Growing Your Business Faster
How often do you scan your business for growth opportunities? If it’s not something you do systematically, you have lots of company. Most executives admit that they do not regularly analyze the best way to grow their business. Unfortunately when they do focus on growth strategies even the best solution sellers and sales leaders can fall prey to the pervasive sales growth myths.
Three Main Ways to Grow Your Business
There are three major paths to growing your business: through (1) Creation of new products or services, (2) Investment in potential growth areas, and 93) Performance through improved operations. Which is best for your company?
Three Sales Growth Myths to Overcome
Sales Myth #1 – Creating New Customers, Products, and Services Is Always Best
It’s tempting to always lean toward winning new customers, creating new products, or offering new services to grow faster. New client wins are motivating, and executives get excited to introduce something new to the marketplace. But the facts and experience tell us that creation is not always the best business strategy for growth.
New customers are typically not as profitable as current clients and new products and services can require massive investments, take time to come to fruition, and are fraught with risk.
Instead, high growth companies most often utilize the other two paths of Investment by ruthlessly identifying and reallocating resources and by improving Performance at current customers – sometimes even combining them in their overall strategy for growth.
Sales Myth #2 – If It Isn’t Broken, Don’t Fix It
It is not uncommon for successful leaders to become complacent and to subscribe to the idea that if it worked once, it will work again. But if you really want to keep growing over time, you often need to anticipate where the market is headed and adjust how you sell and serve your target clients.
Especially during times of success focus on gathering and assessing customer feedback for ways to continuously improve approaches and wisely shift investments toward areas with greater potential.
Sales Myth #3 – High Growth Is Not Possible in Our Marketplace
Don’t handicap your business by believing that growth can’t be achieved in your industry. In fact, top growth organizations can be found in every industry from high tech to basic materials. When your company is strong and you have aligned your sales culture with your sales strategy, you can experience significant leaps in growth, regardless of industry.
In fact, one of our clients grew revenue 48% while their industry was declining by 10 percent per year.
The Bottom Line
If you want to scale and grow your organization faster, be sure you don’t fall into preconceived ideas around how to grow that have been proven wrong
To learn more about how to grow faster, download 4 Steps to Ideal Target Client Definition to Accelerate Growth
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