A small company can position itself in the market with pure well-directed techniques; A phrase, a concept, a good organization or a good strategy can make a difference.Verne Harnish *For almost 30 years I have been organizing, advising and conversing with the leaders of the fastest growing companies in the world. These “gazelles” are the companies that continue to hire even when the economy falters.What makes these companies grow? How do they manage to thrive in challenging times? Here are six timeless strategies to achieve it, in good times and bad. Whether you have a small or medium business or are in charge of a department in a large company, these tips will work for you:1.
Be uniqueFind a primary advantage 10 to 30 times higher than the competition to dominate your actions. Barrett Ersek, the founder of Happy Lawn, based in Philadelphia, innovated a method to close agreements in minutes instead of weeks, employing a process of property planning and price adjustment. How can you achieve it? Look for the highest restrictions on prices and time and put conventional thinking to the test in those areas of the business. 2.
Have a sentenceThe brand is about taking over one or two words in the mind of the market. Nobody doubts what Trench Safety & Supply Inc posed. J. Darius Bikoff, the founder of Energy Brands, coined the phrase “improved waters” as a new multi-million dollar category in beverages. Chris Kruse focuses on “athletic scholarships” for high school athletes.How can they know if they own the phrase? Ask Google to see if your company name appears.3.
HyperfocusAlign the company around a single measurable priority every quarter. Not 75, not five, but a unique approach for the next 90 days, which could have a hoarding impact on the business.One firm needed to hire 16 specialists, another focused on duplicating inventories, and another took great pains to improve its presence in Google. What will he do?4. Control the moneyGrowth absorbs money, so you must create a business model that drives your expansion without using external capital. Some strategies are gift cards, advanced payments, tighter collection practices and shorter sales and delivery cycles.
To maintain focus, look at your cash position day after day. They will sleep better knowing that their company can finance their growth.5. Write!Fill the digital space with blogs, informative documents, videos on YouTube and messages on Twitter that are consistent with your phrase (see The Shipping Bloke blog ). Then grow your authority by writing a book like Chris Krause’s, Athletes Wanted.The published content takes the lead in educational marketing programs, and you will be able to position yourself and your company as the authorities in your industry.6.
Acts fasterIf you want to move faster, act faster. The executive teams of the companies with the agilest growth come together on a daily basis, as if they were in a constant critical situation, and deal with priority issues, metrics and discussions about information collected from the market. Billionaires like T.
Boone Pickens met twice a day formally with their teams. Successful executive teams meet once a week, not once a year, to discuss the six strategies I mentioned to grow a business. Everything is about being predisposed to start acting.* Verne Harnish is a consultant and creator of the MIT executive program Birthing of Giants.