Every business owner we meet asks basically the same question: How do I get my business to grow? And this question is especially prudent in this economy.
While the question is admittedly complex, there are ways to reduce the complexity and reduce the mistakes owners make when growing their business. The way to do it is to understand, accept, and embrace evidence-based management. Perhaps the best proponent of evidenced-based management is Jeffrey Pfeffer (Professor of Organizational Behavior, Stanford Graduate School of Business).
As an example, we know (or should know) that when starting a business it’s important to:
1. Have a well defined product or service that meets an unmet need in the
marketplace (differentiation strategy)
2. Have adequate funding (working capital) to support the business (and
yourself) until revenue generated can support the business
3. Have a business development strategy to find, qualify and sell to customers
4. Have the ability to deliver on your promise (also know as fulfillment, which we see closely tied to your culture)
These are the basics. If you adhere to these four actions, you are very likely to experience early success.
Doing one, two or three of these well, however, will not make a successful business. Mediocre – maybe, though not viable and sustainable. Why do we say this – evidence. Evidence that is based on research and personal experience garnered from our work over the years.
In this week’s Quick Tips we will identify the factors necessary not only to do the four steps to establish your business, but also to continue to grow your business.
To learn more about evidence-based management, we suggest you read Jeffrey Pfeffer and Robert I. Sutton’s book, Hard Facts, Dangerous Half-Truths & Total Nonsense (Harvard Business School Press – 2006).
For more information on business growth see our videos, articles and white papers at: www.kubicalaforestconsulting.com
Copyright 2011 Kubica LaForest Consulting
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