How to Grow Your Business As a business consultant, I'm often asked
the question, How do I Grow My Business?" Below is a brief
outline of a process that I have followed successfully in both large
and small companies. It is not intended to be an
all-purpose answer in every situation, but it can serve as a
step-by-step guide for analyzing and refocusing your business.
Constructive feedback is always appreciated.
C Fritz
1) Weigh Your Options:
Review the list below to determine the ideal
way(s) to grow your business
Expand your customer base in new and existing
channels of distribution
Initiate more aggressive and/or unique marketing
and sales efforts
Introduce innovation and new product
introductions to an existing category
Enter new, adjacent product categories
Perform cost and overhead reductions in order to
decrease prices and/or increase profits
Evaluate the acquisition or licensing of a major
brand in a desired product category
Acquire or eliminate a key competitor
2) Financial Analysis and Overall
Market Assessment
Perform a companywide financial analysis to determine the largest and
most profitable product categories within the business.
Quantify the overall market size and market
potential for each product category
Establish where new and existing market segments
and channels of distribution overlap in each product category
Determine the most viable and profitable market
segments and product categories to be targeted
Establish product development budget, short term
and long term profitability goals and sales objectives
3) Product Selection
Generate a list of new product ideas and product categories to be
developed, with an emphasis on overlapping channels of distribution
Determine the overall ROI for each product to be
developed. This includes the cost to develop each concept,
including engineering, tooling, IP and inventory costs as well as
internal resources required to complete each project.
Consider other key competitors, IP and other
limiters to market entry
Test the market using primary and secondary
research
Narrow the list to a few key initiatives
Reconfirm the product development budget, short
term and long term profitability and sales objectives
