Too often, organizations bring in outside firms to develop their growth strategies — resulting in a smart plan without the motivation, skills, and resources to get it done. Instead, the author argues, organizations should involve all stakeholders — including those who will need to execute the growth strategy — in its conception and development.
Too often, organizations bring in outside firms to help, resulting in a smart plan but not the necessary means to execute it.
Unfortunately, too often, firms embark on growth strategies by having a consulting firm or an internal strategy team collect data, analyze markets and competitors, and then work with senior leaders on a growth plan, after which people are simply given their marching orders. With this approach, managers and teams that were not involved in the creation of the strategy often don’t fully understand it, may not agree with it, or may not have the skills to do what’s needed.
To cut through the ambiguity, Caplan realized that he would need three things: better data; views of people from across the company, including those who were closest to the customers; and an objective, external perspective on the addressable market. He also felt strongly that these three elements would need to be integrated, not by him alone, but by people from across Payoneer who would be responsible for acting on whatever strategy emerged.
For example, one of the strategy ideas was to provide hyper-local customer care by using in-country vendors who understand local business and cultural contexts to support customers in their own language and time zone. Early on, the team picked one country in which to try this approach so that they would learn how it worked — and how best to manage the vendors — before expanding to other countries.
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