- November 8, 2016
- Posted by: toperunsewe
- Category: Business plans, Finance & accounting, Innovation
The need to stay competitive, to foster creativity and innovation, to encourage career advancement among top management, to build your brand, to respond to the challenge of overseas expansion, to strengthen the balance sheet, and to better leverage your portfolio of intellectual property may all be problems your business is facing. Having the right growth strategy will solve many of these problems, if it is properly formulated and implemented.” Most business starters often make the following assumptions/ misconception in pursuit of growth, for instance….
- You must be first to market to win the game: This is often wrong, wrong and wrong. Many companies now recognize that “best beats first.”
- Growth is the result of a conscious choice: Product success or industry demands can force growth on a company before it is prepared to handle it. The result can be disastrous.
- Growth is fun: It can be, it can also take a heavy emotional toll on executives and entrepreneurs and can wreak havoc on people’s private lives.
- If you really want to grow, then follow the path of your larger competitors: “A small company is not a little big company”, a great difference lies in the management structures, distribution channels, access to resources and many other features of the small company to big companies; the growth strategy must be adapted accordingly.
However, regardless of the industry you are in, you can be highly successful if you live by these very simple ideologies:
- Know what you do and what you don’t do.
Some of the best advice I learned early was don’t try to be all things to all people, because it typically means you are not very good at any one thing. As such, I believe that it is a mistake to take on far-reaching service offerings, develop products outside your comfort zone or expand outside of your target markets just to make a few extra bucks. When you do that, you jeopardize your true strength to focus on what you may not be successful at and create undo pressures for your team, your budgets, and your company as a whole.
2. Find your niche.
If you’ve read any of my articles or books, you know what’s coming next…the riches are in the niches! Consider finding a way to specialize and tailor your offering to fulfill the unique needs of a smaller group of customers. Yes, you’re narrowing your focus, but you may be able to command much higher rates as a specialist than as a generalist. So if you’re a little anxious about going to court over a speeding ticket, you might hire a relatively inexpensive attorney just in case you need her. But if you’re accused (falsely, of course!) of murder, you might go as far as mortgage your house to afford an attorney who specializes in murder defense. We pay more for specialists because they’re worth it. And an added bonus: When you specialize in serving a particular community’s needs, words tend to get around and you end up havbing new clients who will seek you out because you’re considered an expert…to be continued