Grow faster than the market you are in......

If you are In a managerial position with responsibility for targets and or a P&L, I was always told that unless you are growing faster than the market you are in, whilst adding inflation and the growth you are seeking to achieve (I heard the corporate speak of "double digit" growth) then you are going backwards as a company or organisation, which in the past has meant cost cutting (usually marketing and training are the first to go or feel the pinch) concentrating on the core business and maybe even retrenchment of employees to ensure that growth is achieved.

However there really is a second way that really works and this was demonstrated in a big way to me only yesterday. At a large company I was told we already have  a 'hole' in next years budget and it is substantial. So even before the year begins there is a mountain to climb or as the Americans say "They are behind the 8 ball".

The exciting part though is what are they doing about resolving the problem, firstly they have a single person appointed who's sole responsibility is to focus on 'filling the hole' through innovation, partnerships, understanding what their clients really want and delivering on all of them, with clear plans and a determination to execute in the shortest amount of time.

The other vital ingredient is your team,  all the company employees and YOU! Firstly setting the goals for the company and ensuring everyone understands them and then is given a specific role to play or task to achieve in making the end result of meeting the financial commitments a reality...also known in corporate speak as "buy in from all the stakeholders" however in this case and especially SMB's this is every employee in the company.

So what is the simplest way to make this happen and fast? Firstly the 'foundation stone' the Owner, The Managing Partner, the CEO sets out in clear easy to understand points what has to be done (WHTBD) to ensure success and then articulates what success looks like, sounds like and feels like. Then the management/supervisors/ Partners define clear SMART goals for their teams to ensure complete understanding, accountability and engagement. Noting that "what gets measured gets done".

So the new way is not to cut marketing, training, concentrate on the core (remove ancillary parts of the business) or to retrench staff it is to create a vision/plan that can be easily understood, give everyone a part to play and build on their strengths or need for additional responsibilities, making them accountable to themselves and everyone else for their part, ensuring if they get into difficulty at anytime that the whole team is aware and the whole team pitches in to assist and mitigate any hurdle they may encounter.

So vision, goals, accountabilities, ownership, training, development, coaching, mentoring together with key team player competencies are all vital.................