Q. I know that growth needs to be a focus for 2019, but I don’t know where to start to make sure the team are on board with this goal.
When considering growth my first question is always, ‘Why do you want to grow the portfolio?’ Be clear on this as it’s important to get the team on board.
You will then need to look at the numbers required over the 12 months. Don’t just choose 100 because it’s a nice round number. Think about what has been achieved in the past, as well as what’s available in the market. You also need to consider net growth, not just the number of new managements. There is little point spending valuable time, energy and money if the portfolio has a greater preventable loss than gains.
What activity is required to achieve this magic number? The answer then reflects on your next consideration: who will be responsible for bringing in the new business and completing this activity? Is it your existing team – and if yes, what else do they need to do each day in addition to growth? Are they the right people for the role? If not, perhaps you need to consider your recruitment strategy to bring a new business manager on board.
Whoever is responsible, it’s important that they have an incentive to reach and exceed their targets. KPI’s, incentives and accountability are all imperative to a successful growth strategy.
Of course, there is much to consider but this is a good starting point.
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