In its recent study about growth drivers, “Pathways to Growth” evaluated eight proven management parameters to identify why some companies grow on a sustained basis while others fail to grow or experience a short-lived rapid expansion before sliding back to negative performance.
Their report specifies key drivers for sustainable growth.
Companies seeking to achieve sustainable growth should emulate the proven best practices of small and mid-size organizations that have produced prolonged growth performance. Three of the most critical growth drivers are:
1. Keeping management focused on growth
“The best predictor of a company’s financial future is not how fast it grows but how often it grows. Companies that expand incrementally in most years are most likely to survive and thrive. They keep management focused on growth, on creating infrastructure and developing culture to keep them strong through the inevitable bumps on the road ahead.”
2. Executing strategies that fulfill purpose or mission
“Rather than focusing on external challenges (loss of major customer, changes in product demand, competitors), sustained growers focus on execution or fulfillment of their purpose or mission through innovation, process improvement and restructuring. The current process is their competition.”
3. Striving for performance excellence
“Performance excellence drives sustained growth. Focus on achieving exceptional performance in 8 well-established parameters of management:
a. Sustain a vision of growth;
b. Retain talented employees;
c. Develop a process for evaluating innovative ideas and transforming them into action;
d. Pursue market expansion;
e. Build strategic alliances with key customers and suppliers;
f. Focus on core products serving core customers/markets in accordance with brand position;
g. Preserve agility in decision-making and other key internal processes;
h. Maintain relationships with providers of capital.”
What are your company’s management best practices?
How do you help your organization see opportunity in change?
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