As a business consultant in many different industries, I noticed a pattern that has resulted in companies struggling to survive or do well in today’s economic environment. Here’s GROWTHco’s Top 5 List of Immediate Improvement Opportunities.
These don’t include operational, infrastructure, or technological improvements that may take longer to implement. These are people and process improvements that have made immediate impacts on the bottom line of our clients. Ask your team if any of the following pertain to your company:
1) Commitment to a predetermined vision: Although major business schools are telling business leaders to ‘throw away your business plan’, the #1 concern I have with businesses today is their lack of commitment to a specific outcome. Know exactly what products and services you provide. Know who needs your offerings AND has the ability to pay for them. Identify the best strategy to penetrate your unique market. Don’t let every outside opportunity and potential partnership take away from your vision. Sure, there is a time and place to identify and explore new opportunities, but not at the expense of your current strategy. Some companies are now adopting a R&D (Research & Development) person or team whose primary role is to explore new opportunities and keep key personnel laser focused on the existing path to success.Read More +