Is your whole organization aligned in contributing to the growth of your company? Your goal as a business owner or executive is to create a company where the team is engaged; the customers are doing your marketing; and everyone is making money. When your company moves in sync, you will see accelerated profitable growth.
To reach this goal, you need to scale up four key factors in your organization that contribute to growth: people, strategy, execution and cash. By making critical decisions and creating strategies to improve these four concepts, you will see greater alignment, acceleration in success and the advancement of company revenue and reputation.
I will go in depth on these strategies at a lunch and learn, co-hosted by CFO Systems, LLC on March 9th from 11:30 a.m. to 1 p.m. at the Iowa Center for Economic Success. At the Lunch and Learn, Pam Clearwater, Shane Isley and Beth Stokes will also shed light on business growth, by speaking on the six things in your financial statements that will drive greater profitability. In this month’s blog, I will highlight two of the four strategic concepts that have helped executives and leadership teams scale up effectively.
Strategy
Do you have a solid top-line revenue growth strategy in place? If revenue is not growing as quickly as you like, then it’s time to re-examine your strategy (i.e. what you’re selling to whom). It’s important to have a concise articulation of that strategy so you can get your team aligned and on the same page, without wasting sales or operational energies on activities not useful to the business.
Strategies to sustainable top-line growth is three-fold: knowing your core customer, developing a clear brand promise, and developing your Big Hairy Audacious Goals for sustainable revenue growth. Evaluate your unique selling proposition (USP), your differential advantage or brand promise, to be sure your strategy is strong and effective in reaching your target audience.
Execution
Execution challenges surface when your increasing revenues are not generating increasing profits. One common challenge that quietly sneaks up on successful growth companies is the subtle transition from excellent, precise execution to passivity, complacency, and eventually poor execution disciplines.
When execution is haphazard, the organization relies on the “heroics” of their people putting in incredible hours to just keep the wheels from falling off the organization. By simply tightening up your execution habits, you can dramatically improve gross margins and profitability while reducing the time it takes everyone to complete their work.
To further improve execution within your organization, check out the sample checklist below (full checklist will be provided at the lunch and learn):
1. Everyone is aligned with the #1 thing that needs to be accomplished this quarter to move the company forward:
- The Critical Number is identified to move the company ahead this quarter.
- 3-5 Priorities (Rocks) hat support the Critical Number are identified and ranked for the quarter.
- A Quarterly Theme and Celebration/Reward are announced to all employees that bring the Critical Number to life.
- Quarterly Theme/Critical Number posted throughout the company and employees are aware of the progress each week.
2. Communication rhythm is established and information moves through the organization accurately and quickly.
- All employees are in a daily huddle that lasts less than 15 minutes.
- All teams have a weekly meeting.
- The executive and middle managers meet for a day of learning, resolving big issues, and DNA transfer each month.
- Quarterly and annually, the executive and middle managers meet offsite to work on the 4 Decisions.
To explore these concepts further in depth, along with ideas on how to implement them within your personal organization and how examining your financial statements can drive greater profitability, be sure to attend March 9th’s lunch and learn. Attendees will receive a complementary Strategy Session and a Financial Statement Review. RSVP by March 3rd to receive a complimentary copy of Scaling Up – How a Few Companies Make It… and Why the Rest Don’t.
Seats are limited! RSVP by contacting BSTOKES@CFOSYSTEMSLLC.COM or by calling 515-745-6986.