Ever learned to play a musical instrument? I recall when my kids were learning, I watched them progress to a point then they started to complain and say it was too hard. They would stall for a while as they embedded the skills they had, making those skills foundations for the next ones. Then they would progress again, building on what they had previously learned.
Business face growth humps before growth
Businesses also go through multiple phases as they grow and mature. I call these ‘growth humps’. The size of small, medium, and large businesses has varying definitions depending on who you reference. Some say between 20-200 people is medium, others say over $10M revenue. The truth is, there is a wide band around these numbers, and the difference lies in the leadership vision, the foundational systems in place, and people’s capability.
Each time a business approaches a growth hump, there needs to be a step up in all three of these areas to enable the business to move beyond the hump. Be prepared for a period of consolidation before the growth phase.
Companies that consciously focus on growth strategies ensure there is a robust planning process, consideration of future system requirements and ongoing development of capability.
Do you know where your business is, where you are going, and what you need to get you there?