Business Diagnostic Strategy 3

Success Stage

 

 

Congratulations! Your hard work is paying off.

Your Business Diagnostic indicated you are in the Success Stage of business development. The next step in your growth is to move onto the Take-Off stage.

Strategies to Move from Success to Take-Off Stage

Broadly, your major goal is to increase sophistication and fuel growth 

  • Strategic planning is a high priority.
    • In formal planning, ensure clarity around measures and then measure performance against plan with a view to constant improvement.
    • Be aware, though, that formal planning doesn’t mean fixed or written in stone. Pay attention to the VUCA environment we live in. Your planning needs to be sufficiently flexible to change in light of exponential change around us.
    • In uncertain times, having and living by a Purpose for your business is even more critical. It is the one certainty. Purpose also fuels engagement and motivation.
    • The most significant challenge in moving from Success to Take-Off is to manage the rapid growth from the perspective of resources
    • Ownership:
    • Owner has a choice of whether to expand or keep the company stable and profitable
    • The owner may disengage from the business, recognising that others may be better qualified to run the business for the next stage which is Take-off.
  • Culture:
    • Keep your eye on the culture of your business. As Peter Drucker says “Culture eats strategy for breakfast.”
    • Ensure your culture supports living your Purpose and achieving your Vision
  • Marketing & Sales:
    • Stay in touch with your clients. Ensure they remain the centre of your organisation.
    • Regularly seek their feedback on their experience of working with you. Invite them to collaborate in developing new products or services.
    • Keep feeding the pipeline as even the most loyal clients move away.
  • Communication
    • The business is likely to have some level of decentralisation so it’s important to keep the channels of communication open to discourage the formation of silos.
  • Structure & Environment:
    • Bring specialist functions into the business. A Chief Financial Officer, HR Director, Chief Marketing Officer, Chief Operations Officer as examples.
    • Increasing sophistication of these functions. Ensure functional managers are
    • Explore organisational structure alternatives and select one that best meets the needs of your business model.
  • Systems & Processes
    • Systems are likely to be strained by growth
    • Continue to develop and refine systems and processes to improve the efficiency and effectiveness of the business.
    • Finances
      • The business needs to find financial resources to fuel growth

Strategies are based on our High Performance Framework

 

Next Step

If you feel you have the capability and accountability necessary to move from Existence to Survival Stage on your own, I wish you the very best.

If you would like some support, I offer Bite Size Consulting – meaning small, defined and affordable packages of time with me to work through the challenges and opportunities involved in moving to the next level.  For more information

or simply email me on suzanne@purposetoprofit.com.au for a chat.

 

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