Extruder Die: This “output” represents your financial results. Fast-moving, high-quality output is like top-line growth and profitability. Feed Hopper: These are market-facing innovation projects supported by customer insight. Drive Screw: This is the work needed to transform the feed into high-value products, done by skilled, focused people.
The only way to get better extruder die output is to focus on the feed hopper input and drive screw horsepower. Watching the extruder die is just a spectator sport. Which is precisely what you’re engaged in during financial reviews. Wouldn’t you rather be in a participant sport? Then go to your feed hopper, and work on new products customers will love. See 2-minute video, Extend your time horizon.
More in article, B2B Organic Growth: 8 top lessons for leaders.
Be it chess or golf, champions know they must train. A striking difference between business leaders and rock climbers is that the former often think they can reach the top without proper training. Imagine showing up at the base of El Capitan with recliner-chair abs, the wrong gear, and no climbing skills. Ridiculous? What about businesses that proclaim double-digit growth plans year after year, but do nothing to prepare for their climb? A good start is acquiring business-wide training and tools for market-facing innovation. (See 2-minute video, Build your growth capabilities.)
More in article, New Product Training: Time to Build Growth Muscles
Here are your choices: 1) quality upgrades, 2) productivity gains, 3) cost cutting, 4) sales training, 5) customer intimacy, 6) global expansion, 7) acquisitions, and 8) market-facing innovation. There’s only one correct answer and it’s #8: market-facing innovation. The others may be fine initiatives, but they won’t deliver growth that is rapid, profitable and (especially) sustainable. Not so sure about that?
More in article, Is it time for a growth capability diagnostic assessment?