What is the #1 challenge companies experience when trying to grow their business? The Reveal!!
Are you curious what your peers think get in the way of growth? We asked you that question last week. This week is the “Reveal” of YOUR answers!! Here are the most common responses and the GrowthDNA strand they are associated with:
- Failure to track, understand and respond to market shifts. A subset of this is using assumptions rather than facts about customers. These knowledge gaps are addressed in the Market Intelligence strand which ensures there is a process for capturing and evaluating critical data. Data driven decisions create Confidence in and enable leaders to challenge the status quo. Watch this video to learn more about this strand
- Strategic planning processes that don’t work. There are many reasons for this from lack of good data to drive confidence in bolder decisions (see above) to having resistance to change. Companies often experience business gravity, or a pull from the past to do things they are familiar with rather than what the market needs and wants, and unknowingly cause their own limitations. This can unknowingly cause companies to create their own limitations. A clear strategy which is specific and defines company priorities is critical to achieving results. Strategy development that delivers Clarity is the second strand of GrowthDNA. Watch this video to learn more about this strand
- Lack of resources to do the work. It takes on many forms—including the lack of people in general, particularly in the manufacturing sector with today’s tight labor market, and also lack of the right talent to help guide the company in a new directions. It may also include the challenge of reallocating resources consistent with new priorities rather than maintaining traditional spending patterns. To grow, a company needs to have Commitment to the resources necessary as well as the Commitment of the entire organization to the vision and goals. The third strand of GrowthDNA addresses the need to prioritize and motivate to create corporate wide Commitment. Watch this video to learn more about this strand
- Getting everyone on board and contributing to the results. Having the right people is an important step but engaging them in growing the organization requires developing a Culture that inspires everyone to participate. Inclusive organizations are more effective at driving growth. Establishing processes that develop people is an important step and is part of the fourth strand of GrowthDNA, developing a growth-minded Culture. Watch this video to learn more about this strand
Which of these reasons presents the largest hurdle at your company? Not sure? Take the GrowthDNA assessment here for immediate results.