Companies are replacing traditional strategic planning with a better way to achieve growth.
A better way to achieve growth
Business leaders and entrepreneurs can increase and sustain their growth by using the concepts, tools, and processes in the recently released GrowthDNA approach developed by Margaret Reynolds, author of “Reignite: How Everyday Companies Drive Next Stage Growth.” GrowthDNA defines the four strands which are the essential building blocks to dynamic and sustainable growth. Within each strand are the capabilities, behaviors and processes that determine which companies will struggle with growth and which will succeed.
Business growth is elusive
“Business growth, especially sustainable profitable growth, is highly desired and very elusive. It is rarely the result of working harder or having a strategic plan. It requires a company to be “growth-minded” and look at the market differently than they do today—with an ‘outside-in’ lens. When we change how we think about growth, we can be so much more effective in generating it. The great news is that the changes needed don’t have big price tags -It is about changing the questions we ask and the ways we work together,” said Reynolds who was the lead strategic officer at Hallmark Cards, Inc. “I have seen these techniques work for companies of all sizes and across all industries.”
Failure rates of 70%-90%
This new approach to business growth replaces the traditional strategic planning methodologies still broadly used today which have failure rates of 70-90%. In traditional strategic planning, there is a disconnect between strategy and daily operations, so new directions and plans do not change operational business practices, and thus do not change outcomes. GrowthDNA has defined four key strands essential to growth, often referred to as the 4C’s, which include data-driven confidence to make bold decisions that drive more substantial growth, strategic clarity that creates focus, commitment from energized stakeholders to deliver results, and the establishment of a growth-minded culture. This methodology and the tools and techniques used have been developed over several decades of work leading strategic growth efforts with companies of all sizes.
What should be different
Some of the key differences between this approach and more traditional strategic planning are:
- In GrowthDNA, there are four fundamental strands that together change the work of the organization on an ongoing basis as opposed to a single planning event.
- The emphasis is on results, not the process. The work starts by defining the desired outcome. For example, the key question is “What is the potential of the organization?” rather than “How can we get better?”. While the latter question may drive improvement, the former drives transformational thinking and subsequently transformational growth.
- The approach is data-driven and anchored in insights from the market, which yields opportunity, rather than based on historical financial data alone which tends to inject historical bias and sustain the status quo.
- The approach aligns leaders and associates with a common direction rather than spawning department-level projects that compete for resources.
- GrowthDNA recognizes that strategic growth objectives can be decided in a board room but cannot be implemented there. It helps leaders ensure that the potential of the organization is not only defined but attained by an engaged, empowered, and accountable workforce.
“GrowthDNA is a complete system for sustainable business growth. It is a straightforward, practical, and creative way to address the challenges in achieving growth goals. The new thinking, processes, practices and tools it provides will help set you apart from your competition,”
said Dick Jarman, an E+Y Entrepreneur of the Year National Finalists and experienced President and CEO of market leading companies, both private and publicly traded.
“Great news for today’s leaders—it is possible to grow your company in good times and slow times. It requires a growth mindset. Reynolds provides tools, guidance and success stories to help organizations create their own GrowthDNA,”
shares Barnett Helzberg, founder of the Helzberg Entrepreneurial Mentoring Program, former Chairman of Helzberg Diamonds, author of “What I Learned Before I Sold to Warren Buffett.”
To learn more about your GrowthDNA take this assessment: https://dnascorecard.com/