Conventional wisdom says that in business you’re either growing or declining – there’s no such thing as maintaining the status quo. Striving for growth is necessary to survival. There are different strategies that can be employed to achieve growth and the most important decision in this regard is to choose the best one. Evaluation of
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Striving to increase sales of the same product to the same target market is referred to as market penetration. Increasing sales of the same products in different markets is called market expansion. In either event the goal is to increase market share in the target market. Earning a bigger share of the market requires diligence
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Continuously identifying and implementing growth strategies is essential to business survival. However, making the wrong choice can be extremely harmful to a small business. Failing to develop an accurate picture of market demand, choosing the option with the greatest perceived impact over the one that will deliver results more quickly, making a decision based on
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Implementing a business growth strategy is project oriented in nature. Therefore it requires planning, management and evaluation. Any project contains three major components – features or scope, resources and time. These factors must be defined at the outset and managed through the implementation process. It’s also important to be able to determine the success of
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There may be more than one possible growth strategy that a business can pursue. The important thing is to carefully evaluate the alternatives and make the best choice possible. The growth possibilities are defined by the size of the target market and potential market share. The cost of growth are marketing, selling and delivering to
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Choosing the best possible growth strategy is critical. This entails identification and evaluation of possible alternatives. Some different types of growth strategies include market penetration, market expansion, product expansion, diversification and acquisition. Each of these will vary in terms of marketing, sales and product delivery requirements. This doesn’t mean that it’s not possible or even
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Managing cost in auto repair can have a major impact on sales and profitability. There are many components that affect operating costs and identifying, evaluating and measuring them will be time well spent. A shop that runs efficiently and manages costs will rise above the competition. The following are 6 tips on repair shop cost
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Monitoring efforts at cost reduction will ensure their effectiveness as well as maintain focus on this important issue. Widening profit margins increases profitability and contributes to long term success. Often the demands of day to day business operations take up practically all of a person’s time but cost reduction and process improvement result in more
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A good portion of any business person’s time involves negotiation. There are always objectives that need to be accomplished and invariably other companies and people will contribute to the success of these efforts. Arriving at an agreement that allows success for both parties is the goal of negotiation. Open communication will support this effort. Each
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There are a number of factors to consider when evaluating the cost of tires and parts. Of course there is the price paid for tires or parts but also there is the cost involved in the purchasing process and inventory management. When the best price possible is obtained gross profit margins will increase. Paying attention
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