We work from
the premise that all companies want to grow, but for some the Definition of
growth is unclear; the Means of growth unplanned; the
ability to Measure how far down the road is uncharted;
the potential Timescales unconsidered; and, the availability
of Resources not evaluated.
In order to consider the issues of potential Business Growth
it is imperative that we first consider but all roads pointing to "Growth", not
just GROWTH itself:-
- Where
we are (Positional Analysis)
- Where
we are going (Objective Analysis)
- Can
we get there & How (Gap Analysis)
- Timescales & milestones (Strategic Planning)
Download an Excel based New Business Tracking model here
WHERE ARE WE ?
The
first place to start in asking the question "Where are we ?" is
to review current operations including some degree of analysis - this
approach will add scope and definition to the review in a tangible form
which can be referred back to as a baseline. Maximising the impact and
potential coming out of the review can be achieved by using BOTH internal
and external analysis.
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-
It
may be appropriate to use the skills of a facilitator at some point
in the process to remove emotions
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You
should also get a reference point external to the business as part
of the process - either utilising a cost effective Consultant, such
as Paradigm, or a trusted peer, whose opinion you respect
and value, who will appreciate the issues of running, managing and
growing a business organisation
- The scope
of the review is not finite, but essential elements should include:-Financial
analysis, Operational
Analysis, Team
skills and experience, Market
/ Commercial environment, SWOT
(Strengths, Weakness, Opportunities, Threats), Products,
Customers, Location and Development potential
WHERE ARE WE GOING ?
There is no point in starting out on any journey without understanding the starting point. The second consideration is to understand where you are heading for, who accompanies you along the way, how you define what "getting there" means and having a cohesive plan upon which everyone agrees as a means of getting there. None of the hard work can even be conceived until you first agree on WHERE you want to get to.
- How will
you define what WHERE is ?
- What will
you do if you do not get consensus ?
- You can
start and panic about these and a million other questions or you
could simply acknowledge that a team with a leader who
doesn't know where he / she is going is a recipe for disaster FOR
THE TEAM
The foundations
for the definition of WHERE have been laid in the knowledge
you have formulated in the WHERE WE ARE section, above.
Apart from the mere exercise of understanding where your company is at,
you will have already starting forming ideas and opinions regarding where
you want to be and how you might be able to get there. Utilise the information
you have gleaned and the things you learned from the process to formulate
where you want to be, when and with whom at your side.
CAN WE GET THERE AND, IF SO, HOW ?
You
might want to consider the first two steps above as the EMOTIONAL part
of the process. This section is concerned more with practical analysis
and is very much TASK focused. Ensure that your
reference point for the whole of this section is the definition you determined
in the WHERE WE ARE GOING segment. You will be setting out plans in detail
of WHAT you want to / believe you must achieve in order
to attain your desired goal(s). Your project plan should include all of
the following elements as a minimum:-
- Critical Success factors - failing to achieve these tasks will render the attainment of your goal impossible
- Management
Team - do we have the right players; can the existing
ones be developed appropriately; if new players are required
what is our strategy to do this; how will we build up team spirit
and commitment to the desired level; what values we will commit
to adhering to with each other
- Processes -
a full review of all processes should be conducted utilising cross
functional teams, with the aim of achieving World Class status.
The scope achieved in these reviews will be critical in achieve
your desired goals
- Business
Review Process - determining how you will review progress
against your set objectives, how often it will take place and
the metrics you will agree upon to measure performance
- KPI's
(key performance indicators) - review the measures you
currently use and determine if they are appropriate for the business
you WANT TO BE; set targets for each; agree timescales for reviewing
each (daily, weekly, monthly, quarterly); agree a format of reporting
with which the whole team is comfortable; agree a gatekeeper
who will be the focal point for all management information to
be presented on your KPI's (normally your Financial member of
the team - FD, etc. Financial performance should form part of
the KPI's. DON'T FORGET TO AGREE AXACTLY what each KPI
will measure and the calculation basis for each (you
should be concentrating on managing the business not arguing
over the KPI's you thought you had agreed upon.)
- Strategic
Reviews - it is strongly recommended that you take 1
day out per quarter as a team to review your progress since the
last review, targets for the remainder of the year, progress
against key milestones and team building for the next stage -
communication and buy-in by ALL is essential during these sessions.
TIMESCALES AND MILESTONES
This section should be a short and concise Executive Summary of the entire plan - produced in bullet form it should include:-
- Prioritised, Key Milestones by month for the first 12 months of the plan
- Highlighted CSF's for the first quarter
- Some form of timing analysis for each element (date, month or similar)
- Project leader name / initials for each element
- KPI targets which will indicate success or failure of achieving the objective and their review frequency
