To truly describe TEC’s presentation of Build to Grow: How to Achieve 10X Growth in Your Business, I pulled out the dictionary AND thesaurus. Effulgent, defined as shining forth brilliantly, is a truly apt description of the panel discussion enjoyed by a full house on Monday, May 7, at the Vancouver Club.
Moderator Neil Belenkie, CEO of the GrowthPoint Group, set the stage by establishing that to grow a business 10x, you need to have a strategy rather than relying on vision alone. Vision is so integral to keeping a business on track and true to a leader’s ideal. A strategy is truly the bridge that carries a company across a chasm to what panelist Ken MacLeod, TEC Canada Chair and President of MacLeod Consulting, referred to as the “painted picture.”
Each panelist found that, in different ways, a part of their strategy was people. Teresa Coady, TEC Member and President of B+H Bunting Coady, discussed the pioneering Integrated Design Process (IDP) to “totally rethink” how to design buildings. In this process, people not normally asked to advise architects (landscape designers, building operators, bankers) were invited to be part of the discussion. Through this process Coady and her team “began to understand the whole business and then the model needed to develop the whole company was obvious.” Broadening the scope and engaging your team helps to illuminate your growth strategy.
Panelist Bob Meggy, TEC Member and President & CEO of the Great Little Box Company, definitely identifies people as a key driver to growth. His company prides itself on open book management, sharing their financials with employees and profit sharing. Meggy explains that the result is that employees appreciate the company’s success and growth is in everybody’s interests because everyone benefits.
But what if your team doesn’t have the right people or the right people in the right positions? MacLeod spoke on inheriting a company with a team coming from a corporate culture that had been around for 25 to 30 years. Realizing the culture was hampering the company’s competitive advantage, MacLeod achieved buy-in from the management team to ensure their teams were going to be held accountable to the specific goals that drove the corporation. Succinctly put, “it is all about creating growth, revenue and market share,” which may mean reorganizing your team or changing your hiring process.
Alexander Fernandes, President, CEO, Chairman, and Co-Founder of Avigilon, currently finds his organization growing by two to three people per week which places importance on corporate culture. A proponent of being active in replacing individuals that are not meeting objectives and fitting in culturally, Fernandes understands that “negativity and a negative work environment isn’t good for the company, customers and shareholders.”
Your team can shape your process, product, organization and growth. Explore how you employ your people to help you achieve 10x growth in your business.