Opinion by Thought Leaders
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Growth and Scaling Downfalls – Part III

 

In the previous post “Growth and scaling downfalls-Part 2” we discussed human capital aspects of a scaling project. The next topic on the scaling preparation “to do” list is strategy.

Though strategy is understood to be a vital part of any business project, when it comes to scaling and growth, it takes an entirely more fluid role: both macro and micro strategy have to be substantially more adaptive and flexible.

Macro strategy

Though the term is more widely used in financial industry, it similarly applies to the concept of business strategy at large. For this discussion “Macro Strategy” is to be understood as the “general strategy” that defines the overall approach based on organizational philosophy, culture, goals and methodology. In context of growth and scaling, “Macro Strategy” similarly refers to general organizational approach both in theory and practices as how to approach any given project.

So, why does it matter?

Essentially, the macro strategy will dictate the overall approach through the lens of organizational mindset; which includes factors such as cultural, social, structure and flexibility. It can also be shaped by outside factor such as target market, brand perception as well as industry specific norms and standards.                                                                        

For instance, an organization that is dead set on market domination is less likely to be deterred by its competitor’s abilities, approach or resources. Hence, the Macro strategy may have an oversized impact on the initial planning of growth and scaling.

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Growth and Scaling Downfalls – Part II

 

In the previous post “Growth and scaling downfalls” we discussed human capital aspects of a growth project. The next topic on the scaling preparation “to do” list is financial resources.

It goes without saying that pre-planning for financial resources needed to meet scaling goals is not only essential for obvious reasons, but it also important in contributing to both tactical as well strategic decision making.

Who?

So, who should be involved? Granted that there many different methods, it stands to reason that such determination should be a “top down” approach, as in starting with the project manager. Additional team members should include project sponsor, member of operations management as well as finance. Of course, it is understood that the CFO (used here generically to refer to the leadership of the financial division) had to be involved in the initial SOP creation for such projects.

How?

The mechanics of a budget creation are certainly widely known and not a subject of this discussion, however there are couple of points worth mentioning:

• Realistic budgeting: one of the rather common issues in budgeting for growth is the ability to understand the nature of such project. It is extremely vital to understand that unlike other projects, the uncertainties in growth and scaling dictate building a larger margin of errors into the budget.

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Why CIOs Need to Prioritize Their Resources for the Business

 

Priority alignment: this should be a focus of any CIO looking to grow a business. Indeed, the adaptive CIO must set clearly-defined roles for each branch of the department, especially important as it pertains to the role of CIO vs. IT manager. In essence, CIOs need to be focused on helping the CEO with the company's strategy and let their IT managers handle the back-office work.   As CIO puts it, the IT department has to help the business make more money; as CIO, you must remained focused on the business rather than concerning yourself with providing the computer, the network or the server. This is what the IT Manager's role is, and you're paying him/her handsomely to do that. By clearly defining those roles and sticking to them: this is the only effective way to grow a business. Otherwise, resources are wasted, not to mention time and money.

The Path to Alignment

Sure, digital transformation has begun placing more and more demands on the CIO position -- a role that has undergone am impactful shift over the years from maintaining a stable portfolio of back-office technology to crafting ways that technology can bring in more money for the company's bottom line. But progress has been slow.   For many years, CIOs worked toward a goal of closely coordinating IT projects and overall strategy with business processes, with a recent Public CIO survey saying that executives still report IT-business alignment as their #1 IT management concern.   A shift is afoot. Another survey -- Deloitte's 2019 Global CIO Survey -- revealed that the two top expectations for CIOs are, in this order, to:

  • Align with the business
  • Transform business processes
  • Achieve IT operational excellence

Based on these findings, experts say the two kinds of CIOs needed in the future include a “business co-creator” CIO who devotes a majority of his or her time to driving business strategy or encouraging change, and a "change instigator" who acts as a leader in technology-enabled business transformation.

Still, the CIO is always at a perpetual inflection point, spinning plates in the air, as they face opposing functional and strategic priorities. On one hand, CIOs are called upon to be more active in all business decisions, as competition demands more transformative, innovative solutions for clients and customers. On the other hand, IT is responsible for maintaining most of the functional yet essential aspects of tech strategy, such as security and data management. Just one wrong step, like a data breach, and it's game over.

The plates the CIOs are spinning are getting greater in number yet faster and smaller in size. How can CIOs and IT manager stay in their respective lanes in order to properly grow the business?

