Learn the four reasons why growth is an imperative for almost every company.
- With the exception of small, family-run businesses, … such as a dry cleaning shop, … it is an imperative for every company to pursue growth. … Not doing so will yield one of two outcomes. … A sale of the company to another parent, … or eventual decline and debt. … There are four reasons why growth is an imperative … for almost every company. … First, if your competitors are growing but you are not, … then you are losing market share. … This not only signals … that you suffer from competitive disadvantage, … but also that you are becoming weaker over time. … This is exactly what has played out in the competition … between Sears and Walmart. … Walmart's more efficient supply chain enabled it … to catch up with Sears. … At the same time by continuing to grow faster than Sears, … Walmart has also been able to capture … greater economies of scale than its competitor. … The result has been that Sears continues to become … a smaller and smaller shadow of its former self. … Second, without growth it is hard to imagine …
- Recognize the problems a company may encounter if it does not achieve growth.
- Identify high-potential opportunities for growth.
- Identify new customers for existing products.
- Use assessment screens to choose the best opportunity.
- Evaluate partnerships and acquisitions as mechanisms to fuel growth.
- Break down the components of an effective and growth-minded leadership team.