The difference between a company lacking growth and a company that is a growth leader is their dedication to innovation. Growth leaders have a strategic approach to staying ahead of the competition and the ability to innovate. While growth lackers focus only on catching up with market and run the risk of being left behind at the back of the pack.
Growth Leaders such as Samsung, Google, Lego and Amex, have a philosophy that innovation is carried out with the knowledge of high uncertainty. With the conclusion that the bigger the innovation the more uncertain the outcome. These growth leaders live by the mantra: start small, think big, learn quickly and scale fast. By embracing the uncertainty they are willing to take risks and put resources behind them to find the next big innovation and, more valuably to learn from the whole process.
Most importantly growth leaders begin their innovation from the outside in. They do extensive research with the customers, partners and competitors and ask vital questions like: ‘Where will our customers be in the next 5/10/20 years and how can we help them succeed?’. They keep the customers needs and experience at the forefront, not only satisfying their needs but also trying to anticipate them.
Growth leaders also create a culture that encourages discovery giving people the time to explore innovative ideas and their own interests. Keeping the company growing but also by keeping their people engaged. So how can you help your organisation to become a growth leader?
Invest in innovation. Business as usual activities are important but, sometimes the pressures people have on these activities means they will spend less time and energy on exploring the innovative ideas. Invest heavily to develop and retain talent in innovation activities. The willingness to do this on a regular basis is the major difference between a growth leader and a growth lacker.
Nurture a culture of innovation. Encourage learning from disappointment and failure. In growth focused cultures it’s safe for people to fail, there’s no finger pointing at individuals and teams. Focus on a cycle of learning and quickly beginning again.
You are not alone. Growth cannot be achieved entirely on your own by your own resources. Growth leaders recognise that by supporting collaboration and partnerships this will give them greater market strength. It’s better to have part of a big pie than a whole part of nothing.
As a leader in your organisation it is a high priority for you to show a steady commitment to the innovation agenda that will deliver superior growth. Here are a few ways you can do it:
Support. Ensure there is enough resources to hit the ground running and for you to be able to reach and exceed your growth targets. If you want to grow by 30% follow this up with the appropriate resources.
Engagement. Leaders of the organisation have clear aims for a growth strategy, however, this isn’t always communicated clearly to everyone. As a leader engage your teams to be part of the strategy and let them know how they can work towards it with clear goals. Ask them for their ideas on how the growth goals can be achieved collectively and recognise their efforts.
Protect. Once you are committed to investments in long-term growth initiatives, stick with them. People are averse to risks from major innovation and will not engage in a growth agenda unless they know you stand with them as a collective unit.
About the Author: Nicola Hamill Phillips has been a HR leader for a number of years in the Financial Services and Technology sectors. Founder of becareerdriven.com, a career advice blog and HR & Recruitment Lead for SIMUL8 Corporation. Nicola advises several organisations on performance, engagement and culture initiatives.
Don’t forget our elders can suffer in silence too: suicide prevention
Many people think that mental health and suicide are not topics that impact our elders but they could not be more wrong. The data tells us there continues to be an emerging trend when it comes to peop...
Wherever you look these days, not matter the developed country, whole population groups and peoples struggle with the daily grind of life. From children in state care to mental health, from affordable housing to the primary health system and from education to employmen...
For the last few years I have been fortunate to have been involved in the aged care sector and have seen both the lows and highs. Today we live in a world where most of us are living longer thank to more awareness around healthy living, the advancement of better medica...
You can’t go past a news paper, radio show or television news story these days without being flooded by all things Bitcoin or Crypto Currency. Some say it’s the new world of money while others suggest its all just a passing fad. Whatever your position or preference of...