Business Growth Strategies
How to Scale During Rapid Growth
Different times and different challenges call for different leadership skills. One of the great challenges a company faces is rapid growth and expansion. While periods of rapid growth lead to excitement about the possibilities ahead, that excitement is often accompanied by anxiety about how to actually scale processes to meet increased demand.
It’s a hard business truth that the people who got a fast-growing company to where it is now may not be the right people to take the company to the next level. If business growth experts are not steering the ship during this transition period, it can limit expansion or even lead to the company’s downfall.
Before accelerating forward, companies should pause and take stock of their capabilities. A leadership assessment helps you determine the best skills, background, and resources needed to scale the business to the next level. Many organizations look to an interim executive to serve alongside the management team, helping to put the needed infrastructure and business growth plan in place. An interim also will assess multiple business growth strategies and be a partner to the team making those a reality whether mergers and acquisitions, new market opportunities, international expansion, or increasing consumer demand.
Growth Strategies to Scale Your Business
Every business owner wants to achieve rapid growth. However, once this goal is achieved, much work remains ahead. The axiom that all businesses “must grow or die” is an oversimplification, but in an increasingly crowded and dynamic marketplace, most companies can ill afford to leave new opportunities on the table.
At the same time, growth that is implemented aggressively, without a roadmap, can lead to a business taking on too much, too quickly. Scaling growth must therefore be undertaken strategically. Bigger, by itself, is not necessarily better. Not all growth is created equal.
Common areas where businesses must scale during a rapid growth cycle include:
- Operations and manufacturing processes
- Marketing strategies and programs
- Technology platform selection
- Technology processes
- IT management and system integration
- Security protocols
- Data disaster recovery planning
Interim executives with expertise in rapid business growth can help organizations that are embarking on a business transition, quickly growing, or experiencing growing pains that accompany expansion. Having a strategic plan to scale growth will save organizations time, resources, and money in the long run. And seizing current opportunities could provide a competitive advantage for years to come.
The Value of an Interim Executive During Growth Transitions
Growth is change, and change is never easy. But organizations now have access to on-demand leadership that has a proven track record of scaling up growing companies while thriving under the pressure of change.
Evolving a company to keep pace with increased demands requires having the right people and processes in place. What worked in the past may not work in the future. Companies frequently have to upgrade their management teams as they grow. Managers who operated effectively at one level of revenue, technology, or operations sometimes aren’t suited to operate effectively at higher levels.
Interim executives guide organizations that require new leadership during a time of growth-oriented change. Interims can be mobilized in a matter of days to develop and implement a scalable business growth strategy.
Companies that require new leadership or a clear business growth strategy can draw on executive leadership from across the C-suite:
- An Interim CEO or Temporary CEO can step in to assess the organization, create a strong roadmap for the future, and then determine the makeup of the long-term, permanent hire to run the company at a new growth stage.
- An Interim CIO can upgrade technology or identify new technologies that could support and speed company growth. From an SAP implementation to an outsourcing project, they are focused on creating greater internal efficiency.
- An Interim COO can look at the entire cycle, from creating a product or service to delivering it to a customer. Whether improving the manufacturing process or making sure clear controls and procedures are put in place, they are completely zeroed in on operational excellence.
- An Interim or Fractional CFO can help ensure accurate and timely financial reporting. Especially when new investors are brought into the mix, an interim CFO can make sure financial data is driving good decision making.
- An Interim CMO will bring a fresh perspective on brand awareness and the perception of the marketplace. Everything from social media outreach, to a PR plan, to materials to support the sales team will drive further company growth.
Sensitive to the fact that rapid growth comes with a sense of urgency, the interim executive quickly assesses the company’s situation and growth goals. They explore data and gather information through discussions with management, staff, and relevant stakeholders. They ask, “What’s working? Where is the organization falling flat? What areas of improvement can quickly be tackled?” They also listen carefully to those who have helped get the company to where it currently is.
Unlike a consulting firm that hands over a long report that lacks actionable strategy, an interim executive does the work. They crystalize a plan, create a clear roadmap, take action, and accept accountability. Along the way, they may also train or mentor a team that will keep the organization moving forward once the interim’s job is done.
InterimExecs’ RED Team: The Best Business Growth Experts
InterimExecs’ RED Team is the on-call SWAT team for owners, investors, private equity funds, and board members who see big challenges and opportunities within their company. We only choose to work with interims who are the best at what they do in their respective fields. They’re ready to deploy at a moment’s notice, into the most challenging of circumstances, to achieve the mission at hand. Only the top 2% of candidates across specialties gain InterimExecs RED Team status.
If you’re a quickly growing company that needs growth leadership — but aren’t sure where to begin — we offer a free evaluation to understand your goals and see if an interim can help. After that, if we believe a great match can be made between your company and an executive, we will make one or more recommendations.
Ready to talk about your business and how great leadership can take you to the next level? Call 1-847-849-2800 or Contact InterimExecs.