Start refocusing today with these key strategies, excerpted from “Ruthless Focus: How to Use Key Core Strategies to Grow Your Business” by Wally Bock and Tom Hall.
Strategy No. 1: Analyze opportunity
- Analyze your industry for opportunities. Can you think of a new business model that would transform your market?
- Analyze your company’s performance over the last three years. Where have you been the most successful, most profitable and most effective? Or where have you been the least successful? Analyze your competitors’ performance, too.
Strategy No. 2: Review your technology
- Analyze the effects of technology on your business and industry. What technologies have changed the way you and your competitors do business?
- List at least six ways you could use technology to make your company more effective.
Strategy No. 3: Begin implementing
- Analyze your operations. Are there any services or products that aren’t adding to profits?
- List ways you could change your current operations to make a giant leap in productivity.
Strategy No. 4: Review your differentiation
- What would your customers say you are known for?
- Review your customers. Which have been with you the longest? Which are the most profitable? How can you better serve the most profitable and best suited?
Strategy No. 5: Acquisition
- Look at other companies in your business and similar businesses that are in the fast-growth category. What do they do differently?
- Visit a different company every week for three months. Make notes on what they do that you can adapt.
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Thomas Hall has advised clients on growth as well as growing companies himself. Hall founded and sold the largest advertising education in the country. Wally Bock is a writer, speaker and consultant who specializes in learning and sharing how leadership and strategy combine to create successful companies. For more information, go to www.ruthlessfocus.com.