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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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