In any organisation, large or small, there are some key pillars for your business to live by. These pillars enable and help you to prepare for and ensure the safe delivery of organisational growth readiness.

So, without waffling on further, let’s jump straight in.

 

#1. Benchmark.

Benchmarking is an activity of measuring your businesses processes, procedures and products or services against the industry standard and industry leaders. The ultimate aim of a benchmarking exercise is to arrive at a place of “best practice”.

It is a comprehensive project in itself, as it involves determining the key criteria by which you believe your business and the industry segment you service should be measured. After that, benchmarking becomes an exercise in ranking your competitors (and yourself) against the criteria used to determine the measure in the first place.

Benchmark for business growth Kong & Way

After all this, what you should have is three critical pieces of information, equipping you for your organisational growth strategy:

  1. Where you sit in your own industry
  2. Who you need to stay ahead of and watch for advancement
  3. Who you are chasing

 

#2. Vision and mission

If we assume that your business started out with a vision and mission statement, then it should naturally follow that you return to these two guiding statements when preparing for growth. The catch is that many businesses that move into the growth stage fail to return to their vision and mission. As a result, the growth they endeavour to pursue is out of alignment with overarching purpose or “why” of the business. It’s unlikely that this approach will deliver sustainable growth.

So, when determining your growth strategy, remember to re-engage your team, shareholders and leaders with the mission and vision that was designed to drive and deliver success in the first place.

Benchmark for business growth Kong & Way

 

 

#3. Implement and evaluate

Having settled on a growth strategy this stage becomes critical both in its place in the process but also because it has a time sensitivity to it. Implementing a growth strategy, or any strategy for that matter, needs the buy-in and collaboration of the team. Many hours of planning and work have gone into developing it. Then, giving it the best chance of success means bringing everyone onto the same page. After all, your growth strategy won’t work without the collaboration and input of your team.

But equally critical is the evaluation process. All the hours of planning, preparing and implementing is still not a guarantee of success. The honest evaluation of each component of the strategy as well as the strategy as a whole is important.

Evaluation gives you the opportunity to refine, repair or if necessary to go back to the drawing board and start over.

Implement and evaluate for business growth Kong & Way

 

#4. Communicate and report

Earlier in this piece, I mentioned the importance of reading all stake holders in. At least one part of the reason for this is to ensure full and accurate feedback on the implementation and relative success of the strategy. This can only be achieved through open communication and reporting.

Set in place a series of reports that allow a flow of feedback as to the overall performance of the strategy. This will assist in the implementation and evaluation process as well.

Communicate and report for business growth Kong & Way

 

#5. Start now

If you wait until everything is in place and the time is perfect to design a growth strategy then you are already starting from behind. Don’t put off what you could be preparing for now. If you want your business to grow then a growth strategy has to be put in place and must be getting prepared for ahead of time.

Overall, the most important component of a growth strategy is to truly understand why it is important and why you want your business to achieve it. As Edward Abbey reminds us; “Growth for the sake of growth is the ideology of the cancer cell.”