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Growth and Scaling Downfalls – Part I

Many of us have either been part of a “growth and scaling” project or have led such efforts. We all have some battle stories of what worked and what didn’t; yet we hardly ever hear about the preparation that goes into a successful “growth and scaling” project. In this series, I will address several of more important considerations and factors.

The Beginning

Scaling and growth both as principal as well as in practice are simply a function of evolution: a given organization reaches some specific benchmark that leads to a need to grow the business. Those benchmark can be as objective as following a road-map that specifies steps or as subjective as the executive team deciding it is time. Without exploring the details of the decision making, let’s look at one of the most fundamental factors: The Team.

The Evolution

Even without extensive business experience, logic simply dictates that growing or scaling a business can only be successful when the said business has the resources, i.e. human capital and financial means. To keep the discussion on point, I will forgo discussing the bootstrap version of this topic. 

Human capital or the team that is going to be in the front line of those growth/scaling efforts needs to be able to execute the directives that are designed to stimulate and augment the overall growth path. In order to do so some basics, have to be in place:

• Quantity: the team size has to be realistically feasible in relations to the workload

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Keeping Your Goals in Focus

 

Eyes on the prize: this is the mantra of many leaders in business. This laser focus commitment to goals is certainly noble, certainly something to aspire to. But in reality, it can be quite difficult to keep those goals front of mind, especially when you're trying to lead a company fraught with distractions at every turn. You're likely confronted with many choices every single day: bottom line vs. company direction, sales vs. strategy. Sometimes the two can coexist. Sometimes they can't. So how can you keep your goals for success in focus as the leader of your organization?

Persistence

Self-doubt. Negative thoughts that stifle creativity. Lack of change despite efforts. All of these things can creep in and threaten your ability to remain focused on the end goal. But even when your goals seem out of reach, the key is to stay motivated. Try these strategies:

  • Surround yourself with positive people. Feeding your soul with positivity surrounded by those who only have your best interests at heart can bolster your resolve and lift you up. Brainstorm. Ask for opinions. As a result, you may find a solution you never realized was right in front of you. Isolation can be the biggest road block to goals of success.
  • Keep the big picture in your crosshairs. When your attention sways to the daily minutiae of company operations, your focus on the end game can shift all too easily. Sometimes just having a big sticky note or picture of your goal in front of your face all day, every day, can serve as the reminder you need to stay on track, says Entrepreneur. We all need to be re-energized every now and then.
  • Reach out for help. If you're stuck in a rut, don't be too proud as to fail to ask for help. Go to your boss, a manager or a mentor. It doesn't always have to be someone above you. Just the act of reaching out can bring a new light to your dilemma and open the door you need to step forward.

Perseverance

If you, like everyone else on the planet, has ever developed a goal and then failed, you probably know the crushing defeat you feel. Sometimes you even forget what your goals are. You may even get frustrated, feeling that your plans failed you. However, it's actually the other way around. Every goal set is achievable; it's usually the person setting the goal that gives up on it mid-way. The goal setting is the easy part. Even the implementation is easy. It's the follow-through that gets most people by the throat.

Distraction isn't taboo. It's normal. Embrace it, know it will happen, then do all you can to avoid it. Try these strategies to persevering even in the face of the apathy that can creep in so slowly you don't even know it's there until it's sapped you of your will to reach your goals.

  • Narrow down your goals: If you find yourself losing focus too easily, it could be that you're over-burdening yourself. Instead of setting a checklist of lofty goals, stick with between one and three. Don't even think of other goals until you can check those off. Reaching your full vision on two goals is much more effective than making partial progress on five goals that never see a resolution.
  • Compile a vision board: This is essentially a collection of pictures and images that represent your goals and dreams. Designed to help you more clearly visualize your end goals, a vision board can inspire you to take consistent action, points out Business Insider. It can also remind you of your goals every day when you glance at the board, so put it in a prominent place in order to reinforce your goals daily.
  • Break down your goals into manageable chunks: One overwhelming goal can actually distance you from the vision. Instead of setting one large goal, break it up into several small ones that you can check off after you've achieved them. This will reduce the chances of discouragement and procrastination. Taking a breather in between can bolster your confidence and inspire you to go on.
  • Track results: How can you know if you're getting closer to your goal if you don't track results? Identify one to two performance metrics and review them daily or weekly, whatever works for you. View them as a connection to your end goal -- a weathervane of guidance, if you will. Use these metrics to stay on track or adjust your plan as needed.

The crux of any goal is to create a set of action plans, followed by immediate action to keep positive momentum moving forward. Success can only come about by persistence, perseverance, and consistent follow-through.

 
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