Venturing into adjacent markets that are related to the core of your business is a natural act for most organizations as they grow. These invasions into adjacent market need strategy, preparation and tact. It also requires skill and infrastructure that may be unique to the market segment.
Earlier this year we expanded into an adjacent market that was lucrative. We invested in the product, partnerships and people. We also hired a leader who would lead our team and set the tone and momentum in this line of business (LOB). He was a precious catch in terms of time and effort spent on finding him, so once he agreed to come on board, I decided to invest another hour in talking to him one more time before he signed the paperwork. We discussed the organization, opportunity, role, broad strategy, and the likely pitfalls. I wanted him to sign up with his eyes wide open … He got it and I was happy.
When he started, I handed him a 30 day checklist, it is something I have done with all my direct reports ever since I first became a manager. It is a simple check sheet that enables new employees to understand the immediate priorities related to their role. It helps them to start off on the right foot and navigate through the maze and distractions that many modern corporations present.
Three days later, our new LOB leader sat in one of my weekly revenue cadence calls. This is a weekly event where members of my regional headquarter team and I speak individually with the regional sales leadership to determine the revenue, margin and profitability by region for the quarter as well as forecasts, risks, opportunities, competitive dynamics and assistance needed. The new LOB leader sat quietly through the session. Towards the end of the session, my eyes darted towards him; he was staring at me shell-shocked! It was clear to me that something was wrong, so I invited him over to my office for a chat as soon as the calls were over… Continue reading »
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