How to Grow your Company

Growth strategyEscriben Laurence Capron y Will Mitchell en Chief, recogido en la web de CEDE–How do you grow your company? There are generally three ways: 1. Building on your internal resources (funding innovations, running product development teams); 2. Borrowing from others by making licensing or alliance agreements; or 3. Buying your way in by acquiring other companies.

Put like that, it sounds deceptively simple, but it’s not. Few businesses recognize how difficult it is to choose wisely among even a limited number of options. They skip this critical step and emphasize execution. In fact, research shows that companies can excel at execution and still fail because they choose the wrong mode of development. For instance, they may spend considerable resources on internal development programs, when, actually, they should have been looking outward to catch new trends and acquire new talent and skills.

The Implementation Trap

When attempts to grow falter, the common response is simply to try harder. In doing so, executives fall into the “implementation trap,” whereby they work doggedly to perfect the wrong course of action. They invest in learning how to manage a specific mode of growth and continue refining what they have come to revere as “best practices” attained through their experience with that mode.

It’s tempting for firms and executives to repeat what has worked in the past—to reproduce across each project what they have rigorously developed through learning by doing, repetition and training. Unfortunately, the implementation trap is a deadly one.

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