Your business is stable: predictable revenue, generous profit, known risks. But it’s time to grow. Whether this is “guidance” from the Board of Directors, the new owners have different goals, or you’ve simply decided the business is ready, growth is up next for your business.
Of course, there are risks but these notes aren’t about the financial risks of growth. You have experienced advisors to predict and guard against bad loans, excess hiring, un-needed offices, and any other of a long list of overhead traps which can kill any business. With normal controls in a stable business most of these problems can be avoided.
Where many executives get tripped up in planning and executing growth is in marketing. Pitfalls include expanding into unfamiliar territories; trying to grow in a fragile market; launching new products before they’re ready; and related process issues.
The answers lie in identifying what needs to be measured and then relating what lessons have been learned to planning and managing growth. Data Management is at the core of acquiring and tracking this information.
How to Avoid Marketing Process Issues? Research + Testing (Repeat as necessary)
If you don’t have the time and resources to perform appropriate research and testing then your business is either in a Startup Phase (which requires a different set of mechanics for managing growth) or you’re not a stable business.
What is the main source for your research data?
Find one or more competitor analogs in the target market and extract data to study. Track them as if they were a department inside your business. Are they profitable? Are they growing? If not, what competitive advantage can you bring to the market to allow you to take business away from the competitor?
RadiusBridge® develops and supports custom Data Management systems for executives to know, protect, and grow their business.