When the leaders of a mid-sized business decide to intentionally accelerate growth, inevitably there are at least a handful of improvements needed. Solidify gross profit. Speed up cash flow. Fully commit to recruitment. Refine calculations related to capacity utilization. Aim marketing messages. Update performance pay and incentives.
It pays to frame these projects as a “Get Ready to Grow” strategic initiative.
The more participative the strategic initiative is the better. That way, client services or the production department can see if/when the marketing department is ready with compelling campaigns. The sales department will be reassured to know that there is sufficient staffing to deliver on their stepped up proposals/ promises. The accounting department will be relieved when client services demonstrates a heightened understanding of what contributes to gross profit. Everyone will be more excited if they know that the results of hard work to grow the company will benefit more than just the owner. Transparency matters during one of these initiatives.
The faster a business can complete a “Get Ready to Grow” strategic initiative the better. When the process is protracted over several months, the specific tasks (pricing, budgets, account review/planning, job descriptions, scheduling procedures, performance standards, etc.) can become tedious and boring.
It’s worth considering a “Get Ready to Grow” strategic initiative if you (as President) are even slightly reluctant to go after larger client accounts. Don’t stay stuck there. It is time to lead a process that creates a larger business instead of inviting your team to try and perfect the current size.
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.