The rapid pace of change and growth that today’s companies are experiencing is profoundly different than prior times of exponential growth. New technologies—ranging from the Internet, to e-commerce, to mobile— have increased access to global markets, collaboration, and data that were previously unknown or unattainable. Anaplan CEO Fred Laluyaux recently joined Gary Simon, Managing Editor at UK-based financial news outlet FSN, for a discussion around managing the challenges that are associated with hyper-growth and hyper-change.
When growth is happening at a rapid pace, the business pressures can be felt across the company. To cope, more and more organizations are shifting the way they plan, and fundamentally changing the way they make decisions. To stay agile, forward-looking companies are taking a hard look at the effectiveness and efficiency of the systems they have in place. Laluyaux pointed out that executives want to have trust in the decisions that are made, and confidence that those decisions will be property executed. Having lean, streamlined systems in place allows for greater insights and the ability to make decisions that are driven by accurate, relevant data.
Is it easier for small, nimble startup companies to put efficient systems in place, or do larger, more experienced enterprises have an advantage? Simon posed that question to Laluyaux as, “What size company might fare better during a time of hyper-growth large, or small?” Laluyaux responded by pointing out that no matter what, during times of change at any organization the leadership team is key. The size of the company becomes irrelevant during hyper-growth, he mentioned, thanks to two factors that are leveling the business field today, cloud and capital:
- The Cloud: The cloud opens up access to best-in-class tools that previously were only available to large companies, drastically changing the way small companies can do business.
- Capital: Small companies today are also able to raise incredible amounts of capital, allowing for both innovation and sustained growth.
Whether the company is small or large, times of rapid change and growth create stress, so how can today’s companies survive in an ever-changing environment? To help manage the challenges, companies should modify their planning in three key ways:
- Plan better: Remove data from silos and implement the right tools to enable cross-company collaboration and accuracy of data and reporting.
- Plan faster: Reduce sales planning cycles and incorporate rolling reforecasting to increase their speed.
- Plan across: Connect planning across all functions of the company. Ideally, sales, finance, operations, and HR would all be involved in the planning process.
Watch the webinar on-demand to hear more thoughts on managing hyper-growth and hyper-change. Is your company experiencing hyper-growth? Let us know the strategies that you are using to manage the changes in a comment below.