The EY 7 Drivers of Growth is a tried, tested and trusted framework that helps enable leaders to assess their business, build resilience and refine or completely re-imagine their growth strategy. This framework has been used extensively by EY to develop strategic plans for leading organizations and family businesses in Sri Lanka. The framework directs the focus on key issues in the business and helps in developing a strategic road map that would help grow and reshape the future of the business based on leading practices that inspires innovation.
EY has studied the growth journeys of thousands of EY Entrepreneur of The Year™ finalists and winners, as well as other market-leading businesses spanning across all industries and geographies, to understand the capabilities they built to drive growth at each stage of their lifecycle. EY has taken that knowledge and created this framework which assesses the company across 7 critical drivers to help devise growth plans and facilitate strategy discussions to help re-imagine the future of the business.
Consulting Leader Arjuna Herath commenting on the EY 7 Drivers of Growth framework states “it is a framework that helps enable ambitious leaders to think differently about their businesses and help deliver their growth strategy. We have been able to help enable businesses to build and align their capabilities with their growth strategy. In today’s disruptive world, realizing ambition and growing the business is an exciting challenge. The 7 Drivers of Growth will help enable businesses to unlock the full potential and realize ambition, faster.”
Manager – Business Consulting Rodney Fernando elaborating on the EY 7 Drivers of Growth framework states, “when most businesses think about strategy, they think about how to manage people, systems and processes to deliver customer value and growth. However, we’ve learned through our research and work with the world’s leading private enterprises – in different market conditions –that the companies most successful at futureproofing their businesses are those who look at a broad set of capabilities and balance their investments in time, money and energy, as they adapt, transform and grow. This broader view has helped them to sustain their high growth.”
Turn strategy into action
The EY 7 Drivers of Growth supports business leaders to think differently about the enablers of growth. Our research shows that the 7 critical Drivers that help enable sustainable growth in a company are Customer, People, Technology, Operations, Finance, Transactions and Risk. Using the EY 7 Drivers of Growth framework, leaders can:
Self-assess the maturity of capabilities within the organization across each of the 7 Drivers, identifying where the business is today and where it needs to be in the next two to three years to achieve the desired goals; Identify gaps across the 7 Drivers and select actions leaders can take to address them, inspired by the practices of leading businesses around the world; Prioritize the actions selected, set deadlines and assign resources to create a plan that will help the business execute the strategy
Assess the business using the tried, tested and trusted framework
EY teams have inspired thousands of ambitious leaders to think differently about how to deliver their strategy, by helping enable leaders to self-assess their business using the 7 Drivers. Behind each of the growth, drivers are built maturity models which mirror the growth journey of successful companies, and that helps enable EY clients to investigate each growth aspect during their self-assessments. Therefore, using the EY 7 Drivers of Growth framework, leaders will assess the current capabilities against the practices and growth journeys of leading businesses, exploring issues such as:
Increasing the value of the customer base, Creating a high-performing team and culture, Exploiting the opportunities created through technology, Optimizing operations, Building a finance function capable of acting as a strategic advisor, Achieving powerful strategic alliances, partnerships and acquisitions, Balancing risk appetite with risk management.
Unlock full potential
Conducting an EY 7 Drivers of Growth workshop will allow business leaders to understand what are the capabilities that are required to take the business to the next level to build resilience, and also to build an actionable blueprint to successfully drive sustainable growth. Also, having these workshops with the entire leadership team allows hearing different perspectives and innovative ideas from the team, as well as gain full alignment around the plan — a critical step to successfully deliver the business strategy. EY 7 Drivers of Growth framework will help enable:
Assess the current capabilities relative to the future aspirations, Gain insight into the practices of market-leading businesses, Clarify your strategic priorities, opportunities and challenges, Build an action plan to help achieve the next level of success, Achieve consensus among the leadership team about the future of the business and how to get there, Validate and refine the business strategy
The outcomes at the end of EY 7 Drivers of Growth framework facilitated strategy activity are as follows: A current state of assessment of the business capabilities and identification of aspired future state across the 7 Drivers, A clear understanding of the growth opportunities and future challenges, An enhanced growth strategy and a pragmatic action plan, prioritized to strategic needs, to help enable the business to achieve the next level of success.
Protect your business and navigate uncertainty
Herath in conclusion stated that “we continue to see that the businesses who struggle most when economies decline are the ones who limit their focus to the short term. The most successful businesses don’t lose sight of their mid-to long-term priorities — they continue to invest in areas they know will be critical for their future.” he went on to state “during economic and political uncertainty, business planning has never been more important, and delivering against these plans are critical. The 7 Drivers can support leaders to navigate uncertainty, protect their position and sustain growth.”