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Ready, Set, GROW!
Mary, Mary, quite contrary,
How does your
business grow?
With HTML and Opt-in
Mail,
And search engines
all in a row.
Mary,
Mary, quite contrary,
Where did your
business go?
To web designers and
technology minders,
Who didn’t really
know.
The search for real
business growth is the largest challenge most companies face in today’s
market. Some find growth at the expense of profits. They are caught up in
pricing wars that are often controlled by larger, stronger enterprises.
Or, they seek growth without regard to cost. They invest in the latest and
greatest technology without fully defining the need and return. They have
the unrealistic expectation that their web designers and technology
experts can create silver bullet automated solutions that will drive
growth and profitability. Others become complacent, believing that their
business is limited by the size of the niche. They impose market
limitations on themselves and accept that it identifies their maximum
potential. And, a few find the sustainable, profitable growth required for
long-term success.
Successful growth
companies have three things in common. First, they connect with their
customers. They focus on building relationships by anticipating customers’
needs and fulfilling them. Second, they plan their growth carefully. They
invest their resources wisely in growth strategies designed to maximize
their return on investment (ROI). Third, they understand that profitable
growth begins with the corporate culture. They encourage all employees to
seek effective growth opportunities.
It sounds simple,
but growth is fueled with the identification and fulfillment of needs. The
mail order industry began with the idea that there were folks who needed
access to an array of products that were unavailable locally. The concept
was simple, direct and successful. The industry has grown and evolved to
include call centers and e-commerce. The media has changed. The objective
is still the same – find a need and fulfill it.
The companies that
continuously re-invent themselves to meet the needs of the marketplace
will grow and prosper while others fail. The Internet promised unlimited
growth potential, but most companies only see modest gains from their
website. While the volume of their web business may exceed traditional
marketing, the majority of it is from existing customers choosing the
convenience of online shopping. That is not to say that the Internet
doesn’t offer potential. It is a tool for stimulating growth and
profitability. Companies that utilize it well will find a business without
borders. Companies that expect the Internet to drive their growth without
external stimulation will be disappointed.
So, how does a
company grow? It begins with a move from the current business as usual,
super-technology and price wars mentality. It requires a realistic and
practical plan to truly connect with customers and fulfill their needs.
Successful growth is a result of balanced service, investment, and risk.
It starts by following the growth path.
Goals
– Clearly define the corporate goals to include the right balance of
growth and profitability. This means that growth for the sake of growth is
unacceptable. It requires planning and initiative to find sustainable
strategies.
Resources
– Every resource is utilized with a realistic ROI expectation. The return
must be based on revenue generation, expenses, and lost opportunities.
Every time you commit resources to an initiative, you prohibit those
resources from being utilized for other opportunities. Make sure you
choose the best option for growth and profitability.
Opportunities
– Everyone in the company is responsible for seeking and contributing to
growth opportunities. This mentality must start at the top and infiltrate
every level. Your employees are your best resource. If you tap into their
knowledge, creativity, and experience, growth opportunities will appear
like magic.
Weaknesses
– Look at your company from the outside in to identify weaknesses that are
prohibiting successful growth. Constraints, inefficiencies, morale, and
attitude influence the company’s growth potential. Resolve these issues so
you will be positioned to capitalize on growth opportunities.
Trust
– Develop a trust relationship between your company, customers, and
employees. Trust requires consistency, time, and integrity. The investment
will create loyal customers and employees that advocate your company to
everyone they know. It will contribute more to successful growth than any
other option.
Harmony
– Profitable growth requires balance. There has to be a balance between
service and risk, marketing and revenue, technology and benefits, and
growth and profitability. Growth without balance creates chaos and
undermines the corporate infrastructure.
Growth can move your
company to the next level of success. It can also destroy your business.
Managing growth well is critical to your future. Isn’t it time to
re-invent your company and move beyond your current limitations? Think
beyond the status quo to find opportunities. Does your brand imply a
certain lifestyle? You can expand into other product lines that support
the same lifestyle perception. Seek opportunities to expand, collaborate,
and serve. The process is simple, but not easy. It requires changes in
perception, processes, and personnel. The reward is profitable growth that
weathers economical storms, market fluctuations, and competition. Are you
ready?
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