Interview with Clark Avery, President & CEO, Aesyntix Health
Situation: We’ve established a strong core business and it is time to diversity. Our principal growth opportunity is complimentary to but a different business model from our core. What are best practices for maintaining focus on core business while developing a new opportunity?
- First and foremost, be emotionally and strategically ready to make the bet and commit to action. In doing so you must “know thyself.” Specifically, taking a long look to determine whether you tend to overanalyze or are too quick to pull the trigger. Understanding your tendencies will help in the steps below.
- Establish the prerequisites for pulling the trigger. For us we had to determine the:
- Level of operating stability for the core business that will allow you to split focus.
- Level of financial stability and predictability that will support both core and expansion efforts.
- Level of organizational and process stability that will allow you to take on the new opportunity.
- Understand and define the differences between the old game and the new game.
- What are the financials of the growth opportunity? How do they differ from your core business? Are there conflicts that must be resolved?
- Can you launch an innovative solution to differentiate the new offering?
- Gather enough understanding of market need that you will satisfy with the new opportunity so as to be able to address it effectively.
- Establish a sound execution strategy and timeframe for launching the new business.
- Some/many of your decisions will be wrong. You need the resources to tolerate a learning curve while running fast towards your goal.
- Draft a leadership development plan of both the core and new business before you start. This plan must define the skill sets and growth needs of each business.
You can contact Clark Avery at email@example.com
Key Words: Diversify, Opportunity, Focus, Stability, Market Needs, Execution, Leadership Development