By Raúl Gorrín. Isn’t it the goal of every successful business to plan on growth initiatives.. A company needs to plan on growing. It can achieve growth and its share of the market, by either investing in advertising and promotions or by diversifying the services it offers or it may increase its market area. Maybe it will go from regional to multi-state market or national or even increase to an international market. Other ways it can increase its market is by research and development and coming out with the best and the latest in technology.
The old business rule that growth is essential to the survival of a company. If a company does not have growth then it can become stagnant and can eventually go out of business. So then growth is essential, a good thing, a necessary vision of every company that wants to survive in this tough economy.
So is growth a good thing? The answer is complex and growth does come with its pitfalls. To avoid some of those pitfalls, you must first have a vision. The vision will ask the question of why? Why are you in this Business? Why do you want to put all the effort and money into what you are pursuing? Why are all the people working and pursuing what they are doing? That's the vision; it helps you rationalize as to why are you really into all the stuff you are doing.
Now you have to present your vision to the market and your investors or to your boss. Your customers and investors are really not interested in your vision. They want to know what your strategy is. They want to know with great specificity how you intend on achieving this goal. A statement that “our strategy is to grow” is an aspiration which may motivate you or others, but won’t fool an astute investor. Strategy is not vision and mission, but a design of resources and actions that advances the organization’s interests. If the interest is to grow, then what specific actions will you take (and sacrifices will you make) to focus on the right things?
Now, Apple Computer or Sony may announce wonderful new innovations and they or a similar company may be your competitor. So your vision may be to come out with a more tech savvy product. Your strategy will give specifics on how you plan on achieving this goal. But strategies have to take into account the cost. There is always the danger that you would run out of money by trying to achieve this growth. Your company may not have the money of the big boys and cost of growth have to be taken into account.
Are you prepared for mistakes. Whenever, you take a chance on greater success and growth , you are taking a risks. It is possible that this vision of growth will be a failure. Sure, right now, you see it as the token of success and will make your company far more successful, but let’s say that turns out not to be the case. Can your company handle a failed attempt or will this put it into financial jeopardy. There will always be unavoidable mistakes. Too, there will be disruption. Can you sense, recognize, and robustly respond to those unpredictable forces? Can your company survive a decision that will not be successful. By Raúl Gorrín.
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