Businesses whose growth has stalled often ask, “How do we start a new business development initiative?” The answer is new business development.
Is your business caught up in today’s market environment? Are you trying to stay ahead by incremental product improvement? There are 4 questions you should be asking about your future growth.
Innovating is the hardest of the 5 critical drivers of business success, but it’s also the most crucial. Your business will not continue to grow without innovation.
It is critical for small businesses to establish an operational growth plan. Identify the factors that lead to growth, the factors that prevent growth, and how potential markets fit into those factors.
Business owners often misread or ignore the causal factors that were the basis for their early success. From the very beginning of sales, owners must determine those few decision factors that will define success.
Only half of small businesses survive more than five years, and further decays continue over time. The reasons are similar to those that cause mid-level and large firms to stagnate. But the small business has one advantage.
Market-driven innovation success requires a market orientation mindset and must address the demand drivers in the value-adding chain.
When the market is new and the products are new, you end up with radical new ventures and/or new technologies, but new product development needs to be driven by facts from the customers.
Where should businesses focus resources to better serve their existing customers and to find new customers and new markets?
Marketing defines, develops, and delivers the entire business offering to the market. It’s the management process through which goods and services move from concept to the customer or end user.