Posted In: Business
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.
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.
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