Plan for Business Growth

Business Growth Planning

When your business grows quickly, things don’t “naturally fall into place” like you might hope or think.  Many businesses actually go out of business as a result of growing too fast and not having the infrastructure to support it.  The way to avoid some (and I do mean some) of the surprises that go along with business growth is to have modeling and a process that will help you see and address some of the obstacles.

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Missed Opportunities | Extraordinary Business

A business assessment is the basis for short-term change and strategic growthYoung stylish businessman As a small business owner, you probably have about a million million-dollar ideas floating around in your head. Problem is that while there is no lack of ideas, determining where to invest your time and resources may be an issue. Oftentimes, it is a challenge of opportunity cost: if you invest in one area, you cannot invest somewhere else. May investors have horror stories about missing opportunities that turned into great opportunities. This article talks about 11 investors who turned down opportunities that would have netted them HUGE returns. If we only had a crystal ball!! While these may not be the types of opportunities you would take advantage of, there may be every day opportunities that you and your company are missed out on, sometimes, simply as a result of not knowing. Many business owners get so wrapped up in fighting the daily fires of running the business that sometimes even the basic things get missed.

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It All Starts With a Boom

observe trends

Observing trends and planning for change in your industry When looking at a growth strategy for your company, where do you look for direction? Are you looking at your company? Your market? Your industry? Do you know what drives change in consumer spending? What about change in your industry? Where is your industry headed? How do you know? Observing trends in all three – your company, your market and your industry can help predict where things are going and help you to predict what actions and investments your company will need to make in order to grow and be successful in the future. If you have been paying attention to trends in the IT industry, one of the latest trends in consumer technology has been wearable tech, from the fitness gear that is becoming somewhat mainstream that tracks your fitness goals, to the more practical watches and headsets, such as Samsung’s Gear lineup, to the tech fringe gloves, glasses, clothing and sport accessories. Additionally, companies are selling components to aid others in the development of unique wearable items to the degree that you may not always know when someone is wearing something.

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It All Starts With a Boom | Extraordinary Business

Observing trends and planning for change in your industry Technology in the hands of businessmenWhen looking at a growth strategy for your company, where do you look for direction? Are you looking at your company? Your market? Your industry? Do you know what drives change in consumer spending? What about change in your industry? Where is your industry headed? How do you know? Observing trends in all three – your company, your market and your industry can help predict where things are going and help you to predict what actions and investments your company will need to make in order to grow and be successful in the future. If you have been paying attention to trends in the IT industry, one of the latest trends in consumer technology has been wearable tech, from the fitness gear that is becoming somewhat mainstream that tracks your fitness goals, to the more practical watches and headsets, such as Samsung’s Gear lineup, to the tech fringe gloves, glasses, clothing and sport accessories. Additionally, companies are selling components to aid others in the development of unique wearable items to the degree that you may not always know when someone is wearing something.

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Grow From Here to Success

business growth strategy

How to make sure your business has everything it needs to grow When I was a younger guy, whenever I would get a gadget, while I might have enjoyed it, I always thought about what the toy will be like in the future, perhaps with the same anticipation as many people have about the next generation of mobile technology. One of the things that always bothered me was the question of why things weren’t designed to be used with the next generation of products.

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When Strategy Fails | Extraordinary Business

woman stressed

imageAs a strategist – one who focuses on finding ways to out maneuver the competition – my conversations rarely touch on failure. If you read other strategists, most never talk about failure in strategy because the whole point of strategy is to avoid failure. But the reality is that it can happen, and certain decisions have to be made before proceeding. Here’s the thing about strategy: if you are going to try to gain some strategic advantage, you will probably (hopefully!) try to do something disruptive (the iPod, for example, changed the way that people listen to music).  Whenever you try something that is brand new – getting people to do something or think about something differently, you will experience some type of risk. With risk comes some opportunity for failure. If you just looked from the perspective of product development or true innovation, you would see that most new ventures fail! That applies to new products, new inventions, new businesses, new prospects, etc.. How many companies launched products that you have never seen again? Perhaps some of their products were EPIC FAILS! (Think New Coke) The challenge that we face is how to handle it.

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The Most Dangerous Strategy | Extraordinary Business

5 key steps to include when developing your Company’s strategic plan

imageImagine that you are about 16 years old, meeting with your guidance counselor and discussing the future with them. They may have given you an aptitude test, reviewed your grades and classes and perhaps pointed you to some colleges. Based on what you knew, you might have written down a plan – finish High School with a decent GPA, take your SAT, get into the college of your choice and launch into an extraordinary career that will allow you to achieve all of your long term goals.

But what happens if your perfect plan veers off course, say, you didn’t get the grades you hoped for, your SAT wasn’t stellar and as a result, you had to go to a junior college instead of getting into the college of your choice. What happens if you have a life event that disrupts your plans altogether?

Does that mean that you no longer pursue your goals?

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