The 5 Silent Growth Killers of Mid-Size Organizations
When it comes to growing your small- or mid-sized business, there are often lots of moving parts to take into consideration. As the CEO and Executive Leader of your organization, the burden of knowing which growth strategy to use and when to deploy it ultimately falls back on your shoulders. That’s why recent research out of the Harvard Business Review is shedding light on what leaders can do to overcome the five silent growth killers that (if left unaddressed) could sabotage their organization’s future trajectory.
- Not valuing time. With a global organization, having to manage various time zones, it can be hard to get everyone on the same “time” page. By not imposing deadlines with strict and enforced times, leaders are letting valuable time slip away. According to CEO business coaches, leaders should encourage their staff to time block and dedicate specific times of the day to certain tasks to ensure they are done consistently and on time. Additionally, assigning prioritization to various projects and tasks can help teams know what to work on and when, so they can meet the organization’s timely needs.
- Constant strategy shifts. Changing directions with projects and strategies can be necessary, if something unexpected happens. However, making it a constant occurrence can (and will) lead to extreme burnout. Any strategy change or project shift should be substantiated with research, careful consideration, and a review by all stakeholders involved. This ensures that the right decisions are being made that will benefit the entire organization.
- Radical attempts to grow. It can be tempting to pivot and try something new, especially if what you have been trying isn’t working. However, again, with strategy and radical growth opportunities should be in line with the organization’s mission and goals. Just because something is “new” doesn’t mean that it will be successful or that your organization has the inherent tools, resources, and company culture to execute at the highest level with this new pivot.
- Botched partnerships. Whether it is strategic partnerships or larger acquisitions, it is vitally important that there is synergy between the two parties. All too often CEOs commit to a partnership that is either one-sided or not truly aligned with the goals of the organization. Partnerships should and must be highly strategic decisions where the partner can support the level of growth you want to create, in a given time period.
- Growing too fast. Although growth is the goal, growing too fast can put the organization into an operational meltdown. You want growth to be well-planned and organic so that you can appropriately scale your infrastructure and teams accordingly. When there is an intense “sales” culture, crumbling customer service, and severe skills shortages, these are signs that an operational meltdown is looming near.
As we move into a new decade of business and innovation, it is vitally important for business leaders, CEO coaches, and other executive professionals to consider all of the factors at play within high-growth organizations. Ignoring these five silent growth killers could mean the difference between your company exceeding expectations or barely turning a profit.
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