Success requires both a practical strategy and effective implementation. Once you develop your strategy, take steps to manage risk as you manage the various activities in your business that will drive a period of growth.
Allocate appropriate time and budget to support an initiative. For example, most advertising campaigns need a certain level of consistency to build adequate exposure. Cutting a budget in half may eliminate all benefits from an otherwise appropriate campaign.
Involve staff in developing the company strategy. Employees can provide wonderful information and insight in the earlier stages of the process before the final strategic decisions are made. You’ll get a better strategy out of the process, and people are more likely to buy in to the final plan.
Acknowledge progress toward completion of tasks. This is important if your company’s culture does not value accountability. For example, if managers are always late to meetings and work is never completed by the assigned deadline, the chances that your growth strategy will be implemented as planned are next to none. Post the to-do list, the deadlines, and the person’s name that is responsible for each task. Reward people for following through on promises.
These suggestions are common sense, but few companies actually follow these principles. Take these to heart and your strategies will grow your bottom line.