Good companies have no barriers
Every business demands growth, and double-digit growth is the dream of every dedicated business owner.
Most entrepreneurial business owners need guidance to drive significant, sustainable growth. Even in a sluggish economy, as companies like Harley-Davidson, Starbucks and Walmart show. Even small companies like Paychex and Oshkosh Truck have been able to generate revenue, gross profit and net profit.
Here are 5 subjects of sustainable growth:
1. Keep Your Customer Base: Getting the Clients to Complex Relationships The growth you’ve already earned can make it harder for them to switch to your competitor. Give your products / services an advantage by using data from your customers. Managing customer shortcomings in advance will help you anticipate and eliminate them. Connecting with customers wherever they are tied to emotion interactions is another great way to retain them.
2. Get the market share at the expense of your competitors: Give customers a reason to abandon a competitor’s product / service for you. Do what you need to do to reduce switching costs. It can be difficult to pull customers away from a competitor, so you must devote many resources to raiding their customer base. Providing high value and quality is very important for this. Another way to do this is to buy a competitor.
3. Exploit Market Condition: Show where growth is occurring by early identification. This can be done by viewing the industry for purchase criteria, product or service innovation and demographic trends. By using a systematic approach to the process, you should be able to identify positioning opportunities to make the best use of them.
4. Invade adjacent markets: Before moving to a nearby market, determine whether it offers significant long-term growth and profitability. Determine if you have an advantage over a competitor and ensure that it meets the standards of quality and value.
5. Invest in new lines of business: If you take this approach, never pay more for a new line. You should look for simple strategies instead of complex ones, and share with the new business leadership team and balance sheet.
A successful growth portfolio may not include all five of these subjects, but there must be more than one. When the market changes dramatically, a company can only grow into a balanced growth portfolio.
I wish all my entrepreneurial friends and MPs a happy and safe Memorial Day. Drive carefully!