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Executive Coaching

Is Business Formulaic?

By Mike Myatt, Chief Strategy Officer, N2growth

You can either engineer your business by design or let it evolve by default.

You can either engineer your business by design or let it evolve by default. While the choice is clearly up to you I would strongly suggest the former over the latter. Creating a formulaic approach to business is not only logical, but it is without question the best practices approach. Some would argue that business is very fluid and that too much structure stifles creativity and entrepreneurialism. While the previous theory makes a good sound-bite, it has been my experience that those executives who use it as their mantra don't foster creativity, they create chaos and disruption. It is never a question of whether structure and process work, but a question of whether it was designed, implemented and managed properly. Moreover a well engineered formulaic approach to business does not exclude creativity, it stresses innovation as a key component. A structure built with sound underlying business logic not only enhances creativity and an entrepreneurial spirit, it accelerates it. I have always subscribed to creating a formulaic approach to business.

I developed the following formula for corporate success almost 20 years ago and whenever I have been able to apply it good things have happened:

Vision (Integrity + Quality + Innovation + Focus)
Great Talent (Process + Accountability)

If you attempt to solve the aforementioned equation you will find that the answer equals sustainable, profitable growth. You will also note that the variables contained in the equation strongly mirror the topics that I most frequently write about. This is no coincidence, but rather a strong indication of how important I believe these key success metrics to be. Success doesn't just happen by osmosis and it doesn't just happen because you work hard. Rather success is created through a combination of planned, purpose driven, consistent and intelligent efforts.

The formula referenced above will allow you to create brand equity, recruit and retain talented employees, create a positive and productive corporate culture, maintain a competitive edge, increase customer lifecycle value and generate sustainable revenue and margin growth. Don't sacrifice what could be by settling for a haphazard approach to business?-Engineer your business process through best practices design.

Mike Myatt serves as the Managing Director and Chief Strategy Officer at N2growth, the leading venture growth consultancy in the US. He is also the author and moderator of the N2growth Blog. You can reach Mr. Myatt by Phone: 800-944-GoN2 (4662); E-Mail: info@n2growth.com ; or Online: www.n2growth.com

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