Growing your business does not require complex solutions, but rather the basics to achieve what you want, added Robert Paul Rodish. Being able to address your customer's needs and to be there for them more than your competitors is what matters most. Have a basic formula and watch as your business grows sustainably. Following strategies could help with your business growth:
Change Before You Are Forced To: Most companies wait to innovate until their hand is forced. As Steve Jobs once observed, if you're not willing to cannibalize your own business, someone else will do it for you. Consider Blackberry and Nokia. Rather than recognize the seismic shifts prevalent in their industries, both these tech giants primarily relied on this horizontal size and market positioning until the writing on the wall was too dire to ignore.
Become Clear On the Business You Are Actually In: Many businesses fall into the trap of defining themselves by the products they sell or the markets they are operating in - all the while losing sight of who they are and why they exist, said Robert Paul. Consider how Kodak did this and veered off track in the 1970s and '80s. Rather than remaining focused on their core DNA as a memory preservation company, Kodak started to see themselves as a film company - a paradigm that left them unwilling and unable to embrace the post-film world.
Prune Dead Wood: Any gardener knows to restore vitality to a garden required pruning away the old to make way for the new. It is the same in business, added Robert Rodish. Sony has also recognized the importance of this in turning around its flagging fortunes. The end of it is a decade, a long marriage with Ericsson and the spinning off of entire business units in an attempt to restore the tech giant's agility and innovative flair.
Seek A Point Of Difference: "It is better to be different than better." Rather than trying to outdo the competition in your market, how can you pursue a new market in a new way? Consider the way Cirque du Soleil did this by building a flourishing business in a dying industry (circuses).
No comments:
Post a Comment