Different periods and situations necessitate different leadership abilities. Rapid development and expansion is one of the most difficulties a company can face. While rapid development can be exciting because of the opportunities it opens, it can also be stressful because of the challenges of scaling systems to meet greater demand.
The people that got a fast-growing firm to where it is now may not be the proper people to take it to the next level, which is a harsh business reality. If business growth experts aren’t steering the ship during this moment of transition, the company’s expansion may be limited or even halted.
Companies should take a step back and assess their capabilities before moving forward. A leadership evaluation can help you figure out what talents, experience, and resources you’ll need to take your company to the next level. Many companies hire an interim executive to work alongside their management team, assisting them in putting in place the necessary infrastructure and corporate growth strategy. An interim will also evaluate a variety of corporate growth initiatives and work with the team to make them a reality, whether it’s through mergers and acquisitions, new market prospects, international expansion, or increased customer demand.
Scaling Your Business: Growth Strategies
Every business owner desires speedy expansion. However, after this aim is met, there is still a lot of work to be done. The axiom that all businesses “must expand or die” is oversimplified, but in today’s more crowded and dynamic economy, most organizations can’t afford to miss out on new chances.
At the same time, fast growth undertaken without a plan can lead to a company taking on too much, too soon. As a result, scaling growth must be done strategically. Bigger may not always imply superiority. Growth is not created equal.
During a quick growth cycle, common areas where businesses must scale include:
Interim Executives with experience in Rapid Business Growth can assist companies that are undergoing a business transformation, rapidly expanding, or experiencing growing pains. In the long term, having a strategic plan to scale expansion will save businesses time, resources, and money. Taking advantage of current chances could provide you a competitive edge for years to come. For more information, go to International Executive Consulting LLC.
Do you know how the top businesses in the world continue to be successful? The answer lies deep within their growth strategies. Every successful business employs growth strategies that fit with its business goal and morals. It also complements their workforce and abides with government rules and regulations.
When every factor is perfectly placed, a growth strategy can reap benefits for any business. There are many such business growth strategies available at your disposal. Below is a list of 4 growth strategies you should use for your business:
Often businesses deal with their products successfully in a specific market. To improve, using the Market expansion growth strategy, a business can tap into previously unexplored markets where they can sell their existing products.
These markets necessarily don’t have to be domestic. A business can tap into international markets as well. Finding new customers helps a business improve its sales and profits, thereby increasing brand authority.
Market penetration allows you to plan how your business can grow in an existing market with competitors selling similar products. This is the least risky strategy as compared to the others.
Here, you will fight to steal as much market share as possible. But this strategy needs a lot of work and will involve pricing, product positioning, and marketing. There is a way you can calculate market penetration rate to understand how much of a product you are selling as compared to the total estimated market for that product.
What do your customers want? Is your product/s adding value in your customer’s life? These are the questions you need to answer. Listen to your customers and their needs. If your product is partially fulfilling it, then you can get it improved. If not, then you can create a new product with high value for your customers as they are willing to pay for it.
For a business to be successful using this strategy, adequate research, an understanding of customer wants, and needs are important.
Also considered as the riskiest growth strategy in the Ansoff Matrix, growth via diversification can take place when a business enters a new market with a new product. You can reduce the risk by related diversification.
E.g. A car company can start working on stereo systems for vehicles or a leather shoe producer can start selling leather wallets in a new market.
Another way of diversification is by selling a new product that has no synergy with your business. The plus point here is that if successful, it will open a new revenue stream for the business.
Some More Growth Strategies:
When your market share cannot grow, or the profit level is almost saturated, you can resort to acquiring smaller competitors who are either growing or weak. Doing this gets you more customers and a higher market share.
There are various channels of distribution available in the market, like wholesalers & retailers. Normally a business takes help from either wholesalers or retailers. If you can see a better impact using both, then do take help from both channels.
You cannot sell one product at one rate forever. It is not profitable and realistic to do so. Hence periodically, a price increase for each product is understood by customers. They too know that each year, costs are increasing, and hence it is natural to witness a price increase.
