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According to Goldman Sachs, the global annual GDP growth rate is predicted to be 2.6%, so the economic stage in 2024 looks like it will be a bullish stage, which should excite leaders expecting happy profits. It should be. However, keep in mind that growth and scaling are not necessarily synonymous. Having unrealistic expectations regarding the latter can hinder the outcome of the former.
The simple fact is that the vast majority of companies do not have unlimited expansion capabilities. At some point, rapid and unbridled growth can disrupt operations and logistics, upending your vision, brand, and broader intentions.
At EOS Worldwide, we have a cultural ethos that everyone should fight for the greater good, and this is reflected in our core values, focus and marketing strategies. Everyone moves forward because of shared vision and care. The results will be far reaching. Team members feel empowered because they believe in their purpose and know they have been uniquely chosen. As a result, scaling happens naturally.
Related: 7 ways to scale your startup or business
Solid Foundation – Vision
One important consideration to avoid overextension is certainly determining what pace is uniquely suitable for you, but it’s also important that your vision is more than words. is.
Start by documenting a “North Star” concept that will be embraced today, tomorrow, and well into the future. Make it immediately compelling, clear, and resonate with everyone on your team. For example, if some staff members’ behaviors are not aligned, vision training may not be enough. This is a very important step as it can be frustrating when you start scaling.
Also keep in mind that effectively instilling a vision is not cheap. This means investing money, time, and energy, and you may have to sacrifice some efficiency in the process.After all, there is something innate about it. inefficiency Because moving toward shared goals requires making room for creativity and exploration.
Vision must also be protected. This sets your core values, so it’s important to avoid bending or breaking them to achieve your expanding ambitions. For example, one of our core values is “doing the right thing.” It sounds deceptively simple, but we’re committed to following another core principle: helping first. This means training your team to give without expecting anything in return. Again, this isn’t always efficient, but it keeps you grounded and consistent.
Related: Core Values: What they are, why they matter, and how to put them into practice now.
Yes, we are still expanding, but we have no intention of sacrificing our purpose or straying outside of our niche or core competencies. As a result, our 10-year growth goals are achievable. Because this goal has enough dynamic tension to keep everyone growing toward the ambitious goal, and at the same time has just the right amount of “giving” power to keep this challenge from crushing everyone. is.
Is your company lost in its efforts to scale without limits? Then consider taking the following steps.
1. Crush large “rocks” into small “rocks”
You probably already have goals for 1, 3, and 10 years. Perfect, but to make sure you’re moving in a stable and manageable direction, my suggestion is to create what EOS Worldwide calls a 90-Day World™ and the individual “locks” (goals) within it. is to create something similar to . This is a structure specifically designed to mark each quarter’s contribution to annual goals, and it has resulted in measurable and significant success.
Your version might include providing all team members with a weekly scorecard that includes key tasks to meet 90-day expectations. Therefore, it is the manager’s responsibility to ensure that employees are achieving their scorecard numbers and making progress toward their personal and company goals. This process prevents an organization from expanding too quickly because it is a form of reverse engineering that starts with a broader vision. Anything that doesn’t align with that mission focus (like a new product line) won’t be added out of the blue.
2. Make sure it’s the right combination
Every person has two roles at work. The role we play now and the role we will play in the future. However, you can’t simply scale massively and run dozens of promotions a year. Otherwise, your team will feel overwhelmed and unprepared.
Therefore, employees must be given the ability, time, and energy they need to grow. For example, let’s say you created a responsibility table that projects the staff knowledge and expertise you’ll need in one or three years. Can your current team execute effectively? Do they have the capacity and resources?
Knowing the answers to these questions early means you can prepare accordingly. This may or may not include team reorganization. A 2021 Pew Research Center survey found that an astonishing 63% of workers are ready to leave their employer due to a lack of advancement opportunities. This means that if you hire the wrong person and don’t get the promotion, you owe it to them to find a way to upskill or say goodbye in a respectful and responsible way that aligns with your vision.
Related: Builders and Boosters — A leader’s guide to building resilient teams
3. Evolving culture organically
Another pitfall of scaling too quickly is not maintaining a positive culture. To avoid forced or vulnerable atmospheric shocks during robust growth, it is critical to treat corporate culture with intention and patience.
Consider Starbucks and its expansion challenges, which are partially detailed in this Branding Strategy Insider article. Although the company is now a powerhouse, it has hit the limits of its growth. After slow growth for the first few decades, the company reached an inflection point where it was adding more than 200 locations per year. As former CEO Howard Schultz explains in his 2012 book: Forward: How Starbucks fought for its life without losing its soul (Rodale Books), their business expanded so quickly that they were no longer able to serve their customers properly. Their people are no longer able to create or control their desired experiences, and their culture is damaged. Fortunately, the colossus, which now boasts over 35,000 locations, realized this early on and righted the ship.
Related: 3 ways to invest in coffee other than drinking it
Infinite scaling may sound like a shortcut to profitability, but it’s a unicorn’s dream. Don’t fall for that temptation. Instead, plan for growth based on vision, people, and culture. That way you can operate with thoughtful restraint and run into fewer avoidable problems.
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