In moments like we’re currently living, being able to transform an idea into a profitable business, it is one of the most valuable skills we can have. It sounds like a Startup, and you probably have heard about this before. Every other week, there’s a new hot idea that is being under development. The media might have put some more attention to those which have solved daily challenges, but many are trying to make the different. If you look close to those Startups, you’re going to identify that there’s no unique approach to deliver customer value and grow in a two-digit pace, but there are a few things a company can focus on to achieve that expected business growth.
Growth can be split into the short- and long-term states. In a short time, a company wants to make sure that its product or service is delivered to the client with expected quality and on time. In the long-term, your shareholders want you to make sure that you maintain client expectations, and at the same time, your company’s market share grows without compromising quality.
The short-term business growth is part of our daily activities, people get together and combine their skills, knowledge, and technology to produce something useful for the market. Scrum, Kanban are frameworks that Startups ought to use to achieve that result. Combined with those frameworks, indicators and metrics are used to assess and share the current state situation to the key stakeholders. In a case a gap or an opportunity is found, a solution might be offered to solve the problem (PDCA, Kaizen, Lean Six Sigma, Action Plan are strategies one can adopt to effectively solve it).
There are sometimes challenges with business growth. The company and its stakeholders might be challenged to identify what are the current constraints that are holding the company back. An analysis of the business model (Canvas) and its processes (Value Stream Mapping and Theory of Constraints) might help the company to identify its bottlenecks so that the company can experience significant growth. The first part is changing procedures, it is easy and depending on the company’s bureaucracy a simple meeting or any form of conversation is enough to address a problem. Some situations require an in-depth analysis. Specialists might use assessments to identify what needs to be adjusted. Fortunately, some opportunities are straightforward while others might require expert help to streamline the process. New Frameworks, new technology and different approaches that have been successfully implemented in different organizations can be used to achieve the expected performance. It doesn’t matter how complicated or complex is the environment, with the right approach you’re going to get there.
Keep improving and transforming your ideas into something useful to society and if you need help, just let us know.
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