Best strategies for creating growth
- Take market share from competitors or create a new market using one or more of the methods below. These will get you the fastest growth.
- Innovate. Do something different. If you always do what you’ve always done, you’ll always get what you’ve always gotten. This is true for every task, action, and procedure you perform. Every part of your job!
- Reinvent your business processes so that you’re delivering something your competition just can’t match. Think cycle time, agility, reliability, quality level, consistency, human touch, convenience, ease of use, etc.
-- Reinvent the way your product/service is created.
-- Reinvent how it is delivered.
- Find new markets to pursue.
Don’t be fooled by the myth lower prices are competitive advantage. This creates an anorexic company. Providing more value to customers is competitive advantage.
The primary ingredient of business growth:
- The most potent ingredient for creating growth is Personal and Professional development of the CEO/Owner.
- Personal growth (like high self-awareness, psychologically well adjusted, healthy self-esteem, pursuing mental alignment, maturity, pursuit of consensus, self-control, etc.)
- Professional growth (like self-management system, analytical prioritization methods, applying Pareto Principle, planning skills, praise in public/criticize in private, best way to use authority, analytical problem solving, effective delegation, employee coaching skill, building employee commitment, systemizing, etc.)
Pursuing a combination of these is encouraged.
See illustration at right. Note the hub of the wheel
is the most important part. It enables all other parts.
- What's the fewest number of spokes required for a spoke wheel to function? Three. One must have at least three to work.
- As you add spokes, what happens? The wheel gets stronger and more capable.
Other strategies for cultivating growth
- Buy out or merge with a competitor.
- Buy out or merge with a company that addresses markets that enhance your offering to your existing markets.
