Business strategist and best-selling author Marshall Goldsmith says something profound for all CEOs: “What got you here won’t get you there.” It’s one of those insights that’s so simple it’s easy to overlook it. But it can make a world of difference in terms of your long-term success.
What it means is that the tools and strategies you’ve used to build your organization to where it is today are not what you need to help it thrive in the future.
In a dynamic marketplace, growth requires perspective from outside your company, planning, and objectivity. You need regular injections of high-level business expertise in order to continue to meet market demands and internal system needs.
Here’s a sneak peek at the way key functions of your company are always evolving (and how you can be prepared to make the changes you need to make at the right time)…
In startup mode, marketing is focused on acquiring customers. As the business grows, marketing efforts necessarily shift from acquiring new customers to developing relationships with existing customers and retaining existing customers. While prospecting for new customers continues, new strategies for developing repeat business need to be developed. You’ll need to develop more sophisticated and large-scale methods for driving interest and sales, including database segmentation, mass media efforts, joint ventures and partnerships, and ever-increasing marketing technological advances.
As sales volume increases over time, order fulfillment needs to be more systematic and streamlined to meet demands. Sometimes this means overhauling your delivery system. It can mean automating processes you once did manually, hiring new people, eliminating certain positions, outsourcing certain divisions, or bring in-house tasks you had previously outsourced. As a business advisor, I spend a fair amount of time streamlining and automating operational systems that aren’t keeping up with demands the way they need to.
Once informal and collegial, HR functions become more structured as you grow. You need plans for employee recruitment, retention, and team building. Policies to protect against discrimination and harassment suits. Safety policies. Strong internal communications. Clear reports, guidelines, and metrics to document employee performance.
The key to staying ahead of the game? Take time for planning and strategy.
Unfortunately, too many entrepreneurs fly by the seat of their pants. If you don’t plan, you may find yourself failing to meet orders, missing financial goals, and ultimately putting your entire enterprise at risk. CEOs and entrepreneurs who don’t start seriously planning either plateau at a level well below their potential or go out of business during a rapid growth period, due to a lack of growth planning and adjustment.
Don’t make the mistake that inhibited success for others. Plan for business growth and you’ll achieve it. We do just this in my quarterly Growth Plan Workshop
In this 1-day Growth Plan Workshop (at which you’ll also get a delicious hot lunch), you’ll get:
- A clear picture of where you want your business to be in 10-30 years
- A 3-5 year plan, a 90- day plan, and a ready-to-implement Action Plan to get you there
- Energy, vision, and focus and a network of like-minded business contacts.
- Strategies to build your profits right away
Register now. https://growthplansept26.eventbrite.com
Fri., Sept. 26 9—4:00pm
The Hilton Garden Inn Indianapolis Airport, 8910 Hatfield Dr., Indianapolis 46231
Cost is $247 at the door, $187 in advance, and FREE for clients. Right now I’m offering an Early Bird Special! Enroll by 9/22/2014 for $97.
My Growth Plan Workshop (SAVE THE DATE: 9/26!) is your chance to step back, get perspective, define your strategy, and develop a powerfully focused plan to guide your business forward. This is one of the single most important steps you can take to create a truly dream business. Don’t miss out! Learn more and register here: https://growthplansept26.eventbrite.com