(By Mgt Tip)

Assign your best, most experienced general managers to lead growth initiatives. They have the necessary internal networks and understand the company’s values and culture.

3 Ways to Support a Growth Initiative

All too often senior leaders see managing today’s earnings as their main job and don’t spend enough time on the pursuit of long-term growth. It’s important for all executives to nurture “internal start-ups,” clusters within the organisation that help deliver both earnings and growth. Here’s how:

  • Create the conditions. Make earnings and growth equally important top priorities. Work to remove cultural impediments such as risk aversion and the notion that any kind of failure is bad.

  • Choose the right team leaders. Assign your best, most experienced general managers to lead growth initiatives. They have the necessary internal networks and understand the company’s values and culture.

  • Fund the ventures. Create funds for financing new ventures separate from the company’s annual budget process. Tie funding to milestones with realistic time frames.

(Source: HarvardBusinessReview)

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