80% of executives believe their strategies are not well-understood in their own companies. Think of the waste that is taking place when no one is looking. Consider the inability of people in management roles who are trying to match execution with a strategy few understand.
80% of executives believe their strategies are not well-understood in their own companies.
Growth Engine Management
This pervasive problem is why Growth Visions is announcing our Growth Engine Management approach. Business leaders we have met with see this as a new way to grasp how an organization connects growth strategy to execution. Key benefits are understanding your core value as a company, who is most interested in that value, how you will go to market and build a growth culture. Please read our Growth Engine Management whitepaper (15-minute read) to start communicating more clearly to your teams about your growth.
Imagine if everyone in your organization grasped at a deeper level how your company intended to grow. Not just high-level "we want to sell more of a specific product or service"; but how all of the enablement parts fit together to create growth. We have budgetary and often political conversations around functions that may sit in isolation.
Alternatively, let's focus energizing our capacity for growth through cross-functional teams with clarity around growth enablement.
Aligning Resources for Growth, not Favorites
From a leadership perspective, think about how you are allocating resources. Are priorities clear? Have you made the clear decisions in shifting money, talent, and overall resources to high impact areas of your business? According to McKinsey, 83 percent of senior executives identify strategically shifting resources as a top management lever, yet a third of those companies reallocated only 1 percent of their capital from year to year. A company that actively reallocates delivers, on average, a 10 percent return to shareholders, versus 6 percent for a sluggish reallocator.
Biases are part of the human experience. In business, it's easy for executives and leaders to create biases about a business that no longer supplies growth due to market conditions while underinvesting in emerging opportunities.
Companies want collaboration and efficiency to reign
You need a visual way to articulate what your priorities are and how you will achieve growth. Thus, what everyone who is a decision-making role or has ideas knows where their focus should be. Directors on a board, the C-Suite and everyone else is responsible for growth. Why not get on the same page about what must happen? What about employees who want have an impact with their ideas? How can we make it so they can clearly see how to make their ideas relevant to our growth plans?
Companies like to talk about knowing their mission. Let's be candid; your true mission is to grow in your areas of enablement before the revenue growth will come. Alongside your mandate to grow can exist a clear mission that makes the world a better place and they are not mutually exclusive goals. When it comes to creating growth, we have to tie strategy to daily execution and good habits. Request the paper and let us know if we can help. Do you feel everyone in the company is aligned to your growth priorities?