The 3P’s of Growth Strategy
With most companies still reeling from a whole host of key issues such as redundancies, new restructures, a freeze on spending and slow market growth it is critical to recognise that businesses must use insight and focus on three key areas:
You now have your new team and new organisational structure in place. How are you going to inspire your new team in such turbulent times? First thing is first, you need as a manager to be there for them. They all need a new personal development plan as new skills will be needed in order to implement the new work load.
New training should be given even if it in in-house by senior management about digital markets, long term team building, new product development and robust business cases in order to help grow the profits and market share of your organisation further.
Hopefully you will have selected the best quality of staff! (The most essential first ‘P’ factor). Staff should be able to thrive on difficult challenges, know their customers, products and markets to an incredible in-depth level.
The second P focuses on how to manage your staff to deliver the best possible performance with robust vision, skill and leadership. Ensure your staff are involved at the inception stage of the teams decision making process and where relevant their input into the board will help them through this next phase and reassure them this is now a win-win company with intelligence. Involving them will inspire them and their ‘critical knowledge’ will save you time and money, don’t forget that they are an expert in their field also.
Staff are likely to have a strong and ever-growing networks of B2B relations. They recognise that these are key in this current economy in order to grow and sustain business. Having direct access to a B2B database either a) direct referrals or b) added/introduced via social media, will save time and money when developing and implementing this years marketing and business plans. Linkedin offers the leading one-stop shop to build professional networks that can speed up the delivery of business objectives and drive all important sales.
An integrated approach that fully explores the first and second P’s will lead to future profits. The process has to be that you nurture more than ever your internal environment and to manage that they are collaborating well, sharing best practice, developing key insight and growing the knowledge of the business. This day to day activity of sheer problem solving in a fast paced way will be key in winning clients, pitches, new business and therefore delighting your customers.
This said it is important to add value to your current client base and retain them in the best way possible. How they see value can be very different to you, so it is crucial that you develop and maintain strong relationships and develop and on-going clear understanding of their 3p’s so that you can react effectively to their needs more competitively than your competitors.
The 3P’s are a tool that will help your organisation deliver higher and more sustainable profits to you board of directors, investors and stakeholders alike.