Every business demands growth, and double-digit growth is
the dream of every dedicated business owner, even when lackluster results show
up at quarter’s end.
Most entrepreneurial business owners need a guide to
navigate their way toward substantial, sustainable growth.
It can be done even in a slow economy as demonstrated by such companies as Hp, Coca Cola, Harley Davidson, Starbucks, and WalMart.
Even smaller companies have been able to make gains in revenue, gross profits and net profits.
It can be done even in a slow economy as demonstrated by such companies as Hp, Coca Cola, Harley Davidson, Starbucks, and WalMart.
Even smaller companies have been able to make gains in revenue, gross profits and net profits.
Below are 5 disciplines of sustained growth:
- Retain Your Customer Base: Keep the growth that you have already earned by coaxing customers into complex relationships that make it a hassle for them to switch to your competitor.
Tailor your
products/services using data gleaned from your customers giving you an
advantage.
Proactively managing
customer defections will help you anticipate and pre-empt them.
Bonding
with customers wherever emotion is tied to an interaction is another great
way to retain them.
- Gain Market Share at the Expense of Your Rivals: Give customers a reason to abandon a competitor’s product/service for yours.
Do what it takes to lower the switching
costs. Pulling customers away from
a competitor can be difficult, so you must devote many resources to
raiding their customer base.
Offering higher value and quality are crucial to this end. Buying a competitor is another way to do
this.
- Exploit Market Position: Show up where growth is going to happen by spotting it early. This can be done by watching the industry for shifts in buying criteria, product or service innovations, and population trends.
You must be
able to spot positioning opportunities to make the most of them by
continually using a systematic approach to the process.
- Invade Adjacent Markets: Before moving into a nearby market, decide whether it offers significant long-term growth and profitability. Determine whether you have an advantage over a competitor, and ensure you can match its standards of quality and value.
- Invest In New Lines of Business: If you take this approach, never overpay for a new line. You must find simple strategies instead of complex ones, and partner with the new business by assessing its leadership team and balance sheet.
Although a successful growth portfolio might not include all
five of these disciplines, it must contain more than one.
Only a balanced growth portfolio can keep an organization growing when the market shifts dramatically.
Only a balanced growth portfolio can keep an organization growing when the market shifts dramatically.
Wishing a happy and safe Day to all my
entrepreneurial buddies, Partners and readers.
Be careful and stay safe!
Be careful and stay safe!
No comments:
Post a Comment
Note: If Your Comment Is Irrelevant Or Inappropriate, It Will Be Removed. The Views Expressed In The Comments Do Not Necessarily Represent That Of The Owner Of The Blog. For more information see terms of use and privacy policy link. Reach 0092348033451818 for more details. Thank you for visiting.