CEOs of private companies have numerous challenges to address navigate their business from one stage of growth to the next.
Only 1 in 11 companies achieve profitable, sustainable growth. While you don’t have to be the leader in scale to be the leader in your industry, you do need speed, frontline ownership of your strategy, an 'insurgent’s mission' and efficient execution. Having a leadership team who are capable of leading with these attributes is crucial.
Without a corporate board governance model CEOs often struggle to find the right advice from the right people when the business really needs it. Establishing an Advisory Board can fill this knowledge gap, providing many of the benefits of a ‘corporate board’ without the elements that private business owners may see as ‘constraints.’
Imagine how your business, and the people within it, would be transformed if you made the time to take them away to think about opportunities and how to build on your strengths?
Perhaps it’s just me but this year end seems to be more hectic than the normal ‘urgency’ experienced in the pre-Christmas period?
It does seem that a lot of organisations are going into hibernation mode from the 16th onwards. So with that in mind rather than generate a deep tome I thought I’d share a couple of thoughts to stimulate your thinking during the inevitable reflective period of your forthcoming break
CEOs and owners of high-growth private businesses are limited by their resources, knowledge, imagination and capability to execute. We know what we know – we also have some sense of what we don’t know. The real challenge is we don’t know what we don’t know, or as Donald Rumsfeld articulated, there are “unknown unknowns.”
There are many examples where successful businesses have failed to anticipate shifts in customer appetite. So it is essential for all organisations to develop methodologies that bring new ideas and perspectives into the collective knowledge of the business beyond incremental New Product Development initiatives.
Theodore Levitt coined this phrase “Marketing Myopia” in the last century – in short the principle is that companies miss opportunities by focusing purely on product sales as opposed to ‘meeting customer needs.' For example Lead Your Industry offers services to assist organisations to develop a new Strategic Plan using a specific methodology BUT we are actually in the business of transforming businesses through the development of an inspired vision. It is the outcome from our service offering that our clients seek and hence we need to ensure our service suite continues to offer that outcome...
Effectively June 30 2014 – the Enterprise Connect program ended. Ausindustry has now confirmed the replacement program it’s called the Entrepreneurs Infrastructure Program
Gaining ‘insight’ about the markets you operate in is an essential part of your strategic planning process.You need to understand the trends that are obvious and those that are emerging in your market and what you can or can’t do to influence those trends.
Gathering external information is essential but this process is not about amassing masses of data – which can often lead to paralysed thinking - but about developing useful insights that your business can use to transform your distinctive capability.