Four Tough Pills to Swallow for Growth
You hired a strategic consultant to help make some much-needed changes in your company. Now, it is time to get the ball rolling.
While your head might be ready to make those adjustments, your heart might be throwing a bit of a tantrum. Constructive criticism can be difficult to digest when you feel protective of the teams and systems you have worked so hard to put in place. Even if the recommended changes are completely rational, some might surprise you while others insult you.
But after the initial sting, you will soon realize that being open to criticism makes you a stronger leader. Deep down, you know that you hired a consultant because your business is not reaching its full potential. In order to implement the changes that will encourage your business to grow and thrive, you need to open yourself up, listen, and really take part in tough conversations.
Find the Silver Lining
Let us take a look at some of the toughest pills that a strategic consultant might prescribe you and consider why (and how) you should swallow them with a smile.
- “You need to revamp your team.”
Criticisms about your team can be the hardest ones to accept. You might love the members of your team like family. They have stuck with you through good times and bad and have helped you build your company from the ground up.
But in many cases, personal attachments to team members can blind leaders from seeing the dysfunctions that are actually holding the company in a rut.
It is important to look clearly at the skills and experience of your team members. Ask yourself, “Who do I need today to take my company to the next level?” Goodbyes are always hard, but it is better to say them now than after your business has collapsed.
- “You need to pivot your product strategy.”
Many leaders founded their companies based on a great idea. Subsequently, they are so married to this idea that they avoid revising their product strategy when necessary.
The saddest thing I have witnessed is when founders realize this strategy problem too late. For example, we once had a client come to us with Google-sized aspirations, but the company had been hemorrhaging cash for the past several quarters. Unfortunately, it was far too late to make the crucial changes in the product strategy.
To avoid this dreadful situation, do not delay. Instead, complete the tough work now to ensure your business model is healthy.
- “You need to focus.”
Many entrepreneurs have so many ideas on the drawing board that they struggle to properly execute any of them. The ideas might be phenomenal, but without focus, they will never graduate from the brainstorming stage into a living product. The office will forever be a maze of half-finished plans and good intentions — and frustrations for everyone.
If your strategic consultant comes to you with this criticism, do not start backpedaling with excuses. Instead, go against your natural instincts and thank them.
While being told to focus might make you initially feel constrained and less entrepreneurial, that discomfort will soon ease once you see what a little focus does to your chosen idea. Move forward by pinning down what this focus looks like for your company, and then keep tabs on new ideas and ventures so they do not go astray.
- “You need more structure.”
Sometimes, observing how a company operates is like watching kids play soccer. Everyone is running for the ball, and no one is executing against a clearly defined role. The result is a messy game in which goals are random and someone is bound to get hurt.
A lack of structure in a company can be just as damaging as a bad idea. When departments are not communicating or collaborating, everyone moves forward without a clear purpose.
If this is the problem your team faces, there are many ways you can start bringing structure into your operations. From regular conversations between teammates to clear, shared documentation, adding structure helps team members stay accountable by giving them distinctly defined roles, priorities, and goals.
Know in your head — and heart — why you are inviting a strategic consultant into your company, and understand what your goals are for the process. If you really want to push your company to new heights, you need to be willing to embrace and find value in these tough conversations.
Categories Digital, Innovation, Leadership, Operations, Strategy
With the wealth of articles and how-to guides available online, it would seem that almost anyone with a modest budget could run a successful marketing campaign. Unfortunately, many of these resources repeat outdated—and sometimes just plain misguided—information. Familiarize yourself with these five marketing myths to make sure you avoid these common missteps.
Categories Branding, Marketing
- “Just make it pretty.”
Visual aesthetics should enhance your marketing efforts, not define them. After all, you can design the world’s most beautiful advertisement—which may capture the attention of potential clients—but if you do not deliver clear information identifying the value of your products and services, customers will be quick to move on to competitors who can demonstrate these benefits.
- “We don’t need a marketing plan.”
You wouldn’t drive blindfolded, would you? Launching a marketing campaign without a plan can be just as reckless. Too often, companies invest significant sums of money into campaigns that miss the mark. Perhaps they failed to reach their target demographic or did not realize that the competition was offering comparable products at a fraction of the cost. A solid marketing plan contains all the information you need to understand the factors affecting your business’s ability to operate effectively in the marketplace and to maximize ROI.
- “Let’s just build the product (or service) first.”
If you build it, they will come. Or will they? Startups are prone to the misconception that all they need is a great idea and a consumer base will develop all on its own. Once again, we’re back to driving blind. Market research needs to happen before a product hits the production room floor. The alternative—assuming there is a market for your latest goods and that you already have an innate understanding of this market’s desires—can lead to disappointing returns.
- “Don’t waste time on messaging. Let’s just get out there.”
Your message is the bridge between your product and your customers. Without it, the two will have a hard time reaching each other. In inbound marketing, your message provides an opportunity to appeal to your target market’s particular wants and needs. It helps potential customers answer the question, “What’s in it for me?”
- “We have to include every feature and benefit in our materials.”
Sometimes, less is more. Your customers are busy and already bombarded with a flood of advertisements. If you want to make a lasting impression, you’ll have to be clear and concise. Highlight only the most important features of your product or service. Design your sales pitch so it can be absorbed in a split-second. Chances are, that’s as much time as you’ll have to convince a prospective buyer. You can provide more information after you’ve generated the lead.