What are the key elements of a high-growth business? What does it take to grow a business at more than 20% per year (which equates to roughly doubling the size of a business within 3 years)?
What are the key elements of a high-growth business?
So what does it take to become a high-growth business? My research has found that the common elements are:
- Dynamic Leadership
- High Personal Productivity
- Clear Direction Focused Vision
- Employee Engagement
- Scalable Business Model
- Sound Financial Business Model
- Systematic Marketing
- Clear Measured Sales Process
- Customer Centric Culture
- Operational Excellence
- Systems and Technology
- Performance Measurement
So why are these important?
Businesses that have a good leader with a clearly communicated vision allow for the majority of employees that are bought into the business to know what the business is about and what part they play in operation and growth.
This means that the money spent on paying people to do the work goes into driving the company forward and is not wasted playing politics or on other things that don’t add value.
Great communication by the leader means effectively disseminating key information and allows everybody to understand what needs to be done. This makes for more engaged employees, and engaged employees mean that you have a more satisfied workforce willing to go that extra mile when needed. It also means if there is a clear culture of how things are done, then they will know how to deal effectively with customers.
By creating a customer-centric culture through engaged employees, allows for a customer-first based experience, ensuring everything is in place to make sure that they have the best experience with your company.
Another element is performance measurement. What gets measured gets done.
Take athletes, for example. Top athletes keep score, they meticulously measure what they do, and these numbers are part of their targets. You need to apply this to your business. It’s vital that you find measures that help your team keep track of how they are doing compared to where the business needs to be. The goals for individuals and teams need to be consistent with the overall goals of the business.
So which of the elements of a high-growth business are present and working well in your company?
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