It is a well-trodden cliche to talk about business transformation, using the examples of Blockbuster Video versus Netflix, AirBnB versus hotel booking sites and UBER versus taxis.
Based on the S&P 500, the lifespan of a company in 1960 was 61 years. By 2020 it is projected to be 9 years. That is the time between changes in the legal entity – merger, JV, takeover, divestment, restructuring, IPO…and so on.
The health of a business is based on growth, or change will happen. How can leaders build successful strategies for growth?
3 Key Approaches Often Talked About, but Seldom Done
- Understand the size of prize available to your business, then what is realizable
- Build your Mission, Imperatives (multi-year must dos) and Initiatives (in-year must dos) around realizable size of prize
- Build your structure, core business processes and critically talent around achieving them
As Patrick Lencioni talks about in ‘The Advantage’, Organizational Health is based on:
- building a cohesive leadership team
- creating clarity
- over- communicating clarity
- reinforcing clarity
If you follow those principles, you stand the best chance of understanding how to grow, how to build a healthy organization able to grow and then delivering growth; by whatever metric is Mission critical.
Growth creates choices, extends the lifespan of companies in their current form or creates transformational or transitional opportunities for businesses.
To find out how Lighthouse NINE Group can help you build your growth, please review our disciplines at https://lighthouse9.ca/business-solutions/growth-brands/