Business Growth Strategies Mckinsey – How to think about growth and innovation in your organization? Focus on what is now, what is new and what is existing in your strategic planning. Free slide decks in PowerPoint and Google Slides formats. introduction
Wondering where your business will grow in the coming years? Maybe you’ve heard of McKinsey’s three-tiered strategy framework, maybe not.
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In any case, this is one of the most effective ways to think about growth for almost any company. The Three Tier Framework is a strategic tool based on organizational psychology and decision science that helps leaders understand which opportunities will have the greatest impact on innovation in their company and how to achieve them.
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It’s a relatively simple model that has a lot to do with how our companies think about growth and finding new opportunities to grow their businesses.
The basic idea behind this strategic framework is that companies have three stages of growth: short term, near term and long term. The pattern is manifested for the first time
Each of these levels represents an opportunity to grow your business by increasing revenue, increasing profits or attracting new customers.
The bottom line is that companies that can focus all their efforts at once are more likely to succeed.
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The problem is that when companies get caught up in their day-to-day operations, it’s easy to focus on one or two of these aspects.
It is important to have a strategy for growing your business. But how do you start?
The 3H growth framework can be a useful guide for your entire company, or at least your team, to think about different opportunities for growth and innovation. To get the most out of the 3H framework, leaders should make it a priority to share this thinking with their teams across their business.
The first level of growth focuses on near-term impact and the core business. Here you’ll find the low-hanging fruit that can generate quick income and boost your company’s bottom line.
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For example, you can increase your sales by targeting new customers with products that you currently sell or in your existing market. You can also increase growth by reducing costs and increasing efficiency. When thinking about this growth horizon, it is important to understand where you are starting from. Whether it’s revenue, profitability or another metric, take a hard look at your current business metrics and discover the low-hanging fruit that can give you an immediate boost.
Once you’ve done this, you can focus your team’s energy on tackling the low-hanging fruit and start seeing results quickly. Horizon 2: Where to invest for growth in the near term (2-5 years)
The second layer of growth is to start investing in long-term growth initiatives. This may mean investing in new products or services, expanding into new markets, or investing in new business models. Some of these initiatives may take a while to show up in your company’s metrics, but they will be important to long-term growth.
When you start thinking about this growth horizon, consider where your business is. It might make sense for you to start looking outside of your current market to find new customers for your business. This may be a good time to start focusing on specific product lines that have seen growth but are still below expectations. Horizon 3: A place to focus on long-term growth and future opportunities (5+ years).
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To be successful in this area, you need to think about how your company’s products and services are used by customers, what the broader needs of customers are, and where new technologies will have the greatest impact.
You’ll want to invest in initiatives that will have a long-term impact on your business, such as finding new ways to connect with customers or expanding into new markets. Technologies that will have a significant impact in the coming years, such as artificial intelligence, blockchain and robotics, may be good areas to focus on in this growth horizon. What is the key to success at each stage? Focus on the now, the new and the next
According to a 2019 HBR article by Steve Blank, today’s world is more dynamic and no longer confined to three time horizons. In particular, Horizon 3 innovation disrupts the status quo much faster than expected, especially when time constraints are no longer limited by time.
Today, with all the advances in technology, Tier 3 innovations can be implemented as quickly as Tier 1 projects in existing product lines.
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McKinseys three-tiered growth framework is an effective innovation strategy tool that helps companies think about different growth opportunities and where to focus for maximum impact.
The first level of growth focuses on immediate results, the second level is short-term growth, and the third level is long-term growth.
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In 2011, I joined an international MBA. As a law student, an MBA was a quick way to change direction.
I wanted a career in business (as an entrepreneur and not as a manager). I wanted to quickly find a career to move to the US (I’m from Italy).
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Fast forward to 2013 and after completing my MBA, I was hired as an analyst specializing in corporate finance and business strategy after completing my MBA in California.
However, instead of becoming an entrepreneur, I had to follow a certain career path and wait a few years to advance in a series of linear steps, like in the military.
Four years into my MBA and three years into my new life in California. The career path I took in the MBA was not very pleasant for me.
That’s why I didn’t join MBA. So I resigned, went back to Italy and started my own digital business (a lot happened in between, like moving to New York for a few months, but I’ll skip that part for now because it’s short).
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I thought a lot of what I learned in business school was very useful for a linear corporate career path.
They weren’t very useful to me as a digital entrepreneur. So I had to go back to learning on my own, experimenting a lot, and learning a lot of new things from scratch in the process.
To make things more interesting, I also joined a high-tech startup in 2016 and still lead the Enterprise division.
This is a true journey into the business world, a collection of resources you’ve learned the hard way over the years to help you thrive in the uncertain business world.
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FW is not a quick business education for its own sake; This is the smallest dose of business education that leads to action rather than paralysis;
This is the first independent study, the product of thousands of hours of analysis, research and critical thinking.
The name might fool you into thinking you can learn everything there is to know in four weeks.
Instead, the idea is to start a journey where you can learn and apply advanced business concepts in the real world in a matter of weeks.
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Personally, it took me years to master some of the concepts I’ve written about in this blog, and that transition often involved forgetting things that were no longer relevant or never existed.
The real world is full of context. Things that work in the situation won’t work or worse, will be destructive in the new situation and environment.
This is why I try to remain agnostic. There are many tools, frameworks and methodologies you can use, but each one needs to be evaluated against your existing environment.
But what is important is the process. It helps to quickly understand the context, so the process is still there.
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When in 2015