XYZ, Inc. is a privately held midsized service firm that competes with very large publicly traded corporations for global accounts. Industry norms for measures like billing multipliers, capacity utilization, gross profit, and customer satisfaction are prominently displayed on XYZ’s dashboard/balanced scorecard. The executives periodically celebrate that XYZ has “hit” the norms in all of these categories for 18 straight months. And they go back to work.
Good for XYZ, Inc.
It is great that the firm is consistent, dependable, and not in trouble related to these metrics. But doesn’t hitting the “norms” mean that XYZ, Inc. is now an “average” company in their industry? No one on XYZ, Inc.’s executive team is asking, “I wonder if there is at least one of these metrics in which we can excel! ”
What if their firm figured out how to optimize capacity so much better than their competitors that they could attract fabulous employees, provide even more value for their clients, or generate more money to fund innovations?
What if XYZ, Inc. could push the envelope related to “customer satisfaction” to have clients who are truly raving fans who refer business to XYZ, Inc.? What if their clients viewed XYZ, Inc. as a true strategic partner they simply cannot live without… regardless of changes in the economy?
I am seeing fewer and fewer companies utilizing stretch goals. During periods of uncertainty (like now) it is even more crucial to excel at something important … to distinguish your business from competitors…and compel prospective customers to take a chance on investing in your services.
No one can afford to settle for “average.”
Aldonna R. Ambler, CMC, CSP has earned the right to be called THE GROWTH STRATEGIST®. She has won over 2 dozen national and statewide “entrepreneur of the year” awards for the resilient growth of her international businesses across 4 recessions. Her midsized BtoB clients get on…and then stay on…the published lists of the fastest growing privately held companies. She owns and operates a suite of companies that help privately held midsized companies achieving accelerated growth with sustained profitability® through opportunity & resource analysis, 4 approaches to strategic planning, executive advisory services, growth financing, and targeted search. 2013 is Ambler’s 9th year hosting a weekly peer-to-peer-to-peer syndicated on line talk show that features interviews with CEOs/Presidents of midsized companies (typically between $20 and 200 Mil/yr) sharing success tips about the growth strategy-of-the-week. An archive of over 300 interviews is available at www.GrowthStrategistShow.com. She can be reached toll free at 1-888-Aldonna or at Aldonna@AMBLER.com.
Known as The Growth Strategist®, Aldonna Ambler built and grew a suite of companies to help midsized B2B companies achieve accelerated growth with sustained profitability® A Certified Speaking Professional (CSP), Ambler has addressed over 2000 audiences and hosted a syndicated online talk show about growth strategies for 9 years. As a growth financing intermediary, Ambler raised over $1 Bil dollars for midsized companies. The winner of over 2 dozen prestigious national and statewide "entrepreneur of the year" awards, Ambler is available to speak about “profitable growth during any economy” and/or serve on the board of a growth-oriented privately-held company.