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Strategies for Exceptional Growth

Written by: Accessible Business Consultants

Article Overview: When analyzing business marketing strategies, you must define exactly what your product or services are and how you can outperform your competitors.

Strategies for Exceptional Growth

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.

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Article Tags: bill customers, business growth, business profit, business unit, experience change, fundamental thing, high risk, industry changes, market share, match, metrics, minimal growth, offerings, profit drivers, profitability, profitable growth, service attributes



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Different Hats - CEO Sales & Marketing & Leadership Development Company Strategic Vision 10 Alliances & Growth Strategies 10 Hiring & Managing People 8 Mentoring 8-9 Strategic Planning for Clients 10 Execution of Marketing Campaigns 9-10 (i have great people who do the nitty gritty) Financial Management 9 Bookkeeping 3 (outsourced as I really hate the fine details like GST0 Administrative Follow Up 6-7 (again have great staff) Writing & Publishing 9 (getting better all the time!) Speaking 10 (so I have been told) Self Promotion 9-10 Web development & Promotion 6-7 (learning more and have brought on players who are 10+) Babysitting Employees (1 - wont do it, that's why I work so hard to hire and motivate the people I have) Great topic Kevin!! Jude
Re: FREE Toronto Referral Workshop - Kevin, I'll try to get a copy of the slides and summarize the 14 Strategies. Stay tuned!
Re: Books for Business Owners - Hi DougSchadle, Thanks for sharing your favorite business book with us! A good book I'm reading now is "Maximum Achievement: Strategies and Skills That Will Unlock Your Hidden Powers to Succeed" by Brian Tracy as it was a birthday gift from a friend. Tracy's book is helpful in identifying what's important in your life and then setting an action plan to achieve it.
It's not easy - Evan, It's not easy to franchise a business! Franchising requires a strong business model, significant capital resources, and very talented people to be successful. There are over 3000 franchise opportunities out there, most (80%) don't have the three criteria I listed above. The biggest benefit to using franchising to grow your business is that you bring in someone else's capital and human resource. What you are giving up is control in operating that business. I have seen successful companies get in trouble attempting to franchise their business, franchising requires a different skill set than simply operating units. Growth would have been much easier if they had just opened their own units and sought grown from within.
Sports is queen! - About four years ago I started a webzine called The Thunder Child, devoted to science fiction and fantasy in all media. Growth was verrrrrrrrrrrrry slow at first, but has gradually picked up so that now I'm making a respectable income from my amazon.com and google adsense. (Well, from adsense, anyway. Amazon is a drop in the bucket compared to what adsense brings in.) Last year I put together a website showcasing the Tennessee Lady Vols (who won the NCAA championships last year), and just two weeks ago I put together a small website for Jacoby Ellsbury, a rookie outfielder for the Boston Red Sox - called a "phenom" and already very popular. The Lady Vols site has about 20 pages...the Ellsbury site has 5. Compared with The Thunder Child that, started out with about 20, and is now at about 1,000 and growing. Well, the hits on those two sports sites are more than three times what the hits on my Thunder Child site was during the first year of its existence. Since I've been a sports fan all my life, I reaaaaally wish that I'd started a sports webzine four years ago instead of this sci fi one, because I think my income now would be treble what it is. No doubt about it, sports rules!


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