What’s Your Growth Strategy?
Randy Wolken, President & CEO
The pandemic has taken its toll on so many individuals and organizations. Many have been trying to survive each day the best that they can. However, at some point, we all need to create and execute our growth strategies. Sitting still and waiting for relief is not the right approach. Identifying a growth strategy that will work for you and your organization is essential.
Growth strategies are crucial on so many levels. They provide both the incentive and the approach to getting better, finding meaning, and achieving critical outcomes. For organizations and companies, it helps to create more value and positions the entity for future success. Before the pandemic, you and your company probably had a growth strategy you were executing. With COVID-19, you may now need to update or completely change your plan. So much has changed that just going back to what you were doing will probably not be useful or practical.
Being intentional about your growth and the organization’s growth is vital. Growth will not just happen. It must be planned for. To prepare for growth, consider your environment first. What has changed? What remains the same? What are the constraints now that will limit your growth and success? How have your resources and teams changed due to COVID-19? What has happened to your company’s markets and customers? Asking yourself and others the right questions is the first step in assessing your new environment.
Now is also an excellent time to review your assets and capabilities. These may have changed since the onset of COVID-19. A thorough review of them will help you determine what is available and what is missing to assist or limit your ability to pursue your future. You must review the opportunities and threats to your growth efforts to have a strategy that seeks the best way forward.
The right growth strategies are both visionary and practical. They are worth spending time developing. Start with the past growth strategies and update them with the changes due to COVID-19. However, be aware of the genuine need to throw out plans and adopt entirely new ones. Though this is often uncomfortable, sometimes it is critical to do so. Settling back into old strategies just because you had them before the crisis will probably not work for you or your organization.
At MACNY, we are in the process of updating our growth strategies that will take into account our abilities to deliver our services virtually. We will be prepared to grow as we provide for our members in a virtual, blended, and in-person environment. We have learned volumes during the COVID-19 crisis. We now serve thousands of individuals in member companies virtually. We are excited to grow our services and help even more companies and individuals. Outstanding growth strategies, updated to meet today’s environment and needs, will guide us as we move into the future.