GrowthDNA Assessment for First Kansas Bancshares
Laura Meyer Dick: firstname.lastname@example.org
A score of GREEN (45 or more points out of 50) indicates that you are doing well in this area. A score of YELLOW (32-44 points out of 50) indicates that you have some things in place, but could do more in this area. A score of RED (31 or fewer points out of 50) indicates that you have work to do in this area.
Data collection and application appear to be below the norm in your organization. It is quite probable that your organization is experienced in gathering financial or
operational data but doesn’t extend data collection to “outside-in” data or market-facing data around customers or competitors.
These are actually the areas that are
most robust in identifying new growth opportunities. The lack of data on the marketplace, including customers and competitors may hinder the ability to compete effectively.
Data may be compartmentalized with data analysis happening on a department-by-department basis. That may improve department-level performance but inhibits
the development of synergistic growth ideas.
The majority of your projects may be more focused on operational improvements and cost savings. While managing internal operations and costs is important, these
types of changes are not going to significantly improve profitability as they are finite in scope whereas growth is potentially infinite—or at least has the ability to take you to the next level of performance.
To improve the scale of profitable revenue growth, the organization would benefit from identifying data gaps, focusing first on “outside-in” data such as customer and
competitive insights. To identify data gaps, ask yourself what areas do we shy away from making decisions? What additional data would make us more confident to
make bolder decisions in that area? The next step would be to set up processes to routinely analyze, share and deploy the resulting insights into strategic decision
making—like new sales programs, revised customer targets, new product development, new markets to explore and more.
If you would like to confidently pursue more initiatives or projects that have the
potential to take the business to a new level of performance, let’s talk about how to
strengthen this DNA strand.
Developing strategy is not something that your organization would regard as a strength. It may be a necessary evil; something you think is not helpful or hasn’t worked well in the past. You are likely developing a game plan for the organization to follow, perhaps on an annual basis, even if it is not a comprehensive strategy.
Your plan may be an operations plan which includes projects or programs that link to budgets and your team may be great at getting them done. There may be some lack of clarity around top priorities because every department is competing for the same resources. Your plan may be subject to historical bias and beliefs rather than built on hard facts.
Your organization is most likely one that implements well but may not be implementing the things that make a difference in the market. Companies like yours have experience doing what they do well but struggle when the market is “telling” them, through data and sales, that it is time to change. Developing strategy is a choice about how to compete in the market and it may be time for your organization to make a different choice and embrace a more thorough look at strategy.
Are you interested to find out how much more potential your organization has for growth? Are you curious about what it would take to shore up this strand of your Growth DNA? Let’s have a brief discussion to evaluate what it would take.
Often an organization struggles with implementation or delivery when they have too many things on their plate. That challenge is likely combined with limited resources insufficient to tackle the list. Employees try to make it happen but are also trying to fight fires on day-to-day operations and feel stretched too thin. Something has to give so it is usually the special project or strategic plan.
Perhaps in the past people didn’t feel encouraged to contribute beyond their daily work so they stopped doing it. Another possibility is communication is under-valued or misunderstood.
All of these issues can contribute to a lower level of effective implementation. If you can only make one change, improve communication. Studies show that it has more bearing on implementation success than any other single factor. That means share as much as you can
as often as you can as consistently as you can. You will feel like a broken record. The employees, who were most likely not in the room when the plan was built, will just be
beginning to understand what you mean and what you expect and what will change as a result. For commitment to occur all of those things are necessary. Second to improving communication is to ensure resources are aligned with priorities.
Are you adequately
funding new initiatives? Are you asking people to do amazing things with no incremental resources? Are you saying things are priorities but not treating them any differently from a dozen other projects?
If you can only afford to do three new things, then do three and wait
on the others until those are done or far enough along that you can reallocate resources.
Changing your DNA on this important strand—where money is made or lost—is critical to future success. Let’s chat about how to make that happen.
is wrong or bad but it will be difficult to accomplish growth goals without making
some changes. Your organization may have a “default” culture, which is a residual
of previous people or times. Your organization may have to become more “risk
tolerant” and accepting of employees growth ideas.
Employees have not yet made the link from strategy to their work. It has not
changed their activities. Perhaps it is difficult to find adequate time to
communicate as often and as consistently as employees need. It is likely new
processes and practices are needed to encourage new behaviors.
be contained at the leadership level leaving employees out of the loop. As a result,
bench strength may seem average or lower.
One of the best ways to find out where you are in the development of a growth-minded
culture is to ask employees. What gets in the way of their success? How can leadership
better support their growth and contributions? How much and what type of communication
is effective? What unintended signals are being sent that lock people in place where they
are? Once you discover what is right and what is not quite right, you can begin to implement
new tools, practices and processes which leads to new behavior. And new growth-minded
behavior is what GrowthDNA is building. It is essential to not only achieving success but
also sustaining it year after year.
Developing a growth-minded culture is one of the most profitable and satisfying things a
leader can do. If that sounds like a culture that would work for you, let’s discuss how to
make it happen.
Overall, you score red.
GrowthDNA is highly recommended for your organization to enable it to reach the next level of success. It will build on existing areas of strength and shore up each strand required to produce best-in-class results and be able to perform at high levels consistently over time. There are a few options:
- Pick one area to improve and focus on that. Many of the principles needed to achieve GrowthDNA are outlined in the book Reignite: How Everyday Companies Spark Next Stage Growth. The book discusses best practice for each of these phases and can be purchased here.
- Commit to strengthening GrowthDNA in all strands. This is the only way to maximize results. If you are going to expend the effort let’s be sure you get the best possible
return. Let’s chat and discover what YOUR organization needs specifically to take it to the next level. It is never too late and it is never too soon.
For more information, contact us.