Painting Your Business’s Growth Picture

Larry Goddard and Laurence Franklin Business Management

Growth is the lifeblood of a business. Growing businesses have an energy level that motivates team members, entices customers, threatens competitors, attracts suppliers, and rewards owners.

We both have had amazing opportunities to run and grow businesses at an early age. When we were in our twenties, we led a team to acquire a small construction equipment business that grew more than thirty-fold in the next eight years and ultimately went public. In his early thirties, Laurence joined the leadership team of Tumi, Inc., the luggage company, and facilitated a growth strategy that resulted in more than seventy times growth and resulted in a public offering. As consultants, coaches, and executives, we have participated in the development and implementation of significant revenue and profit growth strategies in many other businesses.

From our experience in all these situations, we have learned that there are very few businesses that cannot achieve strong growth – provided they have visionary leadership, diligent planning, and the consistent alignment and collaboration of the team that results in effective execution.

Leaders set the tone. The starting point is “painting a picture” of what’s possible – helping managers and employees get a glimpse into the future, so they can begin to visualize what the company might look like at the end of the “planning period” (we suggest 3 to 5 years) and have a taste of what the future beyond that could yield. This is often what is referred to as the company’s “Vision”.

The picture of the future should be both compelling and realistic. It might include new products, services, market segments, regions, distribution channels, acquisitions, skills, culture, values, systems, controls, and many other activities. But each of these “Opportunities” – individually and especially cumulatively – should create value for the business. Naturally, some of these outcomes will be easier to attain than others. But even those requiring significant stretches should be discussed as these often could add significant value.

Some managers and employees will likely be very excited and motivated about the picture the leaders are painting. Others might feel overwhelmed, confused, concerned, or skeptical. They may see the picture as being too ambitious or unrealistic. Good leaders will encourage the team to “suspend disbelief” and focus more on whether the picture is attractive and desirable and less on whether it is achievable. We have found it can be a mistake to short-change your vision based on current assumptions and conditions. With enough passion, creativity and diligence, capabilities and resources can often be upgraded to make an attractive and desirable vision become a reality. And yes, there are times when the team will conclude that the picture is too bold and only a select few Opportunities should be tackled. But if you don’t begin by aiming high, great opportunities may elude you because the team was not challenged to push beyond their comfort zone.

When leaders are presenting the picture to the team, it is vitally important to give the team time to absorb the ideas and concepts. The team must be encouraged to ask questions, express reservations, and make suggestions. A good technique is to ask the quietest person in the room what they are thinking or their response to what they have heard. A collaborative approach invariably produces a better vision – and helps generate buy-in, which is a powerful contributor to business success.

In addition to the picture involving the pursuit of the most attractive Opportunities, the team will likely conclude that there are also “Necessities” that must be tackled to enable Opportunities to become realities. These may include new systems, controls, skills, facilities, equipment, team additions, organizational behaviors, and many more.

Once the leaders and the team achieve consensus on the future picture, the team has to work backward and determine what actions are necessary now and, in the future, to help the picture become reality. Milestones, action plans, timelines, responsibilities, and budgets must be developed. We have found that it is best to tackle Opportunities and Necessities separately – as they can require different approaches, diligence, and skillsets.

The picture of the company’s future usually starts out like an impressionist painting – with many aspects not crystal clear. As the team proceeds with planning and implementation, things invariably become clearer. The Vision may be refined, and the Opportunities and Necessities may change in degree of difficulty, attractiveness, and priority. Changing internal and external conditions and circumstances can also impact the picture. This requires the picture and implementation plans be monitored and evaluated continuously – and updated and adapted as circumstances unfold and the picture becomes clearer.

Successfully navigating the path from strategy to execution is what separates high performing businesses from the rest of the pack. Painting the picture of the future in a collaborative culture is exciting and motivating. The diligent development and execution of implementation plans are usually not as much fun. However, both are essential to grow and will yield big rewards.

© Copyright 2021, The Parkland Group, Inc. All Rights Reserved.

Website Link:

https://www.americanbusinessmag.com/2022/02/painting-your-businesss-growth-picture/