#80 – Scaling Ambition, Overcoming Challenges, and Building a Legacy with Sam Smith
Introduction
In this insightful conversation on Tag Lab, Sam Smith, founder of Superscalers, shares her dynamic journey of scaling and growing a business.
Starting her career at KPMG before moving to JM Finn, she explains how her corporate finance business grew from a humble beginning to reach impressive turnover milestones.
Sam emphasises the importance of big-picture thinking, iterating through challenges, and building a sustainable business. She discusses how a shift in mindset from incremental growth to aiming for exponential scaling transformed her approach.
The conversation explores key elements of entrepreneurship, including culture, ambition, and the struggles of underrepresented founders.
Through real-life examples and personal anecdotes, Sam offers a roadmap for overcoming obstacles on the path to growth and financial success.
Key Topics:
- The importance of big-picture thinking in scaling
- Overcoming challenges as an underrepresented founder
- The role of culture and vision in building a successful business
- Scaling through mentorship and community support
- The complexities of funding and ambition in the startup world
- The journey from one to ten million and beyond
- Celebrating milestones and maintaining growth momentum
The importance of big-picture thinking in scaling
Sam discusses the critical role that big-picture thinking plays in scaling a business. Early in her journey, she worked tirelessly at building the core of her business without realising she was becoming an entrepreneur.
However, once the business reached a certain threshold, her mindset shifted towards thinking far beyond immediate goals. She highlights the necessity of imagining your business as a much larger entity than it currently is, even when your goal may only be to double revenue.
This vision helps set the stage for what needs to be done now to scale quickly in the future. Sam’s journey from a small office with minimal resources to a thriving business with a £52 million turnover illustrates the power of thinking beyond what’s in front of you.
“Growth is not linear. Every doubling journey requires the same effort. If you’ve made it past one million, think how many doubling journeys you’ve already been on. You’re closer than you think.”
Overcoming challenges as an underrepresented founder
Sam sheds light on the unique challenges faced by underrepresented founders, particularly women.
She explains how ambition and the support systems available can differ significantly for those who do not have access to the traditional networks or funding channels.
Sam emphasises that underrepresented founders often build businesses more slowly and sustainably, but they might not get the recognition or resources necessary to push to the next level.
By sharing her own experience and through the work of Superscalers, she advocates for the importance of access to funding, mentorship, and the right community to help founders overcome these barriers.
“It’s hard to be part of a system that’s not built for you, but having the right community can change everything.”
The role of culture and vision in building a successful business
Sam highlights the pivotal role culture played in scaling her business. She explains how her company’s unique approach to treating SMEs as valuable clients set it apart from others in a competitive market.
While her company initially struggled to define its unique selling proposition (USP), the culture they cultivated within the company became the key to their success.
Sam stresses that your USP might not be clear from the start, but as you build your business, the core values and culture will shape what makes your company stand out in the long run.
“Culture became our real USP, and that’s what we used to superscale.”
Scaling through mentorship and community support
Throughout her journey, Sam emphasises the importance of mentorship and having a strong community to support growth.
She shares how, in the early stages of building her business, she didn’t have the luxury of mentorship but instead relied heavily on the team around her.
As the business grew, Sam sought out coaches and mentors to guide her through more complex challenges.
She believes that for any entrepreneur, particularly those at the early stages, connecting with someone at the next revenue stage can provide the necessary confidence and clarity to push forward.
“Constant learning and pivoting are essential. Find people who have been where you are and ask for help.”
The complexities of funding and ambition in the startup world
Sam discusses the financial challenges and the differences in ambition that often affect how founders approach funding.
She notes that many entrepreneurs, particularly women, find it difficult to secure venture capital (VC) because they are not seeking rapid, massive growth. Instead, they prefer a more sustainable approach to scaling their businesses.
Sam emphasises that for these founders, VC funding may not be the best option, as it often demands a level of growth that doesn’t align with their goals.
However, she believes that even without venture capital, these businesses can thrive by focusing on incremental growth and reinvesting profits.
“VC capital isn’t always the right fit for every business. It’s about finding the right path for your vision.”
The journey from one to ten million and beyond
Sam reflects on the challenges of scaling from one million to ten million in revenue, explaining that the transition is not always as straightforward as it seems.
She points out that businesses often struggle at certain points in their growth because they lack the necessary processes, technology, or team structure to support scaling.
Sam shares that one of the keys to overcoming these challenges is to anticipate the next growth stage and begin building the infrastructure ahead of time.
By focusing on growth not just for today but for the next five years, businesses are more likely to avoid stagnation and continue expanding.
“Once you get to one million, it feels like the hardest part. But when you get to ten, you’ll look back and see that it’s all part of the journey.”
Celebrating milestones and maintaining growth momentum
Sam concludes by stressing the importance of celebrating milestones, both big and small, during the entrepreneurial journey.
She shares a personal example of celebrating reaching one million in monthly revenue, a moment that provided both motivation and a sense of accomplishment.
While scaling can often feel like an uphill battle, Sam encourages entrepreneurs to take time to appreciate their progress. She emphasises that recognition of milestones can keep momentum high and help maintain a growth mindset.
“Celebrating milestones, like reaching that first million, is crucial. It keeps you motivated to keep going, even when the next stage feels daunting.”
In Conclusion
In closing, Sam’s ambition for Superscalers is to create a global community where underrepresented founders can connect, learn, and scale together.
She aims to double the number of female founders who reach the £50 million revenue mark within the next five years, and to provide a platform for founders to access the resources, mentorship, and funding they need to thrive.
With this vision, Sam hopes to change the entrepreneurial ecosystem for the better, ensuring that all founders, no matter their background, have the opportunity to succeed and superscale their businesses.