9 Ways to a Growth Business
There are essentially nine basic sources of growth for your business. All are potential opportunities for creating new growth trajectories.
1) Natural growth, where the market for what you make is strong and expanding
2) Gaining market share through low cost — high productivity growth, rapid cycle times, high asset turnover.
3) Proprietary or patented technology.
4) Highly-developed distribution channels that you have built over time.
5) Opening new markets for your existing products — for example, globalization.
6) Gaining power in the marketplace via acquisitions, alliances, vertical integration.
7) Expanding your pond.
Resegmenting your markets.
9) Moving into adjacent segments.
The first six are very familiar: If you haven’t tried them, you can read about them in many books and countless articles.
The last three are not part of the standard repertory. In fact they are more ways of thinking than anything else. They represent outside-in thinking and you should give them some thought.
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