Managing rapid growth with excellence

Can a company achieve rapid growth and maintain an environment of quality and excellence?

This is possible with a strategic plan for anticipating and experiencing rapid growth in the context of your company values.

(Expanded and adapted from: WilliamBuck.com )

1. Strategic Plan for Rapid Growth – A strategic plan provides a framework for smart decision making. It outlines the vision, defines goals, future events that may impact your business and profitable strategies to grow and maintain standards of excellence and company values.

2. Develop Sound Corporate Governance – A Strategic Planning Advisory Group can guide the development of corporate governance procedures, evaluate growth business opportunities and risks, distinguish between operations and strategic planning, and bring another dimension to the decision making process.

3. Develop Reliable Management Reporting Systems – Weekly reporting and tracking systems provide your business with timely information, including the progress of key performance indicators, financial forecasts for management, quality of service, talent search, and “marketing traffic.”

4. Know your Market and Competitive Environment – Conduct regular research and document your strategic advantage; anticipate competitor offerings, changes in the market and customer needs, and adapt accordingly. Identify what makes your business unique; use this knowledge to highlight strengths to customers and partners.

5. Build an Understandable Business Model – Your business model should clearly demonstrate the vision and benefits to your customers and partners in the context of your values. Identify growth and profit drivers, as well as limitations; then draw up an action plan to maximize the drivers and minimize limitations. Based on market changes, it should be flexible and updated.

6. Communicate the Vision – Engaging and aligning your staff, customers, partners and target market in your vision and model is the key to success. Simplicity; sharing related examples; repetition of message in different venues; living the vision in leadership’s actions; and explaining challenges contribute to gaining buy-in.

7. Focus on Resource Growth – Hire experienced talent that “get” the model and can develop staff and excellence in each functional area. This will cut development time and allow for rapid growth. Train key talent to assist the founder(s), and fast-track productivity with strong induction programs to the vision, model and values. If possible, implement incentive-based remuneration for key staff. Secure funds in advance where possible to achieve your growth plans. Manage working capital carefully to ensure it is relatively free from debt.

8. Adopt Best Practices – Research and employ tested technologies and administrative systems that create operating efficiencies. Offer your clients quality services that increase user satisfaction and build company brand and loyalty.

9. Manage Changing Risks – Rapid growth businesses have ever-changing risks to identify and manage through a combination of quality assurance, insurance and structuring and maintaining standards and procedures and brand promise.

10. Keep your Eyes on the Prize – Don’t let key business functions lag; develop sales, finance, talent management, marketing and information technology as your business grows. Don’t get distracted; maximize your core products/services before considering expansion.