10 Principles for Growth

29/07/2012

I have touched on these before and updated them for individuals who want to build a high growth business – this stuff really does work. The insight has been built on studying what the best do – I have used them myself and supported/encouraged lots of ambitious entrepreneurs to use them. If you are up for it then embrace them and go for it: The 10 principles:

Principle 1 – An ability to climb the growth staircase

Embrace change and commit to personal development, this facilitates smooth transitions along the growth staircase.

Principle 2 – Effective leadership

Highly tuned leadership and management capability lies at the heart of strong profitable growth. An ability to enthuse others, set and execute strategy is paramount. Internal and external leadership must be displayed at all times.

Principle 3 – Be future focused

Shared clarity of vision and strategy is a must have. A practical game plan with clearly devolved roles and responsibilities is paramount –success is based on 20% thinking and 80% doing. Iteration is vital and let tactics dictate strategy.

Principle 4 – Build a great team

Thinkers, sellers, doers and controllers provide the balance needed to gather momentum – create a culture where values and behaviours are aligned to delivering great service both internally and externally

Principle 5 – Disciplined systems and processes

Innovation and entrepreneurial flair must be tempered with the implementation of a robust set of disciplined systems, processes and controls. The appropriate dials on the dashboard (KPIs)will provide a real time picture of the company state of health. Finance, sales, pipeline, customer service – be clear on the crucial dials for your business. (Disciplined Entrepreneurship)

Principle 6 – Gain an edge through innovation and creativity

Drive innovation into the processes and functions of your company and practice alternative thinking. Be clear on your points of difference and embed a culture of freshness. Fusion of ideas to create new ones helps to drive the “innovative edge”. Have a voice in your sector – be seen as the movers and shakers.

Principle 7 – Build differentiated propositions

Differentiated propositions that stand out from the crowd win the day, they must be memorable – demonstrating and evidencing the difference and impact products and services bring to customers is a job well done. Avoid competing on price, as this strategy is not sustainable; compete on difference – IP, brand and quality.

Principle 8 – Live in the “Customers World”

By living in the “Customer’s World” real product and service needs are captured. This fuels a sales approach based on an authentic sense of purpose – it’s selling what you believe in and not just a product or service. Embed effective customer connectivity strategies within the find, reach, win, keep framework.

Principle 9 – A winning mindset

Condition your mindset to one of infinite growth and potential – Clarity, mental toughness, passion, determination, endurance, faith, sense of purpose, resilience, confidence. A BYC mentality – Believe You Can, is vital to gazelle thinkers.

Principle 10 – Have a mentor

Find connectors who can provide answers to the challenges you face – experienced mentors will help to raise the bar of performance. Be part of a like-minded network, this eliminates the feeling of loneliness – they will point you in the right direction.

 

Advertisements

The Entrepreneurial G-Spot

26/07/2012

So what are the ingredients of a high growth business or gazelle as they are commonly referred to? This is a question that I must be asked at least twice a week. As both a founder of several and adviser to loads I am still learning every day. As an obsessive researcher of their behavior, tactics and strategies, one conclusion is gazelles are not just the stereotypical university high technology spin –out, they are also well established organisations from mature sectors  – with fire in their belly.

So how do entrepreneurs unearth the Gazelle spot for their business? This is the point at which rapid growth ensues, new markets open up, customers display a strong desire to buy and value is created for both the founder and stakeholders. For the economy they become job generators and employers of skilled individuals. The challenge is there are only a small proportion of these businesses, nationally and globally – why? because its really hard to grow a business, get the right people on board pointing in the same direction, raise and manage finance….the list goes. This G-spot takes time to find, as one member of the High Growth Foundation® muttered the other night – it has taken me 10 years to become an overnight success – or as Malcolm Gladwell puts it 10,000 hours of effort and practice are needed to become an expert at anything.

Lots of entrepreneurs talk a good game but many fail to cope with the roller coaster ride that so often accompanies growth – the high and the lows can be quite debilitating and at times the problems just “do your head in”. Having a resilient and positive mindset able to cope with uncertainty and unforeseen challenges is an ability too few have. High growth will usually equate to high risk (that’s why banks are scared stiff of high growth entrepreneurs), embracing fear and having the courage to see through immediate and longer term challenges is a skill high growth entrepreneurs have honed.

The Entrepreneurial G-Spot is a complex framework involving an eclectic mix of business, commercial and emotional components. Put very simply it’s the fusion of a sound business model with propositions and service that carry a market place edge – disciplined doers not talkers execute the plan to achieve the vision and everyone knows their role. The active ingredient is brilliant leadership, more specifically a culture of ambition underpinned by mental toughness and an ability to cope. All too often it’s the latter that is missing, so many entrepreneurs fail to truly realise their potential, they run out of steam and to put it frankly cant be bothered with the hassle.

You’re a long time dead, get stuck in, have a go, fail fast move on, get your head in gear and unlock the potential of your business. Only practice and iteration makes perfect!