Situation: Many companies face challenges managing growth. Growth is a complex process involving strategy, staff and company culture. What guidance can the group give to help guide planning for growth? How do you manage growth?
Advice from the CEOs:
- Think of growth in term of five major components of organization and growth: structural, cultural, facilities, documentation systems, and people.
- Structural
- Consider different ownership and profit sharing options. Look for options that fit the objectives of the company.
- If you are looking at multi-location solutions, develop a structure that can be easily copied in new locations that are added but which is complementary to the home office structure.
- Cultural
- If the business is family-run and looking at moving to a non-family structure, look for options that will preserve the best aspects of the culture as it has developed.
- Keep company values intact.
- Focus on maintaining engagement and commitment.
- Facilities
- The transition from single-site to multiple-site is particularly traumatic. The jump from 2-sites to 3-sites is much easier because an effective model is already in place.
- Documentation Systems
- Growth can compel the company to adopt entirely new systems, especially when passing certain thresholds for government regulations (i.e. 50+ employees).
- People
- Hire and retain for the right mindset – consistent with company culture and structure.
- Specialists can be a real asset for their particular talents, but they seldom have the view of the “big picture” that is required for a turbulent environment.
- Compensation – align compensation with company culture and priorities.
- “Ownership” may have to change from sole ownership to shared ownership in order to keep key talent engaged.
- Add new skill sets to address needs but assure that these complement existing skill sets.
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