Recently, a close colleague contacted me as he helps senior management teams unlock the value in their company. He also serves on boards of Directors and builds advisory Boards as business development engines. Over the years he has collected case studies that involve both successes and failures. In collecting more for a possible book on the subject of ‘how to and how not to’ grow a company, he asked if I have a opinion or two.
I have found that a good practice is to find those rare people who are excellent at what they do but can also teach and manage others regarding their responsibilities, and as increased business alows, you can “rise the tide,” hiring enthusiastic impressionable people under them as your business grows. It is essentially an apprentice-like model that capitalizes on optimal talent, setting a precedent and replicating that talent. This works particularly well in sales. But I only know examples of this at the small, local level.
However, another model that I’ve seen at one of my clients (American Express) is the cross-promotion of loyal talent across business-lines. I’ve now met dozens of wonderful people who have worked there for years there while leapfrogging between many departments, improving intra-communication and inherently increasing internal knowledge. I can only assume this has become a significant factor to American Express’ growth and success.
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