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Growth Strategies

Do you need help in developing your growth strategies? Growth Management strategies (GMS) will work with you to determine what actions you need to achieve your business objectives. GMS will then assist you in developing and implementing these strategies. Some of the elements you need to consider in developing successful growth strategies include:

Stage of Growth You need to understand and be able to define the particular stage of development of your organization and what challenges exist as a result. Organizations can go through 5 distinct stages of growth and each has its challenges and potential crises.

Planning Doing your homework and understanding planning is not just developing mission and vision statements and preparing a budget. Your planning needs can include any of the following: Strategic, Annual Business Plan/Budget, Department or Function, Marketing, Sales, Staffing/Organization, Succession, Resource, Career Development and Merger/Acquisition.

Alignment of Critical Success Factors You need to be able to align your culture, organization structure and strategic goals to optimize your chances for success. This is key and not always easy to do.

Competencies You will have to determine if you have the requisite competencies within your organization to achieve your strategic objectives, and be able to develop plans to obtain the missing ones.

Performance Management You will need to be able to put an effective performance management system with measureable goals tied to your strategic goals in place.

Systems and Controls You need to insure that you have the proper systems and controls in place the include necessary automated tools, at the same time, provide the controls needed to effectively manage activities. If your business plans include driving change, you need an effective change management process in place.

Compensation You compensation programs need to be set at a competitive level and you need to insure that your compensation strategy is aligned with your business goals.

Communications You need to effectively and continually communicating your plans, mission and vision. The best developed plans can quickly go awry if they are not regularly reinforced and in a manner that gets employees on board with an understanding of their responsibilities for achieving the established goals.

Checklist In summary, you need to consider the following when you develop your growth strategies:

  • Proper, effective leadership aligned with goals
  • Reasonable strategic plan, mission, vision
  • Well thought out implementation plan
  • Competitive compensation programs
  • Supportive organization culture
  • Strategic core competencies in place
  • Frequent, two-way communications
  • Strategic staffing plan
  • Efficient decision-making process
  • Full delegation and accountability
  • Team based environment
  • Performance management program
  • Change management tools in place
  • Supportive systems and processes
  • Employee development plans
  • Succession plans

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