Lastly, Brand USP is one of the most important growth strategies. Does your product have a certain feature, quality, benefit, that is more advanced than any other similar product in the market? If there is something that sets you apart from the competition and matters to your customers, that means they will be ready to pay for that product easily.
These are some of the best growth strategies that are important for a business. They help to survive, improve market share + customer base, gain profits, and do this continuously.
Need help executing these strategies for your business? With over 20+ years of experience in growth & expansion strategies, International Executive Consulting LLC is the best growth & expansion consulting firm in the USA across diverse industries. Get in touch with us!
The job of the cost reduction companies are such that one needs to go through an uneven path. For several companies it happens that they have hired a cost reduction consulting company, but the consequences have not been as expected. You are probably still waiting for newer customers to come up to you for your services. The conditions lead to such a situation that you are forced to ask yourself whether you have got all this wrong.
You would need to accept on the very first hand irrespective of the nature of the field you specialize upon as a consultant, it won’t happen that the clients are running up to you for your assistance. Hiring a company will however have a better side to it. Since you are not the one who controls the affairs, you can rely upon the consulting company any time a problem occurs. But, that doesn’t mean that you can afford to sit back without taking any initiative to draw clients. Let us see what cost reduction companies can do to bring as many clients as possible.
An Inward-Out Approach:
It would be a rather weird approach to call any random company and enquire if they require your services. The best is idea to start with smaller organizations at first. This group can comprise of the company you were once a part of or with the companies that you have an acquaintance with. Since, in both cases you have prior connections with the companies getting business here will be easier and you can kick start the process of forming a market for yourself.
Have the Attitude of a Pro:
In a consultant’s resume, the various fields that will be mentioned are the projects handled, the kind of experience the company has, descriptions about the various projects have been taken care of. However, one who is backed by a consulting company will not need all this. However, it is still important for any consultant irrespective of him being an amateur or a seasoned one, to act like a pro.
Be in Love with the Work:
It is obviously important for any professional to love the work he does. It is a kind of a cliched advice, but it will obviously help you perform better. You would need to have the urge to work or else your firm will never be successful. It also means that you must know your job like your palm.
It is Better to Work Less:
It is a fact that working with fewer clients is always better. Though the approach might appear to be counter-intuitive, yet it is always better to turn down a project or two from time to time. You must analyze your capability first and work accordingly. It is not good to take up a lot of work and then not be able to perform in the required manner.
However, at the end it is all about the work ethics. All you need to do is love your work, irrespective of being a owner.
International Executive Consulting LLC is of the best Cost Reduction Companies in the USA. For further queries and information visit the website https://www.interimcsuiteservices.com/ or follow us on social media.
Whether you need someone to deliver a business transformation, to guide you through a merger or acquisition, or to fill a skills gap on a short-term basis; Interim managers bring with them a special set of skills and experiences.
It is the versatility of interim managers that gives them an edge. They fill gaps in the skill set and experience of an organization. And on a more practical level, they will be used to navigate tight deadlines, high pressure situations, and established teams.
Interim managers are well suited to helping organizations solve a wide range of problems:
Interim Managers are a quick start solution, which means they are able to make a direct impact. He is hired for a specific need, and this has been his focus since day one. And with their assignments ticking, they are motivated to dive right in.
Focus on Delivery:
The purpose of hiring an interim manager is to ensure that your organization achieves its intended business goal. This goal may be to successfully implement a new system, deliver a major transformation program, or ensure a smooth merger or acquisition. Whatever it is, an interim manager will take a laser-focused approach to achieving that goal.
Intermediates focus only on outcomes and outcomes. As they will only be in business for a limited time, they will not be distracted by their future concerns in business. Nor will they associate themselves with internal politics. And it allows the interim to be fair, focused on the best interests of your company.
Interim managers bring with you a specific skill set to meet your business needs and have a strong track record of helping other companies overcome the challenges facing your business.
At the senior executive level, interim experience is often experienced in many areas and disciplines. The quality and range of their skill sets will be more sophisticated than a full-time position that would normally demand.
Interim managers will work with internal teams and spend time mentoring and coaching them. This will not only ensure a smooth change when the contract expires, but also ensure that they leave a lasting legacy so that the organization is better equipped to respond to future challenges and opportunities.
