Growing Your Business Made Scarily Easy
So you’re a Business Owner, Decision Maker and/or an Entrepreneur.
Your business is doing well but you recognize that for you to grow to the next level, you will need a team (of experts in various disciplines, ready and willing to help you reach and exceed your business goals, and communicated through one voice)… What you are looking for is a “Growth Team”.
A Growth Teams responsibility is to expand the value of, and customer base for your brand and services. In other words, they are responsible for the movement of consumers into and out of your product or service. You’ll benefit from having a team that is data-driven, product-focused, and responsible for conversions at every point in the funnel. Growth Teams are key to helping your brand identify and discover the best tactics and channels for your businesses sustainable growth.
Recognizing the need to grow (change) is one thing but actually creating/executing a plan and building a team around it can seem like an intimidating and daunting task. According to a study done by The Cornerstone Group, the success rate of business change initiatives continues to hover around 30%.
When approaching the prospect of a Growth Team, it is utterly important to find or designate an Executive Champion. An Executive Champion acts as your point and main go to person for all of your concerns and needs. He/She will possess enough knowledge in each area they are working on with you, enough to extract valuable insights without having to rely on a specialist or another team member in any particular area to produce the information needed. Initially, they’ll help you figure out if now is the time to start your growth strategy, what that strategy should be, and who should be a part of the team. A great Executive Champion will help you clearly define each person’s role and figure out accountability early on, making sure there is a strong alignment in goals.
Your Growth Team will also be responsible for (but not limited to) the following:
- Brainstorming and prioritizing ideas that align with your strategic goals and objectives.
- Managing, delegating, collaborating and executing projects, goals and objectives.
- Identifying your core customer, clear brand promise and best ways to communicate it to them (Channel and social media expert’s) for the purposes of increasing engagement and revenue.
- Creating a scalable and repeatable method for growth along with a business development strategy, driven by products/services and inspired by data.
- Analyzing test results, iterating, and re-testing. Identifying large and small trends and turning them into actionable insights.
- Introducing ways to work smarter including everything from time management to the introduction of growth platforms, products and services.
- Alignment – (Increased clarity and accountability), Acceleration – (Develop a unique selling position and position your brand as a market leader), and Strategy – (Based on analytics and data).
Questions to Consider:
- Are you frustrated by the endless list of tasks that seem to never get completed?
- Do you struggle to identify credible resources and tools that can help you and your business grow?
- Would you benefit from having the input, advice and support of other experienced business leaders and experts?
- Would you benefit from having access to proven methodologies that can help you smoothly transition from one initiative to the next?
- Would you benefit from an accountability partner and a sound board for your rawest ideas and challenges?
You’ll want to assess whether your business or service is ready to compete (There is a product/market fit) or if you need a team to help you reach a competitive level (product/market fit). In both cases, you may then want to begin considering:
- What areas of your business do you need the most help in? Decide what functions of your business would be best run by experts.
- Who will, could or would be the Executive Champion of your growth team? Why?
- How should you structure the team? Should you invest in an already intact team or build a team?
- What are my long-term goals for my growth team?