Self-Evident Truths of Business Growth (Part 3)

The Connection Between Giving and Growth

By Amy J. Malay, Director, Administrative Services

When an organization and its people are in growth mode, there is much more potential for leaders, employees and even vendors to take advantage of giving opportunities. Leaders can evaluate their business’s potential for growth by the “Five P’s”: Planning, Prioritization, Processes, Pace and People.

Planning. When in growth mode, it pays to look ahead and ensure that sufficient structure (people and job duties) and infrastructure (space, furniture, equipment and technology needs) are in place to support the increase in workers, activity or volume. Building a business can be like building a house, where electrical outlets and plumbing should be pre-planned and in place for rooms that may be added in the future.

Prioritization. Strategic prioritization revolves around determining what will be sold to whom and why. This goes hand-in-hand with daily prioritization, which sometimes requires a “stop doing” list instead of a “to do” list. If you are spending time and funds in areas that do not contribute to the overall growth of the company, it may be preventing growth. Taking the time to identify and eliminate those activities creates more opportunity to focus on profitable products or services. Of course, prioritization also involves identifying and fighting the biggest “fires” and bottlenecks. Regular team “huddles” can help identify areas where leaders need to lend a hand or provide extra oversight.

Read more as this blog series continues (Parts 1, 2, and 4).

This article draws on research found in Growth Is the Dynamic Confluence of Strategy, Entrepreneurship and Values by Edward D. Hess, published by the University of Virginia Darden School Foundation.

Ambassador Advisors is a Registered Investment Advisor. Securities offered through American Portfolios Financial Services, Inc. of Holbrook, NY, 631-439-4600 (APFS), member FINRA, SIPC. Investment Advisory Services offered through Ambassador Advisors, LLC. Ambassador Advisors is not owned or operated by APFS.

Any opinions expressed in this forum are not the opinion or view of Ambassador Advisors or American Portfolios Financial Services, Inc. (APFS). They have not been reviewed by either firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors.