Posted by Vheldan Armor Maranan
Jan 25, 2024
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Once a company is launched, growth becomes inevitable. It happens as you onboard more clients, expand operations, enter different markets and so much more – all these are growth spurts that show your company’s potential. However, while the potential is there, it is up to management to ensure that this potential and traction is angled towards where the company needs to go, to give a clear direction for your company.
With this responsibility, how can managers steer the ship and ensure the company’s growth is aligned with the company’s goals?
Read: People Management: How to Handle a Growing Workforce
Know Where you Currently Stand
The process begins with a deep dive into your company's current landscape, identifying the company's capabilities and limitations. Once you know where you currently stand, next comes creating a plan for your company's goals and mapping out how to achieve them. This all then begs the question -- how do you get from where you are now to where you want to be?
Set Goals and Expectations
Once your company is off the ground, the next step is for your company to use the assessment of your initial performance – that is, using all available data present and available to form clear and actionable goals and strategies. Goals as to how you will foster growth, KPIs and determinants of success and the like are also created during this phase. By doing this, you are opening up channels of effective communication throughout the company, ensuring everyone is working towards a shared vision.
Plan Strategically with Other Stakeholders
Strategic planning isn't just about setting goals internally; it's about involving everyone who has a stake in your company. Hear what everyone has to say to get a holistic understanding of all your pain points before creating a business plan. As a manager, bringing people into the planning stage also keeps everyone aligned in their efforts, ensuring that everyone is working towards the common goals that you set.
Focus on Research and Development
Do a SWOT Analysis to identify your company's strengths, weaknesses, opportunities, and threats with regard to your current operations.
Using this as a method in creating new initiatives and spearheading process improvements of your operations allows you to take a proactive approach in your company's management. Identifying what you are doing right that needs to be reinforced, weaknesses that need to be assessed to know what to improve on and threats and vulnerabilities that your company may be open to.
In the end, no preparation is too much and continuously improving your processes even if there are no obvious issues at hand just prepares you for any situation, ensuring the success of your management and the growth of the company.
Be Open to Insights and Collaboration
Being in management means knowing when to step up and when to step back – in reality, even leaders don’t have all the answers. This is why as you drive your company forward, you should constantly be seeking advice from industry experts, consultants, and your people as well as seeking out strategic partnerships to give you the insights you need to create well-rounded action plans. This collaboration allows you to look at your current position from all angles and determine what you can do to reach your goals.
Constant improvement
Determining where your company is heading involves a comprehensive evaluation of the present state. As part of management, you should assess internal and external factors influencing the industry you are in. This includes analyzing performance metrics, employee engagement, and the efficiency of existing processes as well as studying market trends, customer preferences, and technological advancements.
Depending on the results of your analysis, you should always be ready to alter or change your company’s workflow and procedures to be able to optimize your operations.
Foster a Culture of Innovation and Adaptability
Companies that thrive in a rapidly changing environment are often those that foster innovation and adaptability. As manager, you should encourage a culture that values creativity, experimentation, and learning from failure. An adaptable company can swiftly navigate any untoward situation, identify growth potentials, and capitalize on emerging opportunities.
Prioritize Customer and Employee Feedback
Customers hold valuable insights into market demands and preferences. By actively listening to their feedback and understanding their needs, you gain critical information to help you shape the company's direction.
Other than your consumer base, your employees who are at the forefront of your operations also offer valuable insights into your current processes. From both these sources, you can gauge what your company can change to improve employee and customer satisfaction – a vital goal if you are aiming for your company’s success and longevity.
Stay Ahead of Trends and Technology
Aside from your workflow, one last thing you must foster company-wide is a forward-thinking approach when it comes to industry trends and emerging technologies. Embracing trends and technology enables the management to anticipate changes, identify potential disruptions, and proactively position the company to leverage these shifts as tools to put you ahead of the competition.
Continuously Review and Adapt
One last thing to remember is that the business landscape is not static, and what works today might not be effective tomorrow. Even if you have already reviewed and applied changes to direct your company’s growth, be sure to periodically view and adapt strategies based on evolving circumstances. By being open to constant changes, you make sure that the company remains responsive to changing market dynamics.
The Bottom Line
Spearheading change and determining the direction of a company requires proactivity and adaptability, the core of management. What some may not realize is that while growth is imminent, if not contained and directed, that growth would eventually lose momentum – this is why as your company begins to grow, it is of utmost importance that you handle this growth as effectively as possible, to truly spearhead your company to success.
Read Next: Fostering Workforce Innovation and Opportunities in Finance
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This article has been written in collaboration with Aly Tagamolila, a content specialist at D&V Philippines.
