Prioritize Understanding and Awareness … Rather than Winging it
While Organic and Merger/Acquisition are two common growth strategies, there are others. However, optimizing growth is usually not about the selection of one strategy. Every company makes strategic choices based upon their goals and objectives, their resources and capabilities, and there are always ever-changing market conditions to add more complexity. Selecting the right growth strategy or strategies can be challenging.
Start with finding answers to 5 questions:
- Where do growth opportunities exist,
- What challenges or gaps must be overcome,
- What are the priorities and timing to be implemented,
- What are the available internal resources and capabilities, and
- What external resources and capabilities are potentially needed?
Smaller companies tend to focus on organic growth strategies, and by improving capabilities with existing employees and hiring talent to expand the pool of prospects and clients. Larger organizations have more options, and more resources to execute multiple strategic initiatives effectively.
The common denominators of successful strategic initiatives – for smaller AND larger companies – require that you first find answers to the five questions above.
At GAPWORX, we believe that Awareness (understanding your Present State) is required to make sound strategic choices, which leads to an Actionable Roadmap and eventually to successful tactical initiatives and Achievement (in your Future State).
As external resources, we refuse to quickly guess or rashly diagnose problems or the possible solutions to them … without facts and without a collaborative discovery process. While we have developed proven methods and processes to help clients solve specific problems, successful projects require a solid foundation achieved through collaboration with each client.
There is a very old saying about making assumptions … we subscribe to it.
Sometimes, what appears to be a huge project, really isn’t. The scope and scale of a project can be deceiving at first. Our commitment is to always define the scope of the project carefully … instead of rushing off to solve it without understanding.
While there are times for “winging it,” we don’t think that is appropriate when we are working for a client.
SPECIAL NOTE: The above comments should not be misconstrued to negate the value of innovation and creativity. Both are extremely important, especially given today’s marketplace and the tsunami of technological innovations that impact every aspect of our personal and professional lives.
Embrace suggestions and ideas from every quarter, from employees and from your customers and vendors. Small changes in process, practices, and products – carefully assessed and implemented – can reap great rewards.