Many CEOs did a stellar job in leading their companies through the last recession. They made tough decisions. They dieted and trimmed the fat out of the cost line. As a result, they are fitter, healthier and have cash reserves.
However their companies now face a different set of challenges. New markets are emerging and product choices need to be made. Their value proposition needs to be reviewed and the sales and marketing machine needs an overhaul.
Decisions that got companies through the recession won’t get them through the upturn. True, many of the lean practices will serve well. Yet, new capabilities and focus are required on the revenue line. These new opportunities require new ‘growth muscles’ to develop new ambitions, prioritise the best opportunities and build the right capabilities.
Symptoms of companies that have not moved towards 'growth muscle' building are a laundry list of:
- Initiatives that the management team are juggling but making no progress on
- Aspirations for growth where there is no matching investment
- Too much reliance on existing customers and a lack of focus on winning new ones
Download Business Growth Transformer and ask yourself these three questions to see whether your company is fit to transform growth.
- Have you a clear set of growth priorities that could double revenue in the next three years?
- Have you signed off budget investments to pursue these priorities?
- Have you the capability and bench strength to succeed?