For many company’s growth can be just a lovely wish with no real hope of success but for some it is an unforgettable ride which is second to one. The key message is growing is easy to say, budget and forecast but the reality is it’s bloody hard to achieve.
Growing a company organically is not for the faint hearted and before you throw your first punch best you know the fight you are in and the ability of your competition to counter punch. The first thing to understand is the massive mis-understanding of the real cost of growth. Some companies have no budget, some believe new clients cost them 5% of the revenue for the first year, my experience is more like 20%. So, is it worth the pain, are you up for the challenge and do you have the back end ready to support growth?
Few companies know how to grow and most large companies generally grow through acquisition. You really only have two choices, find new markets or take customers from your competitors and guess what they are not just going to hand them over to you without a fight.
There are three tests you must pass to acquire new customers,
ATTENTION: Will someone take your call, will they respond to an advertisement, will they open and read an email, will they listen to your story? You must have a story that solves a problem or provides an opportunity.
ENGAGE: Will they meet with you, will they talk to you, will they respond to a request for information. You have no chance to quote or close for business without this step.
BUY: The most important step of all is will they give you money for your product or service, what are the barriers, are you a risky purchase, what is your pricing but remember in the end you must get the cash.
Growth for many companies is both possible and necessary but you must get real, it must become your culture, you must be ready to spend time or money and it takes long term focus and commitment. However, if you throw the growth punch and your competitors don’t respond with the same commitment, you will win.