Companies experiencing rapid growth have often clinched product-market fit. Yet, securing product-market fit and rapid growth is not an overnight phenomenon. Most fast-growth companies are not startups. They have been in business for more than 5 years. Their CEOs are focused on what they want to accomplish. They work harder and are more confident than their counterparts.
Fast growing companies are often quick to pivot. They work with partners that meet their strategic needs and are not averse to switching vendors or brands if they are no longer a fit. Successful leaders of fast-growing companies are intentional about each phase of growth. They are not reactionary. They take the time to pause and think, to avoid falling into the vortex of rapid growth.
The Role of the CEO
When companies stall, it is often a result of leadership myopia. It is when leaders are so focused on the day-to-day operations that they don’t see what is happening in the world around them.
Some CEOs are better than others when it comes to seizing opportunities. They are effective at connecting with their peers to share ideas and strategies and leverage those ideas with ideas generated within their company. They promote an environment of continuous learning and growth.
Where Good Ideas Come
Growing a business is not easy. According to Steven Johnson in “Where Good Ideas Come” most great ideas are the result of several people’s ideas interacting many times. CEOs of fast-growing companies spend over a third of their time outside the office engaging, collaborating, and learning. One efficient way of collecting ideas and collaborating with peers is through CxO Exchanges which bring together non-competitive, like-minded, forward-thinking executives. Exchanges provide a place where executives can get solutions to the tough challenges of growing companies. They offer a confidential sounding board where new ideas can percolate. They can both energize and motivate leaders to greater performance.
Trying to tackle the challenges of growing a company alone is ineffective. Get out and meet with other experienced executives who are open to sharing ideas and perspectives. Leverage that knowledge to avoid pitfalls and develop strategies to successfully grow your company to the next level.
ArtScience Group is a boutique consulting company that provides executive coaching, executive exchanges and team facilitation. Learn more at www.artsciencegroup.com