Business Growth Strategy
Business Growth Strategy is
essential to success. Unexpected growth can actually kill a company. I worked for a small company
when I was 18 that only had about 3 employees and one day the boss came home with a huge sales order
that we could not produce at our present level.
Over the next month he got a new factory,
new tools, new machinery a load of new employees to meet the demand and of course a huge debt to go
along with it.
About 6 months later we went out of business.
Business
Growth Strategy is a must to business survival and an entrepreneur must not only be aware
of what is going on in his own company, but also be aware of what is going on to his competitors and
his customers.
It may seem like a great idea doing business with some big companies, but
what if you get an order from them and you go out and stock up on a certain product, get a new
office based on the order and before they paid you they close down due to a take-over bid from a
bigger company. Be aware of what is going on in the news.
For example, in The Philippines
fireworks are now becoming increasingly difficult to use. In Davao (The world’s 2nd biggest
city) for example it is illegal to use fireworks completely. They are banned. How would you be if
the day before the law was brought out banning fireworks, you spent your life savings on setting up
a firework company in Davao! How about bankrupt?
Business Growth
Strategy starts before your business does. You must know your business, you must know your
competitors business and you must know your customers business and you must know where all of them
are going.
Have a plan right from the start, stick to the plan, but always be flexible as
there are changes going on that will affect you on a daily basis for some businesses. There is
little point to having a business “just to survive”, but rather you will contribute to
society so much more by growing and helping others through employment and business development and
this will come about by having a solid Business Growth Strategy.
