In over 25 years as a consultant, I’ve noticed that companies reach growth plateaus. I call these “break points,” and I see them happen at several points – around $5 million, between $12 and $15 million, around $30 million, near $60 million, $120 million and again at about $500 million. When companies hit these breakpoints, their growth often stops, and they seem unable to break through that ceiling.
Here’s what you as a leader can do to help your company continue to grow.
Strategy Allows You to Exploit Opportunities
First, have a strong, well-communicated strategy that provides clear focus and direction to your team, helping them understand where the company is going. With a clear strategy, they have a context for decision making so they can continue down the right path as events and opportunities present themselves.
Second, look for breakthrough results, not just improvements. Many companies are on the journey to Lean and continuous improvement and that’s good. Unfortunately, that can cause an inordinate focus on cost reduction and incremental improvement. Seeking breakthrough results means your team must think and do things differently to really reach new levels of performance.
Third, be innovative. Partner with your customers and suppliers to develop new products and approaches or apply a combination of ideas in new ways.
As Marshall Goldsmith said in his book, What Got You Here Won’t Get You There, your ability to move through your growth breakpoints will provide an exciting future.
© 2014 – Rick Pay- All Rights Reserved