Strategy

THE GROWTH PLAN

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Strategy

THE GROWTH PLAN

Find a path for turning dreams into reality

Is growth something you can plan or can it be luck and being in the right place at the right time?

From up top, growth can look as if it happens in a just a few high-flying technologies. On the ground, it looks completely different. It can happen anywhere. In all types of business. In all parts of the country.

For some, growth might be down to happy chance. Others might just have the knack. For most, particularly those who grow consistently above trend, it is a matter of conscious choice and rigorous planning.

Energy and commitment only take you so far. Ultimately, you will reach a plateau. The capacity to keep growing and lifting profits depends heavily on giving a series of clear answers to your employees, your customers, your suppliers and your funders:

  • why are you in this business?
  • do you have a clear picture of where you are heading?
  • how strong is your position in the market?
  • are you meeting the expectations of your target customers?
  • do you have an operation that can meet your objectives?
  • how are you measuring your performance?

For many smaller companies, it can seem an indulgence to spend too much time on such underlying questions. As an executive, you are too wrapped up in managing the everyday.

In reality, the absence of such a strategy can soon become the severest and most frustrating restriction on your future growth. The business loses focus. Too many projects are pursued. The motives of owners diverge. Customers are not given what they really want. Systems for managing a more complex operations are delayed. Funders start asking questions.

One option is put on the brakes and keep your business under control. Alternatively, you can put in a place an active strategy for responding to these challenges and managing the risks in growth.

To review your options, your senior team could spend some time together away. Or you can bring in someone from outside. Either way your mindset will change.

SMEforGrowth Editor