Growth

“The reason a CEO must be resolutely committed to growth isn't for the benefits of the shareholders, but for the benefit of the workforce" - Jason Jennings

As a successful CEO and a CEO+Leadership Team Coach, I have had the privilege to work with several amazing people and teams, in boom markets and bust markets. One consistent theme with most teams regardless of market conditions is the DESIRE to grow the business.

This desire to grow their business is so common it is usually considered the minimum entry requirement to establish a successful business. Rarely do leaders dig deeper into the growth question and ask why.

There are hundreds of reasons to want to grow your business for example:

??Shareholder Expectations: Publicly traded companies face pressure from shareholders to continually grow and increase shareholder value. Growth is often seen as a key metric for assessing a company's performance and potential.

??Personal and Professional Fulfillment: For many business leaders, achieving growth represents personal and professional success. It can be deeply fulfilling to see a business thrive and expand under one's leadership.

??Market Competition: In most industries, there is intense competition. Growing faster than your competition is usually a motivating factor companies rally behind.

??Economies of Scale: Larger businesses can often achieve economies of scale, which means that the cost per unit decreases as production volume increases. This can lead to higher profits and a stronger competitive position.

??Access to Resources: Growth can provide businesses with access to more resources, including capital, talent, and technology. This can further fuel expansion and innovation.

These are all great reasons, but I was recently reading Jason Jennings’ book The High Speed Company and Jason made a simple point that resonated with me. Jason writes, “If you fail to grow, you’ll fail to create prosperity for your workers.” It is simple and sometimes overlooked, but growing companies create opportunities for their teams. Opportunities for promotion, increased responsibility, or honing their craft with the most up-to-date tools and technology are what keep team members happy and engaged in their work.

When I reflect on the high-growth teams I coach their team member retention is usually very high and team member promotions are a significant source of pride for these companies. Market conditions are tough, and growth is hard to find, but don’t let this get in your way of growing and creating new opportunities for your team.

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Thank you for reading,?

Shannon