Growing Can’t Wait Part 2: The Four F’s of growth with Gina Cavendish

Before you can grow your business, you first have to understand the ins and outs of your operation, and who you are as a leader. In this episode of Science of Service, we bring you the second part of our conversation with Gina Cavendish, MarginEdge’s CFO in Residence and a hospitality finance expert. In Part one (which you should go back and listen to if you haven't already), Gina talked at length about the importance of timing while trying to grow a business. In this episode, she takes a step back, and discusses all of the different elements of their business and growth strategy you should consider before you begin scouting new locations.Gina introduces us to the concept of 'The Four F's': Founder, Funding, Franchise and Fast. These represent your leadership style, source of capital, interest in a franchising strategy, and the pace at which you'd like to expand. She explains that having a strong understanding of these four elements will allow you to formulate a growth strategy that's optimal for your business. Rachel and Gina discuss the comparative strengths and weaknesses of different leadership styles, the obligations that come with different sources of funding, the complexities of franchising, and how all of these factors work together to impact the direction and pace of expansion.Whether you're early in the growth process, or well into it but feeling lost, this episode is a reminder that it's important to first understand where you are, before charting a course to where you want to be. Science of Service Blog