Your stakeholders are all searching for What’s next. And incremental growth of X.X% is hardly what they are searching for. Neither are you, nor for your investments, nor your career track record. So why do we all see so many strategies and business plans or long range plans demonstrating growth at/ close to inflation and GDP growth and very little more? Bringing your company to the next level is about the breakthrough that propels the organization beyond the expected minimum X.X%.
How will you bring your company to the next level?
Firstly- start with a clear understanding among your team that the minimum is not the goal. A number of managers prefer the “play it safe” route of ensuring escape room through a budget padding process where expenses are overestimated and incremental growth projected to the very minimum acceptable level. Yet if your company is investing in new products, new services, new resources, and better talent retention how is it possible that the minimum is what will be achieved? Have a frank discussion with your team and your board about really what it is that needs to be accomplished. Finishing first is not a result of accepting to finish at the minimum level.
Next- drill back into your strategy, your assumptions about the future, the impact on your organization(s), and the competitive advantages you have or levers and resources you have at your disposal and determine:
- Where are the markets you are serving or will serve moving foward?
- What opportunities do the changes in the product and market environments you compete in create?
- Where are your highest probabilities for success, or where must you be to ensure your future successful survival?
- What does breakthrough look like for your firm- and where will it take place next year? In three years? Where should you focus to win?
Remember- momentum is infectious- and remind your team of the overall mentality of winning and the creative bursts it inspires throughout the organization to perform at even higher levels moving forward.
Lastly- compare your breakthrough predictions to the overall risk profile of the organization. Look for gaps between what it is you want to do, the risks associated with the plan, and what it is guiding the organization. Work together with your Financial Directors, your risk and compliance teams as appropriate, to find the gaps, errors, and failure points in your plan and then move to execute.
Starting with the question of what “Break Through to the next level” looks like for your organization and as a team agreeing on a risk profile that works for your firm or business unit will assist you in moving from a peer player to leader. The focuson a few areas and driving to be the best performer there- every time- can lead to the breakthrough where others look enviably at your team and want to be part of it.
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