Where is your Company on the Growth Chart?

6. January 2010 by Dan Trudell.

Are you happy there?

Every day, you can find a range of views on business and the economy. Some indicators e.g. stock market, point to an improving situation. Others, e.g. employment rates, point to a different reality.

Regardless of the source, ultimately, the bottom line is how your business is doing…is it thriving (growing) or just surviving (no growth).  A recent research report (Aberdeen Group, Dec. 2009) based upon over 1200 respondents pointed out one key difference between the no growth companies and high growth companies. Those that reported High Growth are 1.5 times more likely to be creating new sales channels or expanding existing sales channels than their no growth counterparts.

Further, the no growth/slow growth group was almost 2 times more likely to be concentrating on cost cutting than the High Performing companies.

No matter which pundit is correct regarding economic recovery, the gap is widening between those companies that are aggressively pursuing new opportunities in the market and those that are treading water. Continuing to “drift and float” while waiting for economic recovery may put a business at serious competitive disadvantage.  The gap between the market leader and followers may be difficult if not impossible to overcome.

What is a business to do? In uncertain times it can be difficult to know exactly what to do and as a result do nothing. The research shows several steps that are low risk and can position a business for greater growth in the short and long term.

• First, analyze your business relationships with key customers. Are you a “preferred” supplier? Are you at risk? Do you bring value to them?
• Second, analyze your sales team. Are they hungry for new business? Or does the reward structure provide more than adequate compensation without the incentive to grow their accounts or territory?
• Third, are new products and services being developed? Have strategic partnerships been created to share/spread the costs and risk? Have new sales channels been developed?

Peak Performance Associates, Inc. is focused on helping companies understand where they are now, where they want to be in the future and implementing actions to drive the change in people and processes to move in that direction. Contact Dan at dant@peakperform.net or call 608-835-9288 to sign up for a FREE Growth Audit. There is no cost or obligation for this analysis. Based upon the outcome, you will have a clear understanding of your current state and possible alternatives to move forward.

Posted in Sales Management, Growth Strategies, Business Growh, Business Acumen | No Comments »