So you’ve made it past the ten year mark as a company. That’s a huge accomplishment (and one we celebrated this year) considering 90% of startups fail. You are proud of what you have accomplished but you’re likely focused on the future and how to continue building on that growth and momentum. In other words, how can your business grow bigger and get better all while maintaining success. As CEO, this is a question I am tasked with every day. Of course the specific answers to this question will look different for every company but I think there are a two overarching strategies that can lead you to continued success. Find out what they are below.
To me, getting bigger and better means executing on growth strategies and productivity strategies. Sounds simple? Well the strategies themselves are, but defining and achieving the objectives to make it happen is where the work comes. BUT I’m hoping by defining these strategies, you’ll have a better understanding of their importance and how to make it happen.
Make it a collective effort
Before I dive into growth and productivity strategies, the first priority is understanding this needs to be a collective energy from everyone on your team. After all, if you are not all on board with what needs to be done to maintain success, it won't happen. For leaders, this definitely requires the ability to influence and motivate others to work towards achieving objectives. Now let's get into the nitty gritty.
Growth goes beyond profit
When we talk about our growth, it can be defined in several ways such as revenue, profit margin, and headcount, to name a few. I’m sure it’s obvious why you would want to grow the top and bottom lines so I won’t focus there. Let’s zoom in on team growth. As you gain more clients and, consequently, more revenue, you’ll likely have an immediate need to bring on more team members. For us, as a service company this is absolutely true. While growing your headcount from 5 to 50 definitely changes the dynamic of your company, you also have the opportunity to broaden and deepen your expertise. But this also means more opportunities for current staff which keeps them highly engaged. Finally, adding to the team enables more flexibility to cross-train and provides back-up capability to better support clients (BIG PRIORITY!).
As a final thought on getting bigger, a larger revenue base and a larger team gives you the opportunity to have an impact on your local community. For us, this has ranged from raising awareness of a good cause to contributing to the resource talent pool in our industry. Our involvement level can continue to rise as we get bigger as a company in all ways.
Growth is great, but it’s not the only priority
I do believe there is a substantial business risk to focusing solely on growth. Certainly, there are many examples throughout the business world, of companies so focused on top line growth that they forget why they are really in business…to provide products and service their customers need. So, while you will always have growth strategies, you should also always have productivity strategies. This will help you become BETTER as a company. No matter how good you get, there is always more to do. In fact, “Continuous Improvement, Continuous Learning” is one of LOGiQ3’s 11 Maxims that we try to live by every day.
How can you build objectives around productivity?
Focus on how to make your people, processes, and technology better all the time. As you grow, you have the opportunity to strengthen your team by bringing in more expert resources and cross-training. By studying the right success metrics, you can understand if what you are doing is actually important to customers and other stakeholders. When you can identify the root causes of any issues, you are able to improve processes and enhance technology. All of this allows you to better serve customers—which is the only way to be successful.
So, now that you have the two strategies necessary for continued growth you are ready to define the objectives necessary for achieving them. Taking on bigger and better as a team, will make your company stronger all the time. Remember, success is a journey, not a destination.