Growing Your Business
BABETTE BENSOUSSAN, MBA
The Decision-Making Maverick? Life, Leadership & Business Coach, Competition and Strategy Specialist, Author - Improving your life, decision-making and the competitiveness of your business.
Do you believe you have numerous strategic choices available to you??
Over the years of working with numerous executives in small, medium and large businesses, quasi-government organisations across many industries, I have learnt that there are really only a limited number of strategies for a business to address.
In fact, there are only six strategies to choose from. These are:
1.????Current market = sell existing products and/or services to existing customers.
2.????Current market = acquiring new customers in your existing markets.
3.????Current market/new market = developing new products and/or services?to serve your existing market.
4.????New market = enter new geographic or demographic markets.
5.????Disruption?= challenging and changing industry mindset, values, systems or processes?in your current markets.
6.????Disruption/new market = opening up new markets altogether.
As these are your only options, then the key is?how you execute your strategy.?
I am sure that many of you have done some studies, reading on this topic, or even experienced the successful and unsuccessful execution of business strategies, so this month I am going to pose you a question:
What advice would you give, to help a business grow, as this advice served you?
Next month I will happily share responses from our little community.?
Columnist at BIZCATALYST 360
1 年I am comapring what you wrote with the strategies possible using the blue Ocean Stratgey (BOS). In fact, your six suggested strategies BABETTE BENSOUSSAN, M, BA help in answering the questions imposed by BOS to decide on what to eliminate, increase, decrease and create (disrupt). I have consuted for many companies. In one example I introduced a method to coat a mineral that is widely used in the P industries (Paper, plastic and paint). Adding value to what is being sold in current market doubled sales and increased selling prices. So, increasing value was my strategy.