The best growth strategy for an entrepreneurial venture or a small business is a well-planned one. In fact, there are many studies to support that this tactic is more likely to result in positive outcomes and higher performances. Liker (2011) for example, postulates that growth strategies are implemented because they enable companies to improve considerably and in a shorter period of time.
This can be achieved by developing a framework that encourages perpetual growth which in turn, helps a firm achieve some of the following outcomes:
- A significant upper hand in operation excellence in a relatively short amount of time.
- The development of programs that target and eliminate waste which also result in cost reductions.
- Smoother operations with respect to receiving and delivering orders.
- The ability to adapt to changing markets and consumer needs easier rather than respond from a reactive position.
- The development of a teachable business model that all employees can learn to understand and implement.
- The ability to develop a significant competitive edge (Liker, 2011).
In other words, effective growth strategies enable continuous improvements at a firm while eliminating waste. On Wednesday’s post will take a look at how systems play a role in growth strategies with respect to organizational management.
Until then … let’s continue our work together and stay organized!
“True stability results when presumed order and presumed disorder are balanced.” — Tom Robbins
Liker, J. (2011). Design for Operational Excellence. New York, NY: McGraw-Hill.