Council Post: 3 Essential Elements To Remember When Scaling Your Business

Co-Founder of Healthy Living Network, one of the largest post-acute home health, hospice and home care providers in the western U.S. 

While building my health care company, like many entrepreneurs, I often sought out the advice of other business owners and examined their philosophies, lifestyles, professional prowess and even their relationships at home. It was eye-opening to witness the varied differences among these business icons. 

Throughout my observations of these businessmen and women, two trains of thought emerged: One group dwelled on life regrets while the other group was content because they embraced all relationships throughout their careers. 

For example, 12 years ago, I sat separately with two prominent entrepreneurs. Together, their net worth was in excess of $100 million. Alone, no family by his bedside, one of the men struggled with a terminal illness. A few weeks before passing away, he told me about his estranged children and how they were more interested in his money than anything else. 

On the other hand, the other retired entrepreneur shared some of his most cherished experiences, reflecting a life blessed with the belief that you could thrive as an entrepreneur as long as it didn’t overshadow your family. He, too, would eventually pass, but his life was the one I wanted to emulate.

As I consider their lives and those of other remarkable entrepreneurs I have encountered, I’ve learned some critical life lessons that I believe can help other entrepreneurs find personal and professional balance. When trying to scale your business, there are three key elements to keep in mind: knowing your mission, making time for loved ones and giving back to the next generation of entrepreneurs.

Know your mission.

Every great organization has a mission. When my co-founder and I launched our company, we knew that mission statements provide a guideline to develop enduring principles that would lead to our success. So, we established a mission based on a simple, yet powerful, principle: Take the best care of our patients and our employees. We knew that if we fulfilled these requests, reasonable returns would follow.

A mission statement should be infused into every aspect of a company’s culture, from employee orientation literature to discussions during company meetings, mentions at parties and in all corporate messaging. This reinforcement throughout a company’s culture can be paramount to successful growth.

If obtaining prosperity is your primary motive in scaling your business, you can reach that goal, too. However, making money without establishing a purpose often diminishes the joy of building wealth. Identifying and embracing a mission and remaining consistent in your approach is pivotal to successfully scaling a business. 

Make time for loved ones.

It’s easy to connect the dots between increased stress levels and fractured family relationships when entrepreneurs are engrossed in building their new company. 

This concept reminds me of an experience I had with my oldest daughter years ago. On one occasion, my Blackberry was buzzing during a dress rehearsal for my then-6-year-old daughter’s dance recital. Scrolling through the messages and responding at lightning speed, I disregarded that my daughter was on stage for her ballet performance.

As I continued responding to my supervisor’s requests, smiling at the thrill of answering another email, my daughter stopped mid-dance and yelled from the stage, “Dad, get off your phone and watch me!” My fair complexion turned crimson as the other parents in the audience stared at me. My phone swiftly found its way into my pocket for the remaining 45 minutes.

Many entrepreneurs struggle through the daily grind to become better in hopes of sitting among the tech giants. In reality, however, I believe the most significant returns come from the relationships you have with those closest to you: your family and close friends. Before queueing up the latest webinar or audiobook from your favorite business guru, stop and ask yourself if you are spending time where it matters most.

Grow your company and have fun scaling, but during the process, take time to recognize those who have motivated you to achieve all those goals. Engage with loved ones and friends while you can so you don’t have any regrets in the future.

Give back to the next entrepreneurial generation.

Most of us understand the concept of paying it forward. Scaling your business isn’t just about you or your company. As your company grows, take the opportunity to help those around you by sharing experiences, lessons and wisdom. Thanks to technology, you can now mentor novice entrepreneurs through multiple platforms, including online, in-person or over the phone.

The future of entrepreneurship couldn’t be brighter. While it’s often said that “90% of startups fail,” there are still those who thrive on new or refined ideas, thus ultimately reaching scalable success. As you write your own business success story, consider paying homage to all the mentors you found along the way. Then, consider how you can share your wisdom with other budding entrepreneurs. Take it from a guy who has scaled dozens of companies over the past dozen years: Learn what you can from those who have already done it. 

When your entrepreneurial drive begins to slow and old age knocks at your door, I sincerely hope you can look back on your life’s accomplishments and realize you fully embraced your mission, prioritized family and personal time, and sought out opportunities to share your wisdom with other young entrepreneurs.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?