Following up with our last discussion about the challenges that face companies in their goal to sustain innovation and continue to move the company forward, we will now discuss how effectively managing your company’s growth portfolio will help to avoid the problems discussed in our last article. A clearly focused company growth portfolio will give the company direction and keep all members of the team in tune, from the company executives, right down to the individual team members.
Growth Portfolio Management
We will first discuss what a growth portfolio should contain. An extensive growth portfolio will contain a number of projects that are aimed at cost reduction, expanding into new markets, new products, and so forth. Having items such as these in your company’s growth portfolio is a great start, but the important thing to keep track of is how well each of these projects are performing in relation to achieving your company’s desired business outcomes.
Carefully selecting which project to pursue at the right moment is what separates the great business managers from the ones that ultimately fail. Choosing the right combination of projects that increase ROI, increase market share, and are ultimately sustainable is the key to successful growth portfolio management.
Keeping your management and team members focused on the execution of the projects in your portfolio is the second piece of the puzzle. Ensuring that your company has a clear view of what the business goals of the company are will allow the individual team members to better understand where they fit into the big picture of things.
Visit us again next week when we discuss how to handle individual challenges to a successful growth campaign for your company: How to Avoid Missing the Mark.
Dr. Carol Pletcher, former Chief Innovation Officer, Cargill, has played an integral part in the company’s new product development process. She was responsible for developing six new product lines aimed at technology roadmapping with special emphasis on new product planning, food safety and quality assurance. Dr. Pletcher has been recognized by BusinessWeek as one of its Top 25 Innovation Champions.
