Businesses that don’t have a current and active operational and strategic plan cannot benchmark, measure and adjust to ensure activity is aligned with the identified markers of success to enable and sustain growth.
No Connection – People, Process, and Systems
With modern technology, businesses have become lulled into a false sense of comfort that because they use technology and systems, that operations are digitally efficient. Instead, companies that develop digital processes, train and engage their people, and evaluate the effectiveness of systems and process outcomes through a continuous improvement programme will ensure that technology evolves to advance and support growth.
No Budget – A Budget to Invest
Failing to develop an operational budget that reflects the growth strategy will continue to yield poor results. Ad-Hoc approaches to investment rarely achieve the targeted outcomes. If the funding isn’t allocated to invest in increasing business capability as an active endeavour, e.g. advisory, infrastructure, digital, marketing, customer engagement, recruitment etc, then the business isn’t moving forward with intent.
No Authority – Management Without Authority
Over-represented in businesses that suffer minimal or adverse growth, business managers and C-Suites artificially constrained by a lack of delegation and authority suffer congestion and inaction, which cripples the ability of a business to be agile. Therefore, developing the decision-making structures and delegated authority is critical in removing the bottlenecks if decisions need to be made.
No Engagement – Understanding and Knowing Customer Needs
Businesses lacking a customer engagement strategy or programme often miss the mark on meeting customer expectations, exposing you to competitors. With the cost of new customer acquisition and retention an expensive exercise, the ability to grow your business by engaging with existing customers to expose opportunities reduces the transaction cost and increases the value exchange beyond goods or services to establish a strong link between the company and the value chain for your customers.
