Plan for Growth is a series of three articles which looks at the importance of having a strategical growth plan, how you can fulfil your objectives and the best practices to implement successful change management and talent attraction.
Talent, training and business change specialist and founder of GMA, Greg McManus has over 25 years of experience, here he shares his experiences of leading business development and growth.
Accelerated growth, requires effective and dynamic change focussed on quarterly and annual milestone targets. These milestones will be set out in your strategic 3-year growth plan along with the business activities required to achieve them.
Structuring your change in this way will give you a step by step road plan for the next three years and as with any road plan, it is good to break each milestone down into smaller chunks such as 3-month /quarterly periods.
Breaking your road map into 3-month chunks will make your growth plan more achievable and will help you not only continuously measure success but also review your plan and any actions that need to beadapted or help you highlight any changes in approach.
These measurable milestones should be focussed on the key objectives that you laid out at the start of your journey and that you confirmed will maximise the benefit to and value of the business by way of increased NFI and EBITDA, a structured organisational and management structure serving target markets and where you’re recognised as a quality brand and desired partner to candidates and clients alike.
Ongoing management of this structured change is fundamental to achieve accelerated growth, which can be a combination of organic and by acquisition.
Effective change management
Effective Change Management is achieved by the collaborative effort of all staff and their ownership of the journey, aligned with your investment in their abilities to achieve the targeted goals.
Which is why it is imperative that in the early stages of growth planning you review your internal teams and determine how they fit into your plans and how they can help you achieve yours.
If employees are aware of your growth plans and have ownership of their role in effecting the change, then they will be onboard. Communicate the benefits and changes that will take place at each stage of your plan, what it could mean for them (i.e. promotion, pay rise, more responsibility) and what it could mean for the business.
Quarterly presentations within your business which highlight successes, acknowledge the shortfalls and detail the objectives and action plan for the next quarter (as part of the annual plan) are an effective tool in retaining confidence, commitment and ownership of these objectives. These events become more than ‘just’ acknowledgment of the top performers and teams, but a driving force within the compelling story and journey that your Talent will want to be a part of.
Talent attraction, management and development
Identify if there are any skill gaps early on and invest in employee training to close the gaps and also demonstrate to your team that you’re investing inthem as part of your key team. When a business begins to grow and change, employees can become insecure about their role within the business.
This is where Personal Development Plans (PDP’s) benefit you, in agreeing annual objectives with each person for them to see how they will achive their potential and the benefits to them for their career within your business. An important part of your business’ success will be based upon the quality of your management team that you’ve grown internally and have constantly invested in.
Invest in bespoke training with targeted achievements and structured rewards, this may include, Team Leader / management training, Recruitment Academy programs and Talent sourcing structures for targeted experienced and trainee hires.
Accelerated growth achieved by acquiring individuals, teams or brands within targeted markets becomes realistic and highly effective where you have a clear and structured growth and exit strategy. This will confirm to them how they’ll benefit from accelerating their profit centre and thus an equity stake in a larger growing business. Their equity stake will be earned by them achieving agreed EBITDA targets and objectives increasing the overall business Multiplier.
If you have an Academy Training program in place, you’ll be better placed to attract experienced talent as you can offer them accelerated progression to Team Leader then more senior management as you build a team around them based upon their ongoing success against agreed objectives.
Path to growth
Following these steps when it comes to strategic planning for growth will help ensure your plan stays on target, can be measured at various stages throughout the plan and will help you fulfil your growth objectives.
Photo courtesy of Frank Busch on Unsplash