To this point in our organizational Growth Strategy blog series, we have shared our framework for creating a growth strategy embedded in differentiation and outlined some best practices for aligning the organization to that growth strategy. However, the initial crafting and alignment of a strategy is not designed to achieve perfection from the start; rather, it’s focused on embracing the learning that comes with imperfections and change. In this blog post, we will explore how constant evaluation and adjustments are not an outcome of failures, but instead opportunities to further the growth strategy.
Creating the Framework for Ongoing Evaluation
While we aspire to get everything right the first time we define and implement a strategy, the truth is that learning is an inherent part of the process. Therefore, defining the planning and tracking mechanisms for a strategic growth initiative is not about achieving perfection but about having the ability to identify, make, and communicate adjustments through ongoing assessment.
While this may seem intuitive, we often find organizations do not track, measure, and ultimately execute on the implementation of their strategies for a few key reasons:
- SMART goals are not set to evaluate the organization’s progress – In the contemporary landscape, goal setting is commonplace, but when defining targets for a long-term strategy, additional detail can be helpful. We recommend using SMART goals, or goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.
- Methodologies have not been created to repeatably complete the evaluation – In many cases, organizations set strong goals only to sporadically revisit them. We recommend creating financial and operational dashboards that can quickly be reviewed and setting a cadence to formalize those reviews.
- No one true owner is assigned to the growth strategy – The final and most difficult challenge of assessing and adjusting a growth strategy is determining who is responsible for doing so. We will discuss this challenge at length in our next blog.
Making Adjustments
Consider the following scenario: Your organization has defined its strategy, driven alignment, and outlined the process for evaluating its success. After some initial experiences in the new market space, a number of team members from the Sales and Professional Services team have mentioned that a new opportunity is arising in an adjacent market that customers are asking about. As you discuss this opportunity with more customers, you find that your organization is perfectly poised to become a major player in this new growing market.
For many, this is a dream scenario and the goal of creating a dynamic strategy and agile organization. However, often times we associate the word “adjustments” with negative connotations. A common sentiment is “when things go wrong” people then make adjustments. In the case of growth strategies, however, adjustments are generally positive. Your organization will grow, learn, and find new opportunities to pursue, such as in the example above, while also making adjustments as mistakes are made.
It is worth noting that too large of a pivot too quickly may cause frustration and failed initiatives. If we set our sights on creating a new piece of hardware in a tangential market and pivot to creating software in an unfamiliar space, success cannot be guaranteed. Therefore, as adjustments are made, once again considering the “where to play, how to play, and how to win” of the new strategy as outlined in the first blog of this series can be helpful.
Unfortunately, this in many ways means entering another cycle of aligning, evaluating, and adjusting. We may not necessarily adjust our end goals (we might actually become more aggressive with them), but we likely need to re-align the organization which means re-communicating a new message and potentially updating our financial and operational dashboards. We never said that creating and driving a growth strategy would be easy!
Conclusion
Organizations often feel pressure to find the needle in a haystack with a perfect strategy in a growing market on their first try. In reality, starting anywhere and creating the mindset of agility can often lead to better results. We likely will not be perfect; we are going to have to change, and it is going to be difficult. In the end, however, embarking on this journey will create the growth that the organization desires. Another key piece to this puzzle still remains; who owns doing all of this? In our next segment of the Growth series, we outline the challenge of growth ownership in the world today and share our insights on solving it.
Written by: Mark Slotnik and Jack Draeb
Mark Slotnik has spent nearly 20+ years advising clients in the areas of designing and taking to market high-value business solutions, solution portfolio management, talent development, resource management, business process re-engineering and commercial software.
Jack Draeb is a Senior Consultant with McMann & Ransford who has experience working with Fortune 1000 companies to identify issues, define solutions, guide change management, and deliver lasting results.
