Organizations come up with innovative ideas and strategies for growth. Only 20 % of them achieve success at the execution stage.
Growth can be affected by:
- Lack of the consideration of potential business opportunities in the core segment where businesses operate.
- Lack of focus on the relevant customer segments.
- Lack of supporting organizational infrastructure.
Growth can be pursued in various ways such as:
- Joint Ventures – New ideas, evolving technologies and approaches and tapping into new and unexplored markets can help businesses to grow through collaborations.
- Use of old technologies which may still be relevant in some markets.
- Exploring new market to be the first mover in not so competitive markets.
- New Product Development is another important method to achieve growth through increased demand.
- External low-cost financing options can be tapped to drive growth.
- Acquiring small businesses with niche technologies could enhance market potential.
Expert guidance from mentors and coaches can help decision makers logically perceive the pros and cons of the various growth options at their disposal.