One of the key factors that our Founder John Bickell emphasises is the importance of stability before pursuing growth. Organisations in crisis are not ready for growth and need to first stabilise their operations first. This stability can be achieved by addressing any underlying issues or challenges that have historically occurred. By stabilising the ship, organisations can create a solid foundation for growth and we discuss the key areas to explore in order to achieve this in this article.
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Time and resources dedicated to growth
A critical mistake many SMEs make in pursuit of growth is not having the time and resources dedicated. Growth requires effort and dedication, and it cannot be achieved without spare time and resources. This means that you need to allocate the necessary time and resources to support growth initiatives. Without these resources, growth will be hindered, and your organisation may struggle to achieve their desired outcomes.
In addition to stability and time, we emphasise the importance of having a clear process in place that supports growth. We suggest creating a terms of reference, which outlines the goals and objectives of any growth initiative. This process ensures that your organisation has a clear understanding of what they are trying to achieve and can make informed decisions based on that understanding. Furthermore, we emphasise the importance of a proof of concept, where you test your ideas and assess their feasibility before fully committing to them. This process helps organisations validate their ideas and make informed decisions about their growth strategies.
Taking a structured approach to support growth
A common mistake many make is taking a "just do it" approach to smaller tasks, but you need a more structured approach for larger projects. This includes having a project plan and principles in place to guide the execution of projects. Furthermore, agile methodologies for certain projects, particularly in software development are critical to ensure that processes have a certain level of flexibility. You need to carefully consider which methodology to apply to each project based on its unique requirements and objectives.
Governance and growth
Lastly, we want to highlight the importance of governance in the growth process. You need to distinguish between project thinking and standard business as usual. The need for ongoing assessment, prioritisation, and authorisation of projects is another element to ensure you capture. This ensures that you are constantly evaluating the progress and impact of projects and making informed decisions about priorities. This form of governance is crucial for effective growth management and enables you to adjust your strategies based on changing circumstances.
In conclusion, stability, time, process, methods, and governance are all critical elements for successful growth. You need to ensure that you have a stable foundation before pursuing growth initiatives and allocate the necessary time and resources to support their growth efforts. You also need to establish clear processes, validate your ideas through proof of concepts, and apply suitable methodologies to their projects. Lastly, effective governance is necessary to assess, prioritise, and authorise projects, enabling your organisation to make informed decisions and maximise your growth potential. By following these principles and insights provided by John Bickell, you can optimise your processes, drive efficiency, and achieve significant business expansion.
To find out how efficient your business is take our quick Efficiency Assessment and get tangible advice you can implement.
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