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Featured Best Practice on Growth Strategy
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What makes companies great in their industries is sustained above-average Growth.
Conventional approach to Organic Growth has business leaders extending their existing product lines and brands, as well as entering new geographic regions. This conventional Growth Strategy at some point in time starts failing to provide the results required to hold market leadership positions.
Focus-driven Growth is an approach that provides results regardless of the economic environment. The approach demands that the leadership team keep a methodical approach that covers the entirety of the business cycle i.e., from Strategic Planning and Strategic Vision to Strategy Execution and Performance Management.
Outwardly mature businesses can be reinvigorated by making a small number of—but larger—bets and by concentrating unremittingly on implementing a straightforward but forceful vision.
This approach has been successfully tested and has proven its mettle in at least 3 well-known companies, on 3 continents, over a span of 10 years.
Focus-driven Growth demands that the organization progress sequentially through a set of 7 steps.
- Discovery—Through a Discovery process, determine what works and what does not for the organization.
- Strategy—Through the Strategy step, group and prioritize what works for the organization.
- Vision—By outlining a Vision statement, line up organizational efforts behind an unmistakably comprehended goal.
- People—Through this step, place the right people in all functions and give them their required resources.
- Execution—Through Execution, elucidate who does what and transfer decision making closer to customers and consumers.
- Organization—Through the Organization process, manage the Growth initiative by establishing communities and networks throughout the organization.
- Metrics—Through this step, keep a track of Growth with objective yet uncomplicated scorecards.
When taken collectively in the right order, these steps embody a formidable prescription for generating profitable Growth.
Let us delve a little deeper into some of the steps.
Every organization has segments of Growth areas. This step entails discovering those areas for further processing. Leadership of the organization should gather in a series of workshops and identify which areas of the business are performing far better than the others. Identified segments become the focus areas of Growth because it is easier to refine and enlarge the successful areas rather than remedy what is not working.
Focus areas discovered in the 1st step need to be grouped and prioritized in order to delineate the focused bets that the company ought to make. Focus areas may be categories, brands, geographies, platforms, that are doing well.
A single page preliminary strategy roadmap giving priority for each area results from the above process.
Outcomes of Step 2 have to be summarized into a forceful yet uncomplicated Vision which serves to align efforts behind a clearly grasped goal.
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"Strategy without Tactics is the slowest route to victory. Tactics without Strategy is the noise before defeat." - Sun Tzu
For effective Strategy Development and Strategic Planning, we must master both Strategy and Tactics. Our frameworks cover all phases of Strategy, from Strategy Design and Formulation to Strategy Deployment and Execution; as well as all levels of Strategy, from Corporate Strategy to Business Strategy to "Tactical" Strategy. Many of these methodologies are authored by global strategy consulting firms and have been successfully implemented at their Fortune 100 client organizations.
These frameworks include Porter's Five Forces, BCG Growth-Share Matrix, Greiner's Growth Model, Capabilities-driven Strategy (CDS), Business Model Innovation (BMI), Value Chain Analysis (VCA), Endgame Niche Strategies, Value Patterns, Integrated Strategy Model for Value Creation, Scenario Planning, to name a few.
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About Mark BridgesMark Bridges is a Senior Director of Strategy at Flevy. Flevy is your go-to resource for best practices in business management, covering management topics from Strategic Planning to Operational Excellence to Digital Transformation (view full list here). Learn how the Fortune 100 and global consulting firms do it. Improve the growth and efficiency of your organization by leveraging Flevy's library of best practice methodologies and templates. Prior to Flevy, Mark worked as an Associate at McKinsey & Co. and holds an MBA from the Booth School of Business at the University of Chicago. You can connect with Mark on LinkedIn here.
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