“If you can’t describe what you are doing as a process, you don’t know what you’re doing.” W. Edwards Deming
By Ed Emerson
Sure, making mistakes is essential.
But it doesn’t take much to completely screw the pooch out of your company’s high growth potential.
Choose your preferred hemlock: Managing cash, contracts and people incorrectly; bad communications, quality control and completely losing control over the word “no”; trading customer retention for rapid acquisition; forgetting your product is supposed to (eventually) evolve into a platform of products/services; acting like a product prima donna instead of listening to what the market is saying…
And those are just the top layers.
Between High Growth Co. and Lifestyle SME
Global serial entrepreneur Tom McKaskill lays out the fine line between the high growth rich and the lifestyle SME, saying:
“Growth occurs when there is a match between external and internal business conditions.
“It is not sufficient to be good in one area of business, such as a great product or an excellent management team.
“The lessons of history show us that there are many aspects of the business that have to come together in the right way at the right time for the business to have growth potential.
“If the business is weak in any one area, it will undermine the overall performance of the entire strategy – and this is why sustainable high growth is so difficult to achieve.
“However, the entrepreneur that has a good understanding of growth principles, has a much higher chance of driving both higher profitability and higher growth.”
The Bottom Line?
There’s no one-size-fits-all in this.
Company development underpinned by global aspirations is an adaptive one.
But on one principle in particular you have to stand firm.
While growth is a discipline that requires to be pursued at all levels of your business, when you have to invest your faith in one element above all others, it is the effective management of the product/service processes within your business that will make or break high growth.
That process, from concept to delivery, is your business.
All employment, development, cash flow management, contractual headaches, ulcers and emotional lacerations, and the success or failure through those, are linked back to that one thing.
And how well you manage process in your business is and always will be your primary competitive advantage.
More High Growth Business Leader’s Tips…
You Can’t “Hack” High Growth – Read
Are You Building A Business Or A Client List – Read
Is Your Business A Hostage To Vanity? Read