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LinkedIn business articles
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Effective Business Growth Strategies Create a Lean Thinking Culture of Success
In the process of growing, small and medium-sized businesses are in danger of developing excessive processes and wasteful efforts. Venturing into unknown territory always brings new challenges, so growth pains are understandable. Capitalizing on overcoming these challenges takes finding effective business growth strategies.
Startups are generally blessed with lean processes and thinking by default, yet with rapidly changing technology and an ever-changing market environment – lean can soon become excessive. While complexity doesn't have to mean unmanageable, if effective strategies aren't found to integrate lean simplicity, then excessive processes and efforts will become a problem.
Growth is always a goal, although to what extent varies. Generally, the growth desired is from a small business to a middle market business. The transition between the two can either be a smooth lean process, or a rocky excessive one. The difference, ultimately, comes from the company's business growth strategy.
Additional and Expanding Processes and Roles
During this growth, roles and business processes are expanded and added. Software, hardware, integrated systems, advisors, consultants, IT teams, infrastructure, salespeople, and even company cars, could be included in this growth.
Logically, growing from a $100K to a $10M (annual revenue) company, will bring a lot of change to any company. Also, we can imagine how easily excesses could ensue if this growth is not properly managed. Another factor to consider is how quickly this growth occurs -- fast growth equals more chances of waste and excess.
Top management during this period of growth have many choices to make, which will determine the company's short and long-term direction. Every company is different and talent levels will vary considerably, but good leaders understand how to delegate.
While top management could have advanced skills in certain areas of expertise, discerning a bigger picture in new territory is difficult. If they don't recognize and discern a need for delegation in certain strategic areas, a company can find itself suffering from a culture of excess later on.
The choices of adding and expanding: vendors, SaaS, PaaS, consultancy, software development, marketing campaigns, ERP, CRM, WMS, accounting, financing, employees, and more – all have to be carefully made, in the context of a strategic plan. Delegating this planning to an experienced consultant with expertise helping businesses in a related industry, is something top management should consider.
Strategic Planing at Any Stage of the Growth Process
The good news is your business is growing, the bad new is there's too much excess and waste, and finding a solution seems like adding more excess. Whether your company is at this point, or at the beginning stages of growth as a startup, strategic business growth planning is always a right now solution.
Although implementing an effective strategic growth plan at the beginning will save a lot of time, money, effort, and headaches, it's better late than never. The first step is to recognize if your company has the top management talent and experience to create an effective strategic business growth plan. If not, a delegating authority must seek an experienced consultant with expertise in developing growth strategies.
GrowthSmart Consulting at this point comes into the picture, as a viable choice for SMBs trying to find a consultant to develop an effective strategic business growth plan. Effective, meaning a lean and profitable growth process, which leads to smoothly integrated systems and change management.
Finding a consultant with expertise and experience in helping similar companies, is a good indication of their effectiveness in developing and implementing strategic growth strategies.
Finding effective business growth strategies for SMBs doesn't have to be a trial and error process. Of course, there's always an element of risk involved in business growth, yet these can be minimized with a lean thinking mentality and a talent for delegation. Venturing into unknown territory with an expanding business, requires effective growth strategies to eliminate waste and excess.
Vision many times is inspired by experience, and GrowthSmart Consulting can develop a vision for a company's growth according to its unique characteristics. We can help top management narrow down the options, in order to capitalize on the innovative solutions available.
Seamless integrated systems and processes will result, creating a lean culture of effective growth optimization. To learn more about how we can help develop an effective business growth strategy, please contact us today.