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The GROWTH Formula
The GROWTH Formula is an easy-to-understand model that sets out what you need to master to build a truly successful, profitable, and enjoyable business. Whilst the model is easy to understand, implementing and then mastering all aspects underlying the model will take time, commitment, and discipline.
You don’t need to get everything done at once. Start by working with your coach to help you identify and focus on one or two areas from the GROWTH Formula that will have the biggest positive impact on your business in the shortest time.
Applying the GROWTH Formula to your business is best illustrated by Jim Collins’ Flywheel concept which is set out in his book Good to Great, and now in more detail in his 2019 monograph, Turning the Flywheel. Through his research he identified companies who were able to transform themselves from good companies to great companies by outperforming the market for 15 consecutive years. These companies did not do this with just a single defining action, or a grand program, or a killer innovation.
FOCUSED ON :
- Purpose
- Core Values
- Strategy
FOCUSED ON
Leading Self
FOCUSED ON :
- Team Structure
- Team Health
- Leading Teams
FOCUSED ON :
- Execution
- Marketing Engine
- Sales Management
- Profit & Cash Optimisation
- Business Processes
Rather, the transformation was a function of turning a giant flywheel, which he describes as follows: “Pushing with great effort you get the flywheel to inch forward, you keep pushing and you get the flywheel to complete one turn. You don’t stop; You keep pushing the flywheel, so it moves a bit faster, two turns, four turns then eight. With more and more turns at some point there is a breakthrough and the flywheel flies forward with almost unstoppable momentum.”
By applying the flywheel principle to your business, you get the power of what Jim Collins calls strategic compounding. Each aspect of the GROWTH Formula implemented builds upon your previous effort, which if supremely well executed will compound one upon another to build unstoppable momentum and competitive advantage.
With this in mind let’s look at how the GROWTH Formula works.
The GROWTH Formula has four components:
- You the Leader: this is about your effectiveness as a leader. The success of your business is directly proportional to your capabilities as a leader
- Setting Direction: this is about disciplined thinking and having the clarity on where you are taking your business too, and ensuring everyone in the business is clear and aligned around this direction
- Winning Team: your business is bigger than just you. To build a successful business, you need a talented and engaged team of people.
- Operational Excellence: this is about disciplined action to ensure everything is working in your business to allow it to grow without drama.
To help you understand how to use each of these 4 components to remove friction and momentum to the flywheel of your business, click on any of the pulsing icons in the diagram below to look at each element in more detail.
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