Go Slow to Grow Fast
Ready to scale your company?Of course leaders should take advantage of opportunity and momentum by ramping up production and sales when customers are eager to buy. But a recent MIT study found that 25% of high growth companies fail within six years.
Go slow to grow fast and don’t let your enthusiasm for early success cloud your vision and take your good sense on a risky or shortsighted detour. Many leaders have fallen short because they did not do the careful analysis of which strategic growth move to make when. How many businesses like Webvan, eToys and Zynga have you seen bite the dust or struggle because they tried to grow too fast?
Three High Growth Pitfalls to Avoid
Here are three high growth pitfalls you will want to avoid as you strategically grow your business:
1. Hiring Too Many Employees Too Fast
We know. You don’t want to get caught short-handed and the right talent can take a while to find. But you also don’t want to grow your workforce before you have the bandwidth to develop, engage and retain And most of all you don’t want to hire under the kind of pressure that promotes bringing sub-standard employees aboard.
Hire the right people when you need them and when you can accommodate them properly – not before.
2. Misunderstanding Who Your Customers Are
Too many high growth companies don’t really know who their ideal target customers are or how to differentiate themselves from the competition over the long haul. The early adopters may have brought you early success, but they may not be the long-term loyal customers you can count on to create profitable growth at the right trajectory.
Make sure you can identify the ideal target clients where you are most likely to win the majority of the time and what sets you apart from the competition in their eyes. Then calculate the total available market for your specific offerings to see if your growth projections make sense. Then ruthlessly focus on marketing and selling to those target customers.
3. Assuming What Worked at First Will Continue to Work
This third pitfall may be the trickiest. Too many leaders flush with success neglect the hard work of continually assessing the health of the business and making the changes needed to keep thriving. A business with a staff of 500 will need to adopt new strategies, structures, systems and technologies if it wants to grow to several thousand employees.
Prepare for growth by looking ahead and adjusting your strategy and talent management plans as needed.
The Bottom Line
Enjoy and celebrate the opportunity for high growth but don’t fall into the traps that lie in wait for leaders who grow their companies too quickly. Know your customers and what sets you apart, pace and monitor your hiring to only select top talent, and be flexible as you adjust your business strategy.
To learn more about how to go slow to grow fast, download 4 Steps to Ideal Target Client Definition to Accelerate Growth
How to Sell Value versus Price
7 Threats to a Positive Company Culture
Over the years, both at 3Com and now at Redback, I’ve found LSA Global to be a valuable resource. The recent compliance program that they delivered for Redback’s executive and management team was the right solution, of the highest of quality, and customized to our business and culture. I would highly recommend LSA to any company looking for top quality solutions.
Vice President of Human Resources
LSA exceeded all my expectations. We interviewed 7 potential training and consulting partners and selected LSA due to their expertise, flexibility, and breadth and depth of solutions. We were able to construct a management training course from the modules most appropriate to our needs, and are able to provide additional training from their well developed portfolio of experts. Our managers galvanized as a team throughout the session and are better prepared for the rigors of a competitive market.
I consistently look to LSA Global when I need custom programs put together for my client groups. I can always count on LSA to do a thorough needs analysis and to put together spectacular programs that are well received. Their management development and performance management expertise and professionalism make them one of my top-rated learning and development partners.
HR Program Manager
Harmonic has worked with LSA for over 8 years. We have found their partnership extremely beneficial. We recently implemented a Management Development Program that was designed and customized to support our company’s strategic initiative of hiring, building, and retaining key intellectual property and human talent. We worked closely with LSA to target and implement the right solutions with the greatest impact. I would recommend LSA to any company that’s looking for a trusted training and development partner.
Director of Human Resources
Our company engaged LSA to do a specialized “train the trainer” program, and the consultant’s performance outdid our exceptionally high standards for such a program. Very crucial to the success of this program was the work done upfront to discuss our needs and to interview key members of our organization so that the program specifically met our goals. Our facilitators continue to comment on the success of the program. Thanks also for the follow-up.
