In the last three blogs of this series, we outlined our framework for organizing a differentiated growth strategy, aligning the organization to that strategy, and evaluating and adjusting the strategy as new information is received. Because of the iterative nature of these activities, the work of creating and driving organizational growth strategies is a full-time job best fulfilled by an owner with the power to hold others accountable.
The Opportunity – and Challenge – of finding a Growth Owner
Today, two common scenarios underscore the challenges of ownership of organizational growth initiatives; the absence of a true owner or the presence of multiple owners, both of which can lead to managerial confusion and fragmented efforts.
In some organizations the absence of a dedicated owner stems from leadership’s initial enthusiasm to drive the strategy forward. While leadership likely creates a comprehensive and well thought-out strategic initiative, the issue arises when leadership’s attention is diverted to other pressing matters. This often leaves the strategy without the alignment, evaluation, and adjustments necessary to drive to success. Without a consistent driving force, the strategy may lose momentum, hindering its successful implementation.
Conversely, another prevalent challenge emerges when organizations opt for multiple owners instead of a single high-level owner with the authority to hold business units, business functions, and their leaders accountable. This scenario often unfolds when organizations name specific owners for each component of the growth strategy, potentially resulting in a lack of cohesion and shared accountability. In essence, having multiple owners creates a situation where individuals are tasked with owning specific aspects of the growth strategy, but there’s no overarching owner responsible for ensuring the alignment and synergy of the entire strategy. The risk here is returning to a state where no one assumes ownership of the holistic growth strategy, leading to disjointed efforts and a potential loss of strategic focus.
The Rise of the Growth Executive
The key challenge in both of the aforementioned scenarios is the absence of a single owner with the authority to oversee, lead, and hold the organization accountable for the implementation and execution of the growth strategy. Regardless of the reasons behind the absence or multitude of owners, finding the right balance by appointing one owner with the ability to drive, adjust, and align the business remains paramount for sustained and successful growth. In response to this need, growth-focused executive positions have risen to prominence. These executives ensure that strategic priorities remain a focus for the entire organization by driving strategic alignment, evaluating strategic success, and making adjustments as available.
Some examples of growth focused executive roles include the following:
- Chief Commercial Officer
- Chief Business Officer
- Chief Growth Officer
- Chief Strategy Officer
- Chief Implementation Officer
As organizations continue to recognize the need for growth focused executives, new positions with new titles will arise, but many of them are focused on the same problem. The confusion around these titles in some cases extends past that market to individual organizations, where some companies can have many of these positions on their executive board, all focused on a similar topic. No matter the official title, the solution lies in having one owner, and it matters less what their position is called as long as they possess the authority and credibility required for the task.
Conclusion
The success of growth strategies in organizations hinges on having a dedicated owner with the power and credibility to lead, align, and hold others accountable. However, even a growth executive who is informed and powerful may not be able to achieve success in isolation. In our next installment of the series, we discuss how leveraging a shared growth mindset amongst a team can help to amplify the impact of the executive owner’s leadership.
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.
