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Published On: Mon, Mar 25th, 2013

Strategies to ensure growth in the current challenging market situation.

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Sales figures.

This is a vast topic, we will be discussing the basic facts you should be aware to get over this situation. It’s always a dream to create a company and live with it, but what about the challenges you need to face to keep it sustained during the challenging times.

The first thing you need to be focused about is, is the challenge you are facing is internal or external. What we can control if we have a situation and what we don’t control if we have the same situation. It’s very relevant as we need to focus on what we can control.

What we do when we have a challenge?

This is all life is about, in challenging time you will have lot for critics than supporters and when we do well we will have lot of supporters.

How to access growth of your company:

  1. How the company is doing compared to the past figures.
  2. How it is doing in the present situation in challenging times.

If we have a challenge, there is no point in hiding it, we need to address it and come through it. eg: the rise in oil price is a challenge for every emerging economy , when it goes beyond 60-70$ per barrel it will have a lot of side effects. Currently the world economy is challenged and the Indian economy is not isolated, it’s also challenged at the same time. So as mentioned above there are external challenges like oil prices.

How to dominate over internal challenges, in challenging times?

1)      In challenging times, good leader ship is a key contributing factor, 20% of the results will be due to good leadership during challenging times.

2)      Hierarchy: it’s not about the priority in the organization, its good in two reasons.

  • Its clears the generation gap.
  • It needs to merge the ideas of different generations to succeed during challenging time.

3)      Competitiveness: how competitive you are in the market place, is directly the speed you display as a team. If you are slow you will be beaten by the people who are really fast. In today’s world it’s not the big that beats the small, but it’s the fast that beats the slow.

4)      It’s the best time for change: this is the right time to implement changes in the organisation, as everyone will be keen in following it.

Is there an alternative to Growth? What is an alternative to growth?

The fact is that there is no alternative to growth; if you don’t grow you will die, if you don’t grow your cost structure will balloon as you have little to generate. The only question is that, do you want to be a slow growing company, a fast growing company or a super fast growing company. As a bench mark you can check at what speed you want to grow, at what speed of GDP do you want to grow, if India GDP is at 5 you want to do more than that. Next question of growth is about “ Inflation “ are you going to beat inflation.

So every company need to have a growth strategy.

The six things you need to follow to have sustainability in challenging times:

1)      Going back to basics:  this is very important because if your bases are right, a base level of business is assured. You will not have much volatility. If your bases are not correct your business will go up and down with terrible volatility, which you cannot afford during challenging times.

2)      Challenge every cost you have: bring down expense (a cost saving of at least 15%)

3)      Focus on top customers: because you will have an assured business with them, so keep them in fold (talk to the top customers every week and keep them close). The cost of retaining the top customers will be 15 -20% less compared to create new customers.

4)      Generate cash: cash is the fuel, it drives the business.

5)      Intellectual integrity.

6)      Avoid pessimism: everyone in the company should be talking the same language, should have a focused goal.

Measures for stability to be focused during challenging times:

  1. Market share: its tells us, where our company stands, how good we are doing compared to our competitor.
  2. Employee motivation: if our employs are motivated they will be more productive. So we will have better results.
  3. Cash flow: is you company generating cash.

If you are doing all these three things right, we can assure you that, you company is growing. If you fail to do one of it wrong you will not grow.

As we told earlier there will be external factors also which will be challenging growth, but definitely there will be internal factors like inefficiency, process failures, lack of motivation etc which can be corrected.

We will be happy to see your comments and share this in social medial if you have found this useful.

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