Quantum Leap to Grow Your Business (Part One)
For a business to grow successfully and realise its full potential, it needs to take ‘quantum leaps’ throughout its life cycle.
A business often starts with a great idea and the first quantum leap is realising that idea by starting up a company.
Let’s look at an example of a small business, in the start-up phase, with a minimal workforce, a few key customers and basic finance and administration support.
More action than planning exists at this stage of the business lifecycle. In order to move the business to the next stage, a quantum leap is required.
This leap needs to be driven by the company vision and usually involves growing sales and customer base to improve market position.
The next quantum leap is probably the hardest, because everything you established in the past will be questioned and tested.
How to take the leap
In the example of our small business, to make the leap and grow to a small to medium enterprise (SME) the business needs:
- A strong company vision
- Strategic planning
- A passionate, driven leader
- Quality employees
- Refined processes and procedures
- Consistency in delivery
- Working capital.
Above all, a business needs courage to take a quantum leap.
While a new direction can be seen as an exciting opportunity, it can also be daunting.
It’s at this stage that change management becomes an important part of the process.
Imagine the faces of staff, who knew what they were doing, being told that their world is about to change.
As a leader, one of the most important factors in successfully making a quantum leap is to take your staff on the journey with you.
You can do this by answering their questions – How do we get from A to B? How will we know what path to take? What does each step look like?
Amazing things can happen, but there will also be challenges to be faced one by one and conquered, in order to move forward.
Remember to harness group energy and make it fun.
People are the most important asset of any business, so it’s critical to the future success of the business that staff are willing to challenge their perspectives and take that quantum leap.
With each quantum leap, consolidation must follow in order to imbed the new state into the existing structure.
Consolidation provides stability and helps prepare the business for the next stage of growth.
In my next blog I’ll explain what factors drive the timing of quantum leaps, and give some examples of leading companies and their successful quantum leaps.
In the meantime, I’d love to hear your thoughts about whether you’ve taken quantum leaps in your business, and how this turned out.
Barbara Ould is a Client Director in the Melbourne office of Vantage Performance, Australia’s leading turnaround management and profit improvement firm – solving complex problems for businesses experiencing major change.