Six Major Challenges while Growing
To improve the quality of life, society needs growing organizations, who continuously supply better products & better services. At the same time, growing an organization is a rewarding work but it is not an easy.
Following six challenges are encountered by all the organizations, which decide to pursue the path of growth:
|1||Building an Effective Team|
|2||Establishing Effective Communication Process|
|3||Implementing Effective Accountability System|
|4||Continuously taking significant steps towards the growth|
|5||Ensuring Cash flow ,for the growing needs|
|6||To preserve the positive work culture|
- Building an effective team :First challenge a growing organization faces is to build an effective team. It is the teams, which build & run the organization. Selecting & hiring the right team members, is an important task & lot of effort must be made for the same.
Organization needs to hire top performers who are a great fit for the organizational needs & values and who will be really enthusiastic about the project, product & services.
In the pursuit of growth, the organization needs a very effective team for ensuring the following:
– Selecting the Project
– Planning & executing the project
– Overcoming the teething problems
– Establishing the initial systems
– Effectively running the new set up
– Monitoring & achieving the project goals
- Establishing Effective Communication process :Effective communication is a very important need but ensuring the same is a great challenge in a growing organization. Three types of communications are very important:
– To enthusiastically & clearly communicate the Purpose & importance of the project to the key team members; so that there is a strong buy in for the project and they are excited about the project.
– To clearly explain the key team members about the working philosophy of the organization. They need to be clearly told about what values they should adhere while working and taking key decisions. They also need to be told about, for what the organization has the “Zero Tolerance”
– To establish clear communication channels and methodology for communication, for “top down communication” & “bottom up communication”
- Implementing effective accountability system :Implementing effective accountability is the key to the successful growth of the organization since it becomes the base of effective review mechanism. Every functional head must be clearly accountable for achieving specific outcomes which are directly linked to the organizational results. This will cover specific performance indices such as timelines, cost, savings, productivity, uptime & utilization of facilities, inventory, quality standards, safety standards, environmental standards & housekeeping standards etc.
- Continuously taking Significant Steps towards growth :In this ever changing & growing global economy, change & growth are two inter related, most important priorities for any organization. Focus on these two priorities need to be on an ongoing basis beside taking care of day to day affairs ( It is the leadership team which is responsible for developing & implementing the change & growth strategy . You may read the article which I have sent last week, for the three roles in the organization).One or two most significant steps for the growth must be pursued on an ongoing basis. It may be developing segment leading strategy for the next 2 years, finalizing a major project for expansion, timely completion of the project, developing a particular market etc.
- Ensuring cash flow for the growing needs :A growing organization needs more money than before. Ensuring adequate funds for the ongoing growth is a challenge. Since due to implementation of projects, the overall cash flow cycle is affected, therefore cash flow & needs of funds for the ongoing projects; needs to be closely monitored.
- To preserve the positive working culture :Since growing organization hires new people therefore preserving the positive culture during change & growth is a great challenge. The new team members particularly at senior level can adversely affect the culture unless & until they the top management pay special attention to this important area. While the people hired for the senior position needs to give freedom to implement their new ideas, which invariably comes because of their earlier experience but at the same time, working philosophy aligned to core organizational values.
Wishing you a magical new week, dedicated to the growth of your organization!!!