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The 7 Ingredients You Need for Growth

Post by Jerry Baker on Aug 12, 2015

When you think about business growth, what comes to mind? Growth is good, businesses either grow or die. Growth when properly managed is essential to every business. There is plenty of opportunity in any market for growth. Go for it, take advantage of it, and have a plan to do it. Stretch yourself. Take on big challenges and goals – BHAG’s – that will excite you and the rest of the team. These 7 ingredients for growth have worked well in all industries:

  1. Anything – yes anything – can be achieved one-step at a time. This is an important one. You can reach or achieve any goal when you keep it as simple as possible. Shoot high but keep your focus on the immediate milestone ahead. Don’t get ahead of yourself.
  1. That’s why thinking outside the box, without constraints, can open up immense possibilities. You may have seen ways to do things you hadn’t seen before. It is always important to open your mind up to how something can be achieved if there was nothing in the way. Then figure out how to do it.
  1. The key is recognizing and committing to the steps required to realize an important goal. Too often we dream big but fall short on execution. What are the next steps that must be done to move closer to reaching the goal? That is the most important action to focus on first. Get it done and then move on to the next one . . . one next step at a time.
  1. It is essential to have a definitive plan for each step of the way. Without a plan – the key steps to achieving your goal – you will likely not reach your goal. The plan should be in writing. When you see it in writing you will likely not miss a critical step that could have been forgotten. PLUS, you get everyone on the team to see where you going, offer suggestions and be held accountable for their piece of the plan.
  1. Aim for a BHAG several years ahead that really stirs you and the team, BUT execute the plan in 90-day increments, with a time horizon that stretches no more than 180-days. You want to achieve something that is big enough that you can become excited about; even passionate about it. If you can be focused on the smaller steps you and the whole team can be energize by your intermediate “wins”.
  1. An immense goal can energize your whole team, give them a reason to belong, create a sense of accomplishment and greater job security, and help secure everyone’s commitment for the effort required. When you get the whole team excited and energized by a big goal it is a win for everyone. Don't forget to recognize short-term wins and celebrate individual and collective performance.
  1. It is usually – under most circumstances – better to grow in a defined market than a broad geographic area. It will enhance your brand and give everyone on the team greater confidence in what is being achieved. You can jump from one state to another and miss the advantage of creating a real impact in one market. Have the critical mass to make a meaningful impact - something to keep in mind when you are growing.

Anything can be achieved, BUT make sure you have a plan that details the actions required, one-step at a time, and you will make it.


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Jerry Baker

Jerry Baker

Jerry Baker joined Building Champions as a CEO Mentor in 2009. He has experienced the impact of coaching firsthand as a client and corporate partner of Building Champions. He most recently served as CEO, President and member of the Board of Directors of First Horizon National Corporation and First Tennessee Bank.

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