Chief Financial Officer
Thank you to LSA Global for their partnership and support in helping us to design and roll-out our valuable management development training program. I personally have partnered with LSA Global at four of my previous companies. It continues to be a delight working with LSA. We look forward to partnering with them at Blackhawk Networks for future training and consulting needs.
VP Human Resources
Working with LSA Global has proven to be extremely valuable and worthwhile. LSA understands our business, has deep expertise in content areas, and tailors the programs to deliver great results. The facilitator was extremely knowledgeable about Working Globally with India and her energy and passion made the session interesting, fun, and enjoyable for all that attended. The participants walked away extremely pleased along with highly useful practices and tools. I would highly recommend LSA Global to any company that has partners or offices in India.
Human Resources Business Partner
We contacted LSA to help us with customized management development. LSA worked with me to identify a solution that would meet our exact needs. We decided to start at the top and ran the program for our executive team. It was such a great success that we hope to roll it out companywide. We look forward to a long-term partnership with LSA Global and their team of experts.
Barry L. Byrd, SPHR
Human Resources Manager
I am very impressed with the quality of work and talent. LSA did a great job of listening to my needs and providing the exact management training program expertise I needed to get the job done.
Director, Business Planning & Analysis
We partnered with LSA to pilot a customized behavioral interviewing program to help ensure that we continue to hire the best and brightest as we continue to rapidly scale. LSA’s ability to understand our business and our unique culture combined with their desire to ensure that the best practices framework truly fits our performance environment and is highly adopted by our people is a real blessing. Most other firms want to just ‘give you training.’ Not LSA, they are focused on helping me hit our hiring forecasts and attract A players.
Director of Global Recruiting
We engaged LSA to design and deliver a 6-month custom executive coaching program for a group of our key leaders. The focus of the program was to help a core group of senior leaders to leverage previous investments in management training, to ensure the engagement and retention of key employees, and to push critical strategic initiatives forward. Even with the high expectations of our senior people, LSA has completely exceeded our expectations. I would recommend them to anyone looking to create and implement a custom coaching methodology using proven tools to drive true change.
Senior HR Manager - Staffing, Training, & Development
LSA provided top notch solutions right when and how we needed them. They exceeded my expectations from a speed, quality, and cost standpoint. I recommend them to anyone looking for a true business partner in the Learning and Development arena. The breadth and depth of their expertise has helped us hit tight deadlines across multiple projects.
Fortune 500 Financial Services Company
Director of Infrastructure & Technology
What a personal and professional pleasure it has been to Partner with LSA. They are truly a strategic partner with Wyse. For more than 5 years, LSA has been engaged in delivering various training and development solutions for Wyse, from custom on-site programs targeting specific core competencies, to working individually with clients to build job skills, and offering invaluable services to me and my team as we continue to build our learning programs. LSA’s representatives do more than sell a product, they offer a full service solution: they understand our business, our strategic initiatives, and the needs of our customers.
Director of HR
Here’s a token of my appreciation for ALL your efforts. I’m offering my most sincere appreciation, and it extends to all the folks who made our customized management development programs possible.
Workforce Planning Bureau
Avon’s success is dependent on strong relationships among our Customers, Representatives, Associates, and outside resources we hire to help us meet our business objectives. We were very pleased with the results from working with LSA Global to design and facilitate a custom program for our events management team. LSA demonstrated responsiveness, flexibility, and an innovative approach to working with us.
Senior Manager, HR Destiny Sales Region
Download key published insights and tools from industry experts highlighting best practices in the areas of talent, strategy and culture.
Want to know how you stack up against leading organizations? Receive a complimentary benchmarking analysis courtesy of an LSA Expert.
Get up to speed on timely solutions critical to your business. Published by LSA Experts based upon client feedback and key industry trends.
First we identify the key metrics you want to improve. Then we assemble a dedicated team of elite experts who have successfully solved similar problems with similar clients.
Stay up to do date with the latest information on how we help high growth companies align their culture and talent with strategy.
Real world consulting and training approaches from LSA projects, providing insights on how your company can outperform the competition.