Having worked in a Fortune 500 company for a decade and having large corporations as clients, I have observed how successful large corporations succeed in growing at high double-digit growth rates. It is a combination of things they do that gives these outcomes.
- A vision with measurable goals for leadership to emulate is enunciated. An example of such a vision is $x billion by 2025. There is no ambiguity in this goal. It is measurable, too, and sets a clear objective.
- Business strategy plans are regularly reviewed every three or four years. Organization restructuring and process changes are made to improve efficiency and provide strategic direction and focus areas. The plans, direction, and focus areas are aligned to meet customer needs. Process changes, leadership is re-shuffled, people not fitting in the revised strategy are quietly released, and new people are inducted.
- New business models are added, and old ones are shed. All these changes seek to maintain the company’s competitive edge and fulfill customer needs.
The above-listed three actions are implemented seamlessly. The changes do raise some change issues. The changes are implemented with determination and resistance from individuals handled without compromise.
I have deliberately not shared details to maintain client and company confidentiality. Leaders can take their cues from these points and bring strategic alignments to their companies to achieve and sustain competitive advantage.