Why are you so keen to grow your business?
"Growth is painful. Change is painful. But, nothing is as painful as staying stuck where you do not belong." N. R. Narayana Murthy, Co-founder of Infosys
I am often in front of CEO forums conferences full of growth-oriented, driven, willing leaders.
I will frequently ask them a few questions…
Do they want to grow their business? (95% say yes)
WHAT specifically is it they’re trying to grow?
WHY do they want to grow?
Re question 2, interestingly, people often associate growth with Revenue! Whilst there are many occasions where this MIGHT be a reasonable desire, there are many other growth targets the best CEOs are trying to unlock. Gross margins, net profit $ and/or %, leadership capability, organisational culture, operational efficiency, customer satisfaction, innovation, product development, geographic markets served etc. Growing revenue might be a focus, but I challenge anyone I’m with to at least ensure there are some other grow focus areas. Revenue growth ALONE won’t sustain a business.
On question 3 (WHY they want to grow?), I am also getting a number of varying responses and reasons. And whilst ego is one (the grounded ones do admit this), the best practice CEOs have got numerous other reasons for growth. For example, impact on society; benefits to their customers; enhanced wealth and lifestyle for them, their shareholders, and team. Whatever the reason for growth, you’d want to make sure it’s a desire you hold very deeply. You see, GROWTH is HARD! And if you’re going it alone, there are many pitfalls. We are finding, through our own experiences, and those of our clients and network, those with a deep conviction around their reason(s) for growing, will overcome any pitfalls they face. They often have a great support network around them, are very grounded, have strong self-awareness, and deal with the brutal facts.
A little challenge for you and your team...
Assuming you and your team answer “yes” to question #1, what are their responses to questions 2 and 3. Let them answer them privately, and then share the responses. This will provide you with a great opportunity to get curious AND have a rich conversation with your team, which is what all successful growth-focused Leadership Teams do!
We’re in times now, where those leadership teams who are most aligned (as a team), and convicted about their reason for being, can set themselves up for significant opportunities and business GROWTH…whatever form you want that to be in!