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President’s Letter: The Art of Business Growth
Dear EFBC Members,
March brings with it an opportunity for introspection and reflection on our growth strategies and the health of our businesses. Recently, I had the privilege of reading an insightful article in the Harvard Business Review titled “How Fast Should Your Company Really Grow?”. It raised thought-provoking questions about the true measure of a company’s success and the implications of rapid growth on internal components such as company culture, customer relationships, innovation, and capital.
1. Right-Sizing Growth is a Vital Consideration
The article prompted me to ponder: In our pursuit of growth in revenues and profits, are we neglecting the foundational elements that truly make a company successful? Can these internal components scale effectively alongside rapid growth? As business owners and managers, it’s imperative that we consider how to “right size” growth to ensure the long-term health and sustainability of our organizations. This involves striking a delicate balance between expansion and maintaining the integrity of our company culture, talent pool, customer relationships, innovation capacity, and financial stability.
2. Crafting a Great Business Growth Strategy
What does it take to develop a great business growth strategy that aligns with the core values and capabilities of our organization? It’s about more than just chasing numbers; it’s about fostering sustainable growth that enhances the overall health and vitality of our businesses. It requires a strategic approach that takes into account market dynamics, internal resources, and long-term objectives. As we navigate the complexities of growth, let’s remember the importance of thoughtful planning, adaptability, and a commitment to excellence in all aspects of our operations.
Upcoming Events: Mark Your Calendars
- Breakfast Club: Cybersecurity – Thursday, March 21st
Join us for a collaborative workshop on Cybersecurity best practices, presented in partnership with strategic partners PSM Partners, Wintrust Financial Corporation, and our partner Alera Group. This event will equip you with valuable insights to safeguard your business against cyber threats. - Hybrid Roundtable: Demystifying Key Person Insurance – Wednesday, March 27th
Facilitated by our Strategic Partner, Marcus Newman from ALERA Group, this roundtable will shed light on the importance of Key Person Insurance in business planning. Gain a deeper understanding of its significance, costs, potential challenges, and how it can protect your business from unforeseen circumstances.
Thank you for your ongoing dedication and participation in our vibrant EFBC community. Together, we will continue to thrive and evolve in pursuit of our shared goals.
Warm Regards,
Dave Horvath
EFBC President 2023-2024