Align Your Leadership Team for Success
Aligning your
leadership team on the strategies to grow your business is one of the most
critical needs for any company. But what specifically should you be aligned on?
How do you know if you are in alignment? What does it cost you if you are not
in alignment? We've found five business practices that research has indicated
are instrumental for leadership teams to be aligned on for sustained growth. We
have also estimated the cost to your business if you are not aligned.
To learn more on how to align your leadership team for success click on the link
below.
Download the complete article. Click here
|
| |
Greetings!
Welcome to the March edition of Way to Grow! In this issue we have focused our
attention on the alignment of your leadership team and provided insights and
approaches to aligning your team for success. You'll also learn of some new
relationships we have with Inc. Magazine.
We hope you find this issue useful. Feel free to contact me with any questions,
comments or feedback.
Sincerely,
Christopher DiCenso
Managing Partner
|
|
|
|
|
Growth Tip of the Month |
| |
Link
Initiatives to Incentive
Last month our Growth Tip related to the communication of your growth
strategies. This month we'll present how these strategies should be linked to a
reward system.
Linking a reward system to the corporate objectives is the next logical step in
developing an effective growth strategy. With specific and tangible objectives
defined for the next year or two, each leadership team member should have his
or her compensation tied to the completion of these objectives. Typically an
executive will have some portion of their reward system tied to company
objectives and a percent tied to more personal or functional objectives. We
have been weighting the corporate objective between 20% and 50% of the total
system with revenue and income objectives as the primary measure. The remaining
percentage of an executive's reward system would be based on his or her
completion of specific strategic objectives. For example, if one executive was
responsible for 1) increasing the number of customers and 2) improving the
profitability of each customer, we might weight his reward system for the year
as follows: 30% corporate revenue goal, 20% corporate net income goal, 20%
increasing the number of customers, 25% improving the profitability of
customers and 5% personal improvement goals. With this system, the executive is
rewarded for both corporate and personal accomplishments. We would also suggest
creating a reward system open to every member of the team so everyone can all
see how the team's entire reward system is linked. It takes a while for the
system to take hold but having used it personally, I know it works.
|
|
|
Growth Fact |
| |
70%
of Executives Indicate Poor Alignment and Focus Reasons for Failed Growth.
According to reseach conducted by Bain and Company, the success or failure of a
business depends more on management decisions than on external factors. These
executives laid the blame for poor growth not on technological flux, competitor
invasion or lack of opportunity, but on their failure to focus on the core
business, on bad decision-making and on the inability of management to
effectively develop and implement growth strategies.
This information should drive all leadership teams to rethink their
effectiveness at managing their core business and decision making process.
Click
here for more research on growing companies
|
|
|
News and Events |
| |
Inc.
Magazine and Visa Select Growth Strategy Partners
Inc. Magazine, in association with Visa's "Dream Big Sweepstakes", has selected
Growth Strategy Partners to provide consulting services to its grand prize
winner.
Inc. Magazine and Freightliner select Growth Strategy Partners
Inc. Magazine and Freightliner are conducting a "Moving Your Company Forward"
program where the grand prize and first place winners will receive a Business
Makeover delivered by Growth Strategy Partners. The Grand Prize winner will be
featured in a special section of Inc. Magazine and will describe how Growth
Strategy Partners helped "Move Their Company Forward."
DiCenso Presents at Boston Area Exchange
Christopher DiCenso presented his Five Effective Growth Practices to the Boston
Area Exchange in February. The Exchange is the local chapter of the national
Constant Advocate organization.
DiCenso Lectures on Strategy at Babson College
Christopher DiCenso was invited to be a guest speaker on growth strategies for
the MBA class at Babson College.
Should You Sell or Should You Grow?
An Executive Briefing April 1 in Woburn, MA on the best techniques to grow or
sell your business. This briefing is being held in association with Sunbelt
Advisors, the largest mid-market M&A firm in the United States. Visit our
Events page for more information.
To
learn more about future events and workshops click here
|
|
|
Quote of the Month |
| |
"The
greatest mistake a man can make is to be afraid of making one"
Elbert Hubbard
|
|
|
Learn More About Growth Strategy Partners |
| |
To
learn more about the growth strategy services we provide and how we have
assisted many other entrepreneurial companies, please visit us on-line using
the link below.
To
learn more about Growth Strategy Partners click here
|
|
|
