Leadership Lessons from CVS Health: Applying Corporate Strategies to Startups
In my role at CVS Health, I had the unique opportunity to lead the
marketing team for Clinical Trial Services, an innovative startup within a
well-established corporation. This dual perspective has given me invaluable
insights into the intersection of startup agility and corporate discipline,
allowing me to drive results for both types of organizations. Today, I want to
share some of these leadership lessons and explore how they can be applied to
startups in healthcare and technology.
Insights from CVS Health
At CVS Health, leadership was rooted in a few core principles:
Team Collaboration
Collaboration was at the heart of our operations. Regular cross-functional meetings ensured that all departments were aligned and working towards common goals. This level of coordination is essential for startups, where every team member's contribution can significantly impact the overall success, especially if there are only 1 or 2 additional team members (or agencies) in small startups.
Data-Driven Decision Making
We relied heavily on data to guide our strategies and decisions. This approach ensured that our initiatives were grounded in reality and could be adjusted based on measurable outcomes. Startups can benefit from adopting a similar data-driven mindset, using analytics to refine their products and strategies continuously. As a startup, its not always easy to access the right data, more on that later in the post.
Customer-Centric Approach
Understanding and prioritizing the needs of our customers was paramount. By focusing on delivering exceptional customer experiences, we were able to build strong, lasting relationships. Startups should prioritize customer feedback and adapt their offerings to meet evolving demands, fostering loyalty and trust. I have recently had the same conversation with multiple clients: “did you ask your customers?” It is a simple question, but one that is easily forgotten in the crazy day-to-day.
Applying Corporate Strategies to Startups
Adapting these corporate strategies to a startup environment requires a balance of flexibility and structure. Here are some practical ways to implement these principles in your startup:
Flexible Collaboration
While maintaining regular team meetings, encourage open communication and adaptability. Startups thrive on innovation, so creating an environment where ideas can be freely exchanged and tested is crucial.
Lean Data Utilization
Startups often lack the extensive resources of larger corporations, but this doesn't mean they can't be data-driven. Utilize cost-effective tools and platforms, such as AI and social media, to gather and analyze data, making informed decisions without breaking the bank.
Agile Customer Feedback Loops
Implement quick and iterative feedback loops with your customers. Use surveys, social media interactions, and direct communication to gather insights and adjust your offerings promptly.
Focusing on Core KPIs and a Single Strategy
One of the biggest challenges for startups is the temptation to "do it all." The tendency to throw spaghetti at the wall and see what sticks can lead to a lack of focus and diluted efforts. As a startup founder myself, I understand the drive to explore every opportunity. However, it's crucial to focus on core KPIs and a single strategy that aligns with your mission.
At BE Total Solutions, my goal is to help leaders grow giants – to be the best they can be and drive results for their organizations. All my efforts are directed towards this single mission. By concentrating on core competencies and key performance indicators, you can ensure that every piece of your strategy fits together to drive towards your overarching goal.
Bridging the Gap: Startup Agility Meets Corporate Discipline
One of the most rewarding aspects of my career has been finding the balance between the agility of startups and the discipline of established corporations. Here are some key practices that have helped me bridge this gap:
Embrace Change
Startups must be ready to pivot based on market demands and opportunities. I think I’m the odd-one-out…I love change. I love the exhilaration and the creating of something new. But I also recognize that change (and especially the frequent pivoting required by startups) can cause frustration and anxiety. It is equally important to maintain a level of discipline to ensure these changes are strategic and beneficial – and not just a change with the wind.
Structured Innovation
Encourage innovation within a structured framework. Allocate time and resources for experimental projects, but set clear objectives and review points to measure success and make necessary adjustments.
Scalable Processes
Implement processes that are scalable. While startups need to be agile, having scalable processes in place ensures that growth can be managed effectively as the organization expands.
Challenges and Solutions
Applying corporate strategies to startups isn't without its challenges. Here are some common obstacles and how to overcome them:
Resource Constraints
Startups often operate with limited resources. Prioritize initiatives that offer the highest ROI and leverage partnerships to extend capabilities.
Purposeful Culture
The culture in startups can be vastly different from that in corporations. It is also something that is forgotten, but we all know the phrase “culture eats strategy for breakfast.” Meaning that whether or not you plan an intention culture, one will form. You want it to be the right cuturle for your organization. Foster a culture of openness and adaptability, ensuring that corporate strategies are tailored to fit the startup's unique environment.
Resistance to Change
Change can be daunting, especially for teams used to a certain way of operating. Lead by example and communicate the benefits of new strategies clearly to gain buy-in from your team.
Conclusion
The intersection of startup agility and corporate discipline can drive extraordinary results. By adapting leadership lessons from established corporations like CVS Health, startups can navigate challenges and achieve sustainable growth. Remember to focus on core KPIs and a single strategy that aligns with your mission. I invite you to reflect on these insights and share your experiences in the comments below. Let's foster a community of learning and growth together.