Attributes of High-Growth Companies: How do you compare?

Every business has a ‘recipe for success’.  When we are able to align all or even most of those ingredients, business growth and value can increase dramatically.  The challenge for many companies is discovering (and taking action on) the higher-impact ingredients that will build that high growth and success.

There is a 100% chance that your business could be growing or performing better than it is right now.

While each recipe is as unique as the company itself – influenced by business environment, timing, competition, technology, regulations, leadership, the economy, and 100’s more – we’ve noticed high growth companies consistently embody the following four attributes.  How does your company compare?

1. An ambitious, succinct & measureable goal for the business, with a realistic multi-year deadline

You can’t create an action plan to a place you don’t know or others can’t envision.  We all need a common goal and measurable ‘finish line’ to feel contribution, progress and achievement.  Alignment towards a defined goal and clear deadline makes it real and accountable, which creates the urgency, which drives us to get things done. Keep it achievable (realistic goal) and within reach (say three years).

2. A relentless focus on highest-impact actions

First understand and organize what is ‘mission-critical’ to achieve the goal, then prioritize and take action on the biggest-impact elements that will substantially move you towards the goal.   Your biggest challenges will be the constant barrage of distractions (activities not aligned with your goal) and day-to-day ‘churn’ (low value activities) inherent in every business.

3. A self-imposed sense of urgency and cultural discipline

Stop the planning, start the doing.  As owner, you set the pace and discipline.  If YOU don’t create the urgency, the competition or marketplace likely WILL.

The priority others give to tasks is often directly proportional to the number of times we ask about it, so ask regularly!

Keep the momentum going. Consistency is critical to developing culture and discipline.  We’re all too familiar with starting the race too fast and fading early, or exercising too hard and being unable to move the next day, or launching strategy with enthusiasm just to see it dissipate within a month or two.  Empower your team with a sustaining execution structure, and clear responsibilities, expectations and accountability.  Not defaulting to sporadic attention or inconsistent focus will be your biggest challenges.

4.  Tracking progress against lead measures and performance trajectories

Focus on the front end of your business – on the actions that will create the results you want, rather than the end results themselves (Covey: lead versus lag measures). For example, if you focus on increasing the # of deals closed (lead measure), we know the resulting revenues will follow (lag measure) – there is a predictive co-relation between the two.  Plotting a performance trajectory for each lead metric ensures a realistic and consistent path to achieving the goal.  If actions aren’t achieving desired results, adjust as necessary.
Yes your business is unique.  Adopting the four ingredients above won’t guarantee a ‘recipe for success’, but many high-growth companies have demonstrated that mastering them will take you a long way.  Set a measurable goal, focus on highest impact, create your own sense of urgency, and track your performance.
Please join us at the following upcoming 2-hour free seminars: (Contact: Doug@DougsUnlimited.com)
Oct 26 Oakville
Business Execution Roundtable for Business Owners (limited seats)

Be Bold, Think Big, Be Curious, Keep Focused

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About Doug Osborne

Doug Osborne is creator of The Success Dashboard Execution Platform© - a simple, practical and visual subscription-based online execution platform that is proven to accelerate business execution and performance for business owners and leaders, literally within hours. With over 35 years business success, Doug is an experienced business coach, speaker, writer, and strategy facilitator working primarily with small and medium-sized family businesses on improved & sustained business execution for accelerated growth, improved performance, successful transition or higher-value sale.