The need to involve external organizations in business change often results in a lack of internal capacity to cope with the change. Change is always on the agenda and organizations are recognizing the need to build more sensitive, more flexible and more adaptive teams. Interim managers can help empower and nurture internal talent to embed the positive legacy of an agile, change-able business.
2020 is here. Everybody has set goals. Why your business should be left behind?
Start by reviewing the past year. Take every department in loop. Ask them to give their feedback on things that could have been done differently. The experienced consultants of business transformation services USA can be used for the outside market knowledge.
Let’s now take a look at the goals you must set in 2020.
Goal 1: Say Bye to Obsolete Methods
If your business is running on an outdated technology, it is time to get rid of it. For instance, replace the different software with one system to manage data across the organization etc. Old technology might seem cost effective but it could kill a business as it risks your brand falling behind the competition.
Goal 2: Target New Markets
Your business can increase name recognition, brand awareness, improve customer retention, and build customer loyalty by targeting new audiences. Conduct effective research to deep dive into consumer’s mindset and analyze competition.
Goal 4: Adopt Business Automation
Did you know that by 2022, nearly 60% of businesses will adopt automation to run their business process, says a study by Redwood Software and Sapio research. As a business, you’d want to get the most out of your existing business. Business automation via digital transformation can help streamline your business for simplicity and improved product and services.
Goal 5: Have a Long Term Growth Strategy
This one is a no brainer. Surprisingly, not many companies have a growth strategy in place, till date. If your business is one of them, its time you start working on the growth strategies to keep the company relevant and outperform customer’s expectations.
Goal 6: Aid Employee Happiness
According to a study published by Gallup, only nearly 35% of US workers stay engaged or involved in their work. That’s low, right! Employee engagement is directly linked to their performance. This year, provide healthcare benefits, remote working options and career development trainings to make the employee happy.
Goal 7: Get a Hang on Your Finances
Finances can make or break a business. Expenses can add up and finances can go haywire. Pay close attention to your accounting and keep reviewing your business costs. Set a budget and build an emergency fund.
Goal 8: Opt for Interim Management
An employee suddenly left the organization or has to be terminated? Ditch the hiring process. Contact a reputed interim management consultancy and get access to highly qualified executives, available on as-needed or contract basis.
Goal 9: Hire a Consultancy Service
Seeking help or guidance from a consultant was once believed to be unnecessary. A consultancy service offers and objective outsider’s perspective that often track the real issue that is holding company back from reaching its much deserved success.
Business Transformation Services USA implements short term goals while utilizing the various skills sets of the employees. Use this service to achieve your goals in 2020.
Change is important in an organisation. It brings the much needed newness required in the ever changing global economy.
Over the time, companies grow accustomed to routines and schedules which lead to a stagnant and stale work conditions. As a result, the business starts losing its capability to match up with fast moving environment and fail to meet the ever changing needs of the clients.
Growth Consulting is What Businesses Need
Increasing revenue, enhancing growth, improving profitability are the major problems with business performances. Not having a clearly defined business strategy, poor implementation, not considering external factors and excessive focus on day-to-day activities are the main reasons behind such issues.
The major reason growth consultants are in demand is because they provide a fresh and objective viewpoint which is more result-oriented. The consultants are outsiders and do not worries about what existing company workers may think. They can easily identify the issues that are holding a company back. They are least affected by the company culture and workplace politics. This makes it highly easy for them to implement the changes.
Win-Win Situation for Companies
Growth consulting firms help companies in developing an actionable strategy. The strategies are assessed against the marketplace realities. It is aligned with leadership, marketing and sales to achieve long term and short term goals.
The services of the consulting firms include business growth assessment, which may take a few days or weeks, as per the size of the organisation. The consultants sit with the executives to understand company culture and problems. Based on the assessment, a comprehensive roadmap is designed and implemented.
The consultants are experts in their chosen field. They have years of experience working with different companies. Their proven track record makes them an immediate choice. The highly qualified executives of growth consulting firms can also take up interim positions for short term basis, in situations of a sudden departure of a mission critical executive.
This offers huge monetary benefits to companies. Not hiring full-time employees and instead considering consultants save companies the additional benefit costs they would be paying to the permanent employee.
