The key to maintaining growth at an enterprise level is the ability to continue to adapt and think differently to your competitors. Just because the business has grown and there are more staff, doesn’t mean you have to lose the essence of a start-up. Think of the likes of Google, Facebook etc. OK yes they are obvious examples, but you only have to take a look around the HQs to notice that the true essence of how they run their business is the thought process of a start-up.
So here we give our top tips on how to maintain momentum in a large organisation to achieve successful growth:
1. Financial Planning
This is our first point for a reason, with bigger companies comes bigger budgets. They are essential for continuing growth, especially if you want to stay ahead of your competitors. Make sure you have a strong financial team in place, and a team that can say no when needed. You don’t need yes people in your finance team, you need people that understand all the tiny details of your finances and when and when you can’t afford to spend company budgets.
2. Managing Leadership
As a leader in your business, your role is to set the direction of your business. It is therefore important that you framework a managerial team that will mould and shape the business to your specification. Recruitment here is essential, people with past success and understanding of these roles will help to define your business. Managing a team is an art and therefore having the right team in place to spark creativity and inspiration into your workforce is essential. Therefore make sure you invest in training when needed.
People are the lifeblood of your business, with large companies it can be easy (and not surprisingly) to forget people’s names and with new recruits happening frequently this isn’t a surprise. However, make sure you try to know as many people as possible. Make sure you have the right amount of people in each team. Surround yourself with people who can bring excellent skills to the table. Also make sure you have a solid Human Resources team to help keep on top of all staff issues, you as the business leader certainly don’t have time for these.
4. Creative Marketing
One thing small businesses often do well, is creative marketing, they have no constraints or sign off processes and they can quickly jump on the back of the news agenda and stories in the media. It is unlikely that a company of your size will be able to do this, however, that doesn’t mean you can’t be creative. You have the luxury of big budgets, and with big budgets can come some incredibly creative ideas. So make sure you have a marketing team and creative agency that nurtures that. Having office space and senior management that inspire creativity will also help with this too. Don’t think that just because you are a large corporate you can’t be creative (Coca Cola is the perfect example!)
This goes without saying, but make sure your business plans are all set and agreed for a minimum of a year. As a large organisation it is likely that your planning will encompass a minimum of five years to continue with the growth you have had to date, but make sure that you review these plans regularly with your management team so to keep on track for growth.
What has your business done to allow continual growth?