this growth, Alexander V. Izosimov joined the team as the CEO, focusing on management basics.
According to Harvard Business Review, when Izosimov joined the team, all meetings were crisis meetings, with decisions made in panic mode. According to Izosimov, a combination of solid culture and his management strategies helped the company thrive.
Some of those management principles included selling first and asking questions later, not over-focusing on innovation, organizing “like McDonald’s,” having the front line handle decisions, and creating a “can-do culture.”
Do Not Neglect the Rest of the Team
In addition to hiring the right C-level executives for your company’s rapid growth, companies in this phase should prioritize hiring qualified talent for other roles. Remember that one of the many challenges companies in this phase frequently face is low staffing, so an effective hiring strategy is critical.
According to Forbes, the best strategy to find an ideal team includes creating a relationship with the company’s hiring managers, increasing inbound methods of finding talent, and following up on slow hiring processes. Additionally, working with industry-specific recruiters can provide you a competitive edge when successful hiring is crucial.
How to Follow their Example
Both Compass and VimpelCom recognized that to get through hypergrowth periods, they needed strong management with excellent organizational skills. This is an example that all midsize to large companies should follow when focusing on hypergrowth – find the proper C-level executives to provide the necessary organizational leadership.
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