Growth consulting firms are acting as the catalyst for change, which is surely to reap benefits in long run.
Interim management has emerged as an impeccable strategy for success. Cost, political impact of engaging an outsider and the extent of involvement of interim executives in the organisations were the negatively perceived factors that make organisations reluctant to use interim management. However, organisations that are able to assess the intangible benefits of interim management open their doorways to become rich.
CEO’s and other top level executives are in charge of developing strategies that includes sales, profits, creating new customer base, selling new products and services to existing customers and long term growth of the organisation. However, their sudden departure can leave the company motionless.
Interim executives are not only hired to fill gaps or temporary vacancies; they are being hired to gain new perspective especially when the company is facing turbulent times. Interim management brings in the knowledge, skills and expertise which were earlier missing in the organisation. These experts have an experience of working with different companies, which allows them to quickly grasp the challenges of your business. They have the knowledge to take up domestic and international expansions. The complete commitment towards the clients allows interim managers to deliver successful projects and increase revenues.
Here are the major advantages of hiring interim executives:
Offers Smooth Transition
Interim managers are often hired during the departure of an existing employee, including the CEO’s. These interim executives are well-versed with the responsibilities of the job they are taking in hand. The growth and development are always the main aim of executives. The quickly get to know the teams, analyse the procedures and develop healthy work relationships. This helps in boosting the morale of employees and increase efficiency, which as a result stimulates revenue.
Provide Fresh Perspective
The interim managers fulfill the specific needs of the company. The experienced interim executives help in changing the face of the company by improving many business functions like IT, manufacturing systems and product output. They help build a culture of newness and innovation which aids the sales initiatives. Their out of the box forward thinking inspires the team to work more inventively and energetically. This helps in growth and development in long run, even when the interim executive has left the organisation after finishing his job.
Much Cheaper than Full Time Employees
Bringing in interim executives was believed to be highly expensive once, which is not true. These talented professionals have the ability to deliver more value than a permanent hire. They are primarily hired on a project basis or to work part time. The work tenure could be 3-6 months. This is highly cost effective for businesses. The interim managers are paid only for the days they have worked in the organisation. Like a full time employee, interim executives are not liable for additional costs like pension payments, employee tax etc.
Find the best interim C-suite services to help assess and improve your business in the highly profitable way.
Have you ever thought why some businesses get successful, while others don’t? Competitive rivalry is increasing between businesses. Only businesses that are able to offer impressive product quality and customer service aided with strong marketing efforts consistently are able to thrive in long run.
Competition is not a bad thing. It can improve your business in multiple ways. It forces organizations to work smartly with existing resources. Competition encourages innovation and helps businesses stand out. However, all this requires timely assessment of their strengths and weaknesses, says the best business transform consultant NC.
To stay relevant in this competitive world, businesses need to have a successful business strategy aligned. Here are the steps that need to be followed:
Review your Existing Performance
To move ahead, it is really important to see where we are at the current stage. Businesses that are looking forward to sustainable long term growth need to look internally and analyze where the business is falling and what are their plus points. This will help them come up with a unique business strategy that can help generate revenue through existing or new products and services.
Create a Vision and Mission
Most organizations don’t have the vision of how the business will look like in the next 5 years. It happens due to the lack of awareness of the values and purpose. Answer question like what do we offer? How do we offer that? What difference are we creating? This will help you find your mission statement.
Aim at High Level Objectives
The key concern of all organizations is to increase profitability. Profits are important to fuel growth and development. Profits are driven by improved efficiency and productivity. Next main objective is customer satisfaction which makes the clients loyal towards the brand. In the process, employees’ happiness should not be overlooked, since it will help you achieve these long term growth objectives.
Connect Operations to Strategy
Strategies that outline business objectives are typically produced in spreadsheets and presentations. However, even the best strategy is a waste if it is not translated into operations. For profitable and sustainable growth, it is really important to minimize the gap. Ensure decision making that is cross functional for product innovation management.
A successful business strategy may require collaboration with an experienced business transform consultant NC. Their objective thinking will help you optimize internal processes and develop a strong corporate strategy.