It is hard to believe we are quickly approaching fall and the end of the government fiscal year. For most companies that means it is time to access performance year to date but more importantly, initiate the annual strategic planning process.
As I look at Management Solutions, in our 20th year of business, I am thankful we have been able to double the size of our company over each of the last two years. With this growth however, I don’t ever want us to become complacent. According to McKinsey and Company, “about a quarter of companies don’t grow at all, and just one in eight achieved more than 10 percent revenue growth annually between 2010 and 2019.”
Profitable, sustainable growth requires leaders and managers, at all levels, to be on purpose in creating a culture recruiting and retaining top talent, fostering collaboration and have a process for selecting clients that value your services or products. Leaders must do more than say they “want growth” but, rather, they must allocate the resources and funds to enable their organizations to explicitly allocate time and dollars to growth service lines.
Many companies adopt an attitude of “Oh, we’ll just innovate more products incrementally to meet immediate customer needs and that would be enough,” which is a common mistake. Instead, leadership needs to map out a growth model that will enable the organization to reach a bigger aspiration and then be bold enough to ask, “will we really pursue this?” You must have the investment behind the goal which requires not only a mindset shift but also the alignment of the management team focused on the new path forward.
So, as you move into the beautiful fall season where the air is crisp and the colors are beautiful, I hope you take a second to think about the future of your organization and initiate the process of being on purpose to plan your future growth.
- Misty Mayes