Business Plan Chapter 7

Business Plan Chapter 7

Subheading Goes Here

Chapters: 1 2 3 4 5 6 7 8 9 10 11 Oil & Gas publications

Chapter Seven: " HOW TO PUT GROWTH BACK INTO YOUR BUSINESS”

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HOW TO PUT GROWTH BACK INTO YOUR BUSINESS

Stalled business growth usually occurs because of one or more of the following:

1. Management has insufficient money, skills or other resources to take advantage of existing opportunities. Most managements operate well at a certain level, but need assistance in order to address whatever limitation is preventing further growth;

2. The business’s product(s) are mature, and new products have not been developed;

3. The business’s competitors have differentiated themselves, and are winning the growth opportunities that exist.

If you are like most business owners, there was not a great deal of planning at the outset. You saw an opportunity and pursued it. So far, the key to success has been three-fold: you (i) learned along the way, (ii) made adjustments and (ii) worked very hard. However, diagnosing and solving the challenges listed above may now require assistance. To grow your business you will need a coherent plan and effective implementation of that plan.

2. Can the firm expand within a particular competitive space to gain a competitive advantage?

This first question has probably been addressed for your primary business. It includes the types of customers served and the products offered. A key issue for future growth is, "Does the company have a competitive advantage or attribute that can be transported to a different but potentially related competitive space?" If it does, then this could be one area for potential growth.

For example, an All-Terrain-Vehicle (ATV) manufacturer might determine that its greatest skill is the manufacture of high quality motors at a reasonable price. They determine that they could transport this capability to the "wave-runner" competitive space and compete with other manufacturers based upon motor manufacturing. There are additional growth opportunities to pursue once the company is positioned as the "manufacturer with the most reliable and powerful engine."