Leading a Step Change in Growth: Building a Bold Growth Strategy
Build and Cascade a Bold Growth Strategy and Plan to Own Specific Market Segments
Happy New Year and 2023 to you. This new year brings us a new possibility to explore and seize great opportunities in business and our professional work. Looking forward and planning for growth will be crucial. Last year, we published the Business Transformation in 2021 series.
This next 5-part series, Leading a Step Change in Growth, is about identifying and developing 5 key levers/building blocks to double your growth in 3-4 years (~ 20 to 25% growth per year). A different key lever is presented in each post.
We would like to start by asking you to think about your growth ambition. This will help you understand your sense of urgency in getting these building blocks in place.
You can view this series as a layered onion, where each key lever/building block builds on the previous one. The first key lever – the bold growth plan – is the core here. So, what does it entail to develop a bold strategy for growth that has high levels of buy-in?
To Make Sure You Have Enough Buy-In and High Levels of Collaboration and Ownership
6 Key Steps to Drive Buy-In and Collaboration
1. Enlist your key leaders in the development of the plan, and identify a senior leader to drive the process
2. Go at it with the mindset of owning specific segments where you can grow
3. Focus on markets, investments, or services that helps shield you from market downturns
4. Set big, hairy and audacious goals for growth (go big or go home!): Develop growth scenarios
5. Agree on a clear process with specific time-tables, and responsibilities for each department/function leader: Document your growth plan
6. Cascade your plan to the organization (translate it so it makes sense)
Building strategy is about saying what you will do, and what you won’t do. So, once you get started, here is a check list for you to make sure your plan will drive results and focus in a few key areas. We encourage you to review these with your team and check these off as you progress through your plan.
Bold Growth Plan Checklist
Own and invest in a few key market segments
- Create a differentiated offering and value proposition
- Demonstrate and continue to build expertise in these segments
- Create industry partnerships to create more value and drive differentiation
Stay clear of do and do not invest resources in
- Commoditized market segments where we have no clear difference or valued offering
- Segments where customer is not willing to pay for value or partner effectively
- Segments where growth is expected to stagnate or decline in the next few years
Please Share & We Are Here if You Need Us
Thank you for embarking on yet another series with us here at Collaborative Consulting. We are excited to share some more tools with you to lead a step change in growth and double it in 3-4 years. These are exciting times we have ahead of us. As new opportunities emerge it is key to continually think new!
We are here for you if you need any help with the first step in this process, and please reach out. Stay tuned for our next post which is focused on building a robust sales and marketing engine to fuel growth in key market segments. The core here is being proactive versus reactive.
All my best,
Founder – Collaborative Consulting