The 7 Growth Killers
Growth Killer #5: Strategic Deficiency
by Tim Kinney, Strategic Growth Planner W e’ve covered four unique
growth killers in this INCAST series so far. Moving forward,
the next set of growth killers are similar in that they each focus on a deficiency or weakness that many companies have which limits their ability to grow profitably. The first of the set is strategic deficiency.
Quite simply, a strategic deficiency
is best defined as when a company wants to grow, but doesn’t know how. That is, a company’s leadership has identified growth as an objective, but lacks the strategic horsepower to achieve the objective. Why does this happen?
There are a number of reasons. In some cases, the concept of strategy is over glorified. The word itself carries cultural weight – images of chess masters, deep thinkers, military generals, or corporate takeover mavens come to mind. So, company managers become intimidated and devalue their own strategic assets in comparison.
More often than not, smaller teams
don’t necessarily lack the brainpower; they simply lack the time to devote to strategy. Let’s face it; most of us are focused on the day-to-day management of the business. Or, some companies are fortunate enough that growth isn’t an objective to be achieved; it is simply a by-product of a successful operation or market timing. So, growth strategy wasn’t necessary.
Other times, a company may
actually have a strategy but doesn’t recognize it, they haven’t named it or reflected on it, but it is there as an underlying organizing principle. Of course, in some rare cases, a company
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does not employ or contract longer-term thinkers who can synthesize multiple data points into a unifying idea.
Strategic Deficiency Is Dangerous to Your Top & Bottom Line So, strategic deficiency may result
from several different sources. But is it bad? Does it really matter? If yours is one of the fortunate few where luck consistently drives company growth, then it probably doesn’t matter. For the rest of us, lack of a growth strategy is problematic. Why? For starters, a strategic deficiency leads to other deficiencies:
• Lack of focus / lack of prioritization. Without a strategy, determining what is most important is more difficult and fosters shiny object syndrome where every new thing seems like the best solution.
• Lack a decision framework. Ultimately, growing a business is about choices. A defined strategy helps leaders make better decisions. Choices that are on strategy are most often the best.
• Lack of control. A strategy helps you control your own destiny. Otherwise, you play at the mercy of the market letting your competitors or customers control you.
Ultimately, all of these deficiencies
result in wasted resources. A well- defined growth strategy not only improves your chances of success, it is much more efficient. Imagine what you could accomplish if all of your resources were aligned toward a common goal.
Over the past 28 years, Tim Kinney has helped companies generate hundreds of millions in new growth. He is the Vice President of Accident & Health Marketing for Sirius Group, a global reinsurance company. Tim is also a writer, trainer and consultant specializing in strategic growth planning. He is the editor of the blog Growth Monitor Weekly and recently produced an online course, “How To Build Your Growth Strategy.” His book, the Growth Strategist’s Guidebook, is available on
Amazon.com.
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