One Year: Analyzing 2 Companies’ Growth
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Cheryl Beth Kuchler is President of Ballantree Consulting Corp., and the Founder of CEO Think Tank®. She has over 25 years of experience with leading strategic change initiatives, coaching executives, and more. Today, Bill and Cheryl do a growth analysis between two companies; one that went through a typical growth trajectory, and another that was able to grow to $10 million in profits within a year.
Cheryl discusses the difference between the two companies. One was a design company in the Manhattan area; they came on as her clients in the summer of 2014. The other company was an aerospace company that focused on helicopter maintenance and repair as well as leasing/flight services. They came on board October of 2014. Both companies were similar in size in terms of profit.
Neither company had worked with a business coach before, but both were eager to grow and expand their businesses. Despite both companies being in a different industry, they each took similar paths that lead them to grow so successfully.
Each company faced dynamic industry shifts; the design company facing a competitor like Amazon, and the aerospace company facing challenges from oil going through a significant recession. When companies are faced with such significant market dynamics, it’s imperative that leadership becomes a main focus. In this case Cheryl helped ensure the right people were in the right seats to level up the leadership team.
Leadership plays such an important role within a company, but many people hire fast and fire slow. It can be difficult firing members of your leadership team, but you have to think about the health of the overall company.
Cheryl had one company who stayed with their current, but unaligned, leadership team, and another who made the tough decision to fire and replace their leadership members. So, who grew quicker? You can probably guess, the one that was willing to make those tough firing decisions was able to see their profits increase by $10 million within the first year.
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Scaling Up is the best-selling book, by Verne Harnish and the team at Gazelles, on how the fastest growing companies succeed where so many others fail. My name is Bill Gallagher with Humanisteq Coaching and I’m one of the Gazelles business coaches. We help leadership teams to get the 4 Decisions around People, Strategy, Execution, and Cash right so that they can Scale Up successfully and beat the odds of business growth success. Our 4 Decisions are all part of the Rockefeller Habits 2.0 (from the original best-selling business book, Mastering the Rockefeller Habits).