If You Aren’t A Financial Mogul, Be An Organic Success!
Have your plans and years of sacrifice to sell or finance your business just been torpedoed by the recent financial crisis?
- Did you plan to retire only to learn that your business isn’t worth enough to support your lifestyle?
- Is your rollup/acquisition strategy DOA as skittish investors won’t finance your buying up competitors, even at bargain basement prices?
- Have your current investors said not only can’t they sell your company; they need to cash out at any price?
- Are you still shopping a business plan believing in angels?
Don’t give up on your dreams or your business altogether. While you were off pursuing buyers and investors for your business, how much opportunity inside your business did you miss? While it isn’t as sexy, why not grow your business the old-fashioned way? For at least the next few quarters, here are some ways you can be an organic success if not a financial mogul.
What is Organic Growth?
Organic growth is an increase in your company's top and bottom lines without buying sales, customers or another company’s assets. Specifically, organic growth comes from:
- Keeping your current customers buying
- Selling more of what you have
- Creating new products and services
- Winning your competitors’ customers
Obviously, your company has been doing some of this already. But what if you refocus your total attention on this? Start defining your company as an organic growth company and focus your critical activities into these four key areas:
- Build your firm's best and highest use®.
This is your company's reason for being. Understand what makes your company special to your customers and then continually refine what your business likes to do, does well, and is valued for doing. Need more information? Read an article that will point you in the right direction.
- Increase your business and get additional customers.
Always shoot for a third of your customers to be new buyers. When you do this you will confirm your business' vital role in the marketplace. Understand what turns a prospect into a buyer. Provide low risk options for prospects to try your products or services. Learn what it takes to create stable, repetitive customers. Turn your loyal customers into your best advocates and champions.
- Deliver your goods.
Keep your promises. Measure, assess and improve all that your firm does to meet your customer's expectations. And do it often. How can your services help your customer's business to grow? What part or parts of your business do your customers value most? Do your costs reflect your value? Which customers pay your overhead?
- Stay Accountable
Assess your people, activities, functions and programs in terms of how they contribute to the firm's overall growth. Create initiatives that deepen employee commitment to growth—both their own and your organization's.
After some many years of assuming you would be done and out of your business by now it can be hard to accept you must keep working to survive. Try to look at your business with fresh eyes and in terms of success. If you successfully grow your business organically your will reach your dreams and be able to finance or sell it on your terms when the economy improves. And until you can be a mogul, being organically successful isn’t all that shabby!
Do you need coaching or consulting help with growing your business organically? Contact Andy Birol now for your customized coaching or consulting plan.