Business Owners

Three Keys to Unlocking Business Growth

In This Issue

  • Keys to Unlocking Business Growth
  • Market-Dominating Position (MDP)
  • The Three Strategic Elements of Growth
  • Prioritizing Your Strategy
  • Free Virtual Showcase: "Engage, Energize, Connect, Adapt”

Keys to Unlocking Business Growth

Every business owner dreams of the day they will exit with a premium offer or just know that they could so they can fund the next phase of their life. Are you an owner or executive who often feels overwhelmed and frustrated or an advisor to someone who is?

You are not alone. Anyone operating a business in today's fast-paced world faces a myriad of challenges. How do you prioritize your time, energy, and resources?

The best place to begin is by establishing a market-dominating position.

This means your business does something better than anyone else.

Three Examples of Market-Dominating Positions (MDP)

  1. Brand Recognition: A company with a strong brand and a well-known reputation in the market has a dominant position in the market. For example, Coca-Cola is the dominant brand in the soft drink market, and Nike is the dominant brand in the athletic shoe market.
  2. Economies of Scale: A company that can produce goods or services at a lower cost than its competitors has a dominant position in the market. This is often due to economies of scale, which arise when a company can spread its fixed costs over a large volume of output. For example, Amazon has a dominant position in the online retail market due to its vast scale and ability to offer lower prices than its competitors.
  3. Network Effects: A company with network effects has a dominant position in the market because its product or service becomes more valuable as more people use it. For example, Facebook has a dominant position in the social media market because it has a vast network of users, and its value increases as more people join the platform.

The Three Strategic Elements of Growth

1. Optimizing Profitability

The Effectiveness Coach Profit Acceleration System measures up to forty elements that influence profitability. Five of those elements relate to establishing or maintaining a Market-Dominating Position.

2. Maximizing Business Value.

There are eight drivers of business value that can be measured by The Value Builder System (VBS) created by John Warrillow, author of the book, Built to Sell. VBS is a component of The Effectiveness Coach Value Accelerator Roadmap that provides a proven path from frustration and overwhelm to freedom in nine steps

3. Navigating Complexity

There are unique challenges that differ from each stage of growth. I subscribe to the model James Fischer illustrated in his book, Navigating the Growth Curve. He identified seven unique stages from a start-up with up to 10 employees to 500 employees. This means complexity increases by adding additional employees.

As a business owner, CEO, or professional that advises them, you know that growth is essential for success and fulfillment. You no longer need to feel overwhelmed. You can unlock each of these elements by using the assessments provided in each element.

Prioritizing Your Strategy

How will you prioritize the elements of an effective growth strategy? With the right strategies and mindset, you can navigate complexity and accelerate profitable growth, and maximize business value. Begin with a focus on creating a market-dominating position. Study your competitors and their strengths and weaknesses. Find ways to differentiate yourself with unique offerings, then leverage the latest technologies to streamline processes and maximize profitability.

Schedule a Free Strategy Call with me to discuss your priorities.

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Recommended Resources

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