You are in the exciting part of the S-curve and now is time where your future market share will be determined. You need to be able to act quick and dump the (legacy) systems that hamper your ability to respond a hyper speed to new opportunities to expand your market share.
Here are seven tips from a CEO, who rode a fast growth wave came out ahead.
- Sell first and ask questions later. Capture as many new customers as possible — while making sure that you can actually deliver the promised products and services.
- Don’t worry about your business model. It doesn’t have to be perfect at the outset, You can refine it as you go along.
- Don’t try too hard to innovate. You must understand the technological trends in your business, but your focus should be on the systems and solutions critical to your growing customer base, not on the strategic implications of future killer apps.
- Organize like McDonald’s. Standardized organizational structures, technologies, and business processes allow your people to hit the ground running in new markets.
- Push decisions out to the front line. You simply can’t afford decision paralysis during a fast growth phase. Ceding operational decisions to those who have to deliver the performance saves time, triggers entrepreneurial behavior, and may even raise the quality of job candidates.
- Foster a can-do culture. Action-oriented companies — where people move on quickly from solutions that aren’t working, communicate freely, and don’t fear failure — will do best during fast growth
- To foster such a culture, reward people for their successes and for implementing new ideas.