6 myths debunked about how you deliver growth | gloo
Growth is a process, not a point in time
It may be natural to think growth is a point in time when it comes to leading your business. There is no final destination, and there is no pre-made plan. It can be common to confuse growth with thorough plans, cautiousness and telling people what to do. It is not. Growth is a process.
Here are six myths we debunk - about what capabilities are required to grow - separating fact from fiction:
Myth 1: Perfected Plan = Success
"Everyone has a plan until they get punched in the mouth" - Mike Tyson
In reality, plans are constantly changing. If you do not accept change and have a process to adapt to it, then not only is your plan redundant but - as Mike tells us - it's probably going to hurt. So the real value is in planning.
Myth 2: ABC - Always Be Cautious
Everything needs context. Be deliberate in your growth strategy, but don't be afraid to move forward or take risks. Of course, being prudent is good, but it'll be harder for you to grow if you fail to take the necessary risks. So, by all means, look before you leap, but be bold and be brave.
Myth 3: Without command, control or fear tactics, there is chaos
To create a high-performance growth business, focus on authenticity, transparency and trust, not coercion. Coercion will generate resentment and eventually work against you and your growth goals. Instead, build connections and earn support for your change.
Myth 4: What worked in the past will work in the future
There is no shortage of high profile companies that failed because they blindly associated past success with their future success. If you are looking for growth, it can be tempting to double down on what worked in the past. However, avoid the hot-hand fallacy and make your decisions based on sound reasoning.
Myth 5: Introducing new products, services, and businesses is the best way to grow
No one would argue the importance and benefit of innovation and building new products, services or businesses for customers. However, it is not the leading strategy towards delivering growth. If you're looking to reach the top half of the field, then maximising what you have now is more effective than building everything new.
Myth 6: All growth is good
All growth isn't necessarily good growth. For example, did you take on debt or sell part of your company to investors to turbo-charge your growth rate. But for what end? Such a decision might not only make you unhappy, but it could also put your company's financial health at risk.
In business, there is good growth and bad growth. The key to sustainable success is knowing the difference.
It's crucial to closely examine your business and identify the key growth opportunities and assumptions regarding the capabilities needed to win.
Contact us if you need a sparring partner to ensure that your growth strategies and assumptions are the right ones, connect with us at gloo. We'd love to help.
