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Do you have a High Growth Mentality? 14 Principles Every Small Business Needs to Grow

Kubica LaForest Consulting

Newsletter: October 2012

Do you have a High Growth Mentality? 14 Principles Every Small Business Needs to Grow

While times are challenging for many small businesses in the new economy, business owners can cause a resurgence in their business growth. We see it, and our clients are proving it.

To grow your business, you need a high-growth mentality, and you must work to embed it throughout your organization.

We advise 14 Principles to foster a growth mentality and to use as guideposts for growing your business. These principles cover the four components in our Organizational Gravity model and demonstrate the inter-related and interdependencies of Strategy, Culture, Brand and Talent. They provide, in effect, a business gyroscope to help ensure your business is positioned to grow and stay on course.

The 14 Principles follow and each has a key question for you to determine if your business is on or off course for growth.

  1. Strategic Direction
    Do you revisit your growth strategy and its relevance in the marketplace at least once a year? Can you summarize your company’s strategy in 35 words or less? And, would your employees say it the same way?
  2. Customer Satisfaction through Brand Relevance
    Do you really know (versus assume) what your customers value most about your products and services and what they say to others about your brand?
  3. Cultural Alignment
    Have you embedded a values-based culture (“the way we do things around here”), so you can deliver on your brand promise?
  4. Leadership Accessibility
    Are you (and key leaders) accessible—visible, available and approachable—to your employees?
  5. Talent Gravity
    Are you attracting and retaining the talent (employees) you need to deliver and to support anticipated growth of your company?
  6. Mindful Recruiting, Hiring and Transitioning
    Do you target the right prospective employees and take care in hiring for the right fit, and transition them into the job so they can quickly be effective contributors to your organization’s growth?
  7. Suitable Infrastructure
    Do you have an infrastructure and management processes in place to monitor and support your growth: finances, sales, human resources, technology and other core functions in your business?
  8. Actively Influence Brand
    Are you investing time, money and resources to actively build and influence your brand perceptions and establish your distinction in the marketplace?
  9. Develop Next Generation Leaders and Managers
    Do you have a succession plan to support anticipated business growth, new manager and emerging leader development and to replace key employees in your organization?
  10. Open, Frequent and Informal Communication Pattern
    Do you (and your leadership team) demonstrate and solicit frequent and informal dialogue (versus limited, formal monologue) with your employees?
  11. Reinvention
    Do you actively pursue and develop services and products for the future to enable responsiveness to market trends or position as an innovator and leader in your sector?
  12. A Culture of Learning and Growth
    Are you responsive to the aspirations of your employees by providing opportunity for development and growth in the areas most meaningful to them and most contributory to the organization?
  13. Reasonable Compensation Package
    Do you have a compensation package that is fair and equitable for the job and as compared to your competitors and that rewards and recognizes performance?
  14. Exit Readiness
    Can your business continue to run and grow, if, for whatever reason, you were no longer there?

How are you doing on these 14 Principles? Are they what you think about as you work on your company and for its success?

Honestly, many companies talk about these Principles, some dismiss them as pabulum for the weak business mind, and a few actively work toward achieving them. That’s the difference between high-growth companies and those that are not. In our experience, the most successful and remarkable businesses:

    • Consciously and proactively work on the Principles
    • Keep them at the forefront of their discussions and actions
    • Understand that what they are trying to achieve with the individual principles and collective result is success not perfection

Business growth is like a rocket sitting on the powerful engines that will lift it off the platform and into space. The goal is to reach escape velocity while keeping the rocket on course. Use these principles to serve as your business gyroscope to help keep you on course as you propel your business growth.

Helping Executives & Entrepreneurs Build Remarkable Organizations through our Integrative Growth Model:
 
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