I write and speak often about how to manage growth successfully. It comes from my own experience of dealing with run-away growth in our business. But growth requires planning and momentum. Entrepreneur.com has a good overview of traditional means to stimulate growth in a small business.
Here is a summary of their list of strategies:
1. Introduce a New Product
2. Take Your Product to a New Market
3. License Your Product
4. Start a Chain
5. Turn Your Business into a Franchise
6. Join Forces
7. Go Global
Since symmetry is always a good thing, keep in mind my 7 Challenges to Effective Growth to go along with these 7 strategies to create growth.
1. Beware of the Growth Myth. Focus on growing profits, not sales!
2. Vision Drift. Don’t lose your way.
3. Cultural drift. Managing the culture of your business is your job! If you don’t manage it, your culture will take on a life of its own.
4. Resource crises. Securing the fuel to support growth can be a constant strain…cash, staff, space, equipment, etc., etc.
5. Systems crises. The mundane and the complex all need development. From accounts payable to planning, all systems must be put in place are made ready for growth.
6. Muddled structure. Make sure your structure makes sense for your strategy and your culture.
7. Disjointed strategies. Your business and your strategy need to be consistent. All aspects of your business must be consistent and geared toward meeting customer needs and expectations.
Carnival of the Capitalists
Welcome to the Carnival of the Capitalists.