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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- 8 Immediate Actions to Scale Up Your Business - June 6, 2018
- Are You Constantly Navigating Your Ship (Business) From The Engine Room Rather than the Fly Bridge? (6 Actions To Keep You OUT Of The Engine Room) - April 18, 2018
- Business Culture Inside Equals Brand Outside (Why It’s Essential to Build from Within) - March 7, 2018
- 6 Essentials to Catapult Your Sales Growth (“It’s hard to sell mediocre”) - January 29, 2018
- “Debottlenecking” Your Business, Not Just Your Operations - November 1, 2017
- Increased Revenue Does NOT (necessarily) Increase Sale-Value - July 26, 2017
- Let the Silence Do Your Talking - May 15, 2017
- Business Execution is Like Building a Puzzle - April 27, 2017
- Optimizing Your Peer-to-Peer Coaching and Mentoring Experience - March 28, 2017