Making annual growth of over 20% norm!
Over the past few months I have been sending out a guest blog covering a number of topics from the development of Mission and Values to the benefits of Internal Communications. Over the past twelve months I have had the pleasure of working with a number of companies that have actually applied a lot of the things mentioned and observed first hand the impact on their business, and other than a whole host of other benefits the one thing that everybody responds to is how the process has impacted on the bottom line – consistent; measurable and sustainable growth in several instances exceeding 40% – not just turnover, but bottom line! How?
How can you make it happen?
Experience has taught me that it is not really how – as the process is robust; the question is more like – do you really want to grow your business? The reason for this relates to the fact that in order to achieve true growth means that you can’t run your business in the same way – you have to commit to change. Change of custom and practice (habits) is challenging at best; requires discipline, but above all requires desire.
All of the companies I have worked with that have displayed consistent growth share a number of common characteristics – one of these being a willingness and desire to change in order to make a step change that will result in growth.
So, before you start getting excited about what 20% would look like on your bottom line ask yourself one question.
Are you willing to change and take a new approach to achieve your goals?
Goals – it is easier watching someone else score!
Another common trait in high growth businesses is a clear mission/vision or quite simply a set of goals that have been declared – not hidden in the back of your mind.
I once spent two hours teasing out of a managing director what he wanted to do with his business; does this sound familiar (please note this is an extremely shortened version)?
MD: I want to grow my business
Me: from what to what and why?
MD: as long as I am growing does it matter?
Me: why do you not want to be specific?
MD: because I may not succeed
Me: let’s pretend there are no risks; no problems with your staff and the market is strong.
MD: long pause – I want to sell my business in 5 years for £10million – does that sounds stupid?
Me: no it is not stupid – have you told anybody else?
MD: no – I am bothered I will look like a fool if I don’t do it
Setting goals that are shared with your team does not guarantee success, but it does provide you with a sense of purpose beyond the mundane day to day approach of getting by. It provides you with a sense of focus. Rather than watching from the side lines (it is not my intention to use too many football analogies – promise); you may admire another company and wonder how they have achieved success or one of your competitors seems to be moving a pace whilst you feel you are trudging through treacle. Stop; establish a set of achievable goals that have a clear deadline – then make a plan and DO IT!
Success – 20% + becomes the norm
It is a great feeling knowing that you are making the plan come to life; the goals become attainable. It all starts in your head!