Reconceive your business profit drivers and you can change from one of the many to the leader in your industry. I have analyzed a wide range of strategic approaches for growth including those with low risk. those with high risk as well as those that are completely disruptive. One of the most important strategies discovered was the redefining profit drivers. At a practical level, it involves making several deceptively simple moves; Reconfiguration of the Business Unit, what they bill customers for, and a closer match of the needs of their customers. Some businesses focused on key metrics that were different than their competitors and some focused on changing their customers key metrics.
When analyzing business growth, you must understand a range of strategies that would support profitable growth. You need to understand your industry, any changes in the market share within the next year, a goal of growth of at least 10% which also includes a minimal growth over the overall market. Redefining profit drivers by reconfiguring or refocusing on distinctive key metrics can drive growth. Five strategies identified were: Transform the Customer's Experience. Change how your customers meet their needs. Transform your Offerings. Compare your product or service attributes with those of your competition. Figure out how changes will give you the advantage over your competition. Redefine your Business's Profit Driver's. Identify the fundamental thing you charge customers for, your unit of business and the key metrics used to determine profitability. Change one or both to better meet your customer's needs. Anticipate and Exploit Industry Changes. If an industry change is in the works, you can provoke disruptive change, capitalize on being the first to implement the change or seeing implications better than your competitors. Create New Offerings. These opportunities are major changes, not just product or market extensions, they are difficult to identify if you are a well established company. Constantly watch your competitors especially small entrepreneurs.
These five strategies only addressed the areas of profit drivers. When preparing a major shift or change to your business model and marketing strategy you must also analyze your business completely.
Strategies for Exceptional Growth - To learn more about this author, visit Dave Turkin's Website.
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