Why should I consider going through this process?
If you are confident that your business is achieving growth and margin close to its potential and that it has a clearly articulated growth strategy around which you have excellent internal alignment, then you probably don’t need us. But, if you are not confident you have both of those, then we may be able to create that confidence together and you should call or write..
We have never had a formal growth strategy; why is it so important?
Every company, without exception, has a growth strategy whether it is formalized or not. It is always there even if it just to “grow as fast as we can”. And just like a bus, that strategy takes the company to a very specific place regarding margins, competitive position and risk. Formalizing the right strategy starts with identifying where you want it to take you and then building the plan to get there.
At the end of this, what do we get? What’s the product?
Not surprisingly, the specifics of the project drive the end product. However, there are normally three pretty clear outcomes.
- The first is a strategic plan for growth that should last from three to five years before needing further work. This strategic plan should be the driver of each year’s operating plan and tactical plans to accomplish the strategy. It can impact everything from organizational design to compensation. While the tactical plans may need frequent revision, the strategy should be long lasting.
- The second is internal alignment around the plan. No matter how well written, plans are not worth much if your organization is not behind them. Plans without alignment are not revenue generators, they are resource eaters. We have specific processes to help get to that internal alignment.
- The third is measurable improved in your results.
How do we go through the process?
Each project is a little different because it is customized to meet the needs of you and your company. However the typical process outlined below is likely to be close to what you will experience.
- Form a team. The team will be five to seven people, usually from your Executive Committee or senior management group. The team will meet every two weeks for about half a day and will have some work to do in between meetings. The timing and amount of work are measured to minimize disruption and to respect that you have a business to run during the process.
- Identify where you want the company to be in three to five years and what are the most important things that need to be accomplished to get there. If you asked your senior executives where the company should be in three to five years, would they each give you the same answer? Would it be the same answer you, as CEO would give? At the end of this process, the answer will be yes to both questions.
- Analyze data on pricing, competition, current customers, consumer demographics, etc. to gain insights in all key areas. These insights become markers for the plan posing strategic questions for the team. Through this process, we will identify the key building blocks of the strategy.
- Finalize the strategic choices into a plan and articulate it in a way that can be understood and acted on by the entire organization.
- Develop a tactical plan for the next ~12 months for executing the Strategic Plan. Organizational structure- particularly in sales and marketing- and information systems are often impacted quite significantly.
How much does it cost; how do you charge?
We charge a simple hourly fee similar to what you would pay a specialized attorney or experienced consultant from a large firm. We are also pretty good at estimating the total cost and delivering the project at that cost as long as the scope does not change.