The Top 3 Ways To Accelerate Growth and Dominate Your Market
Earlier today, I was featured in a webinar sponsored by The Globe Group, and I spoke on the topic of accelerating growth and dominating your market.
For my subscribers, who could not make the webinar earlier, I thought it would be useful to summarize the key points of my presentation in today's newsletter.
I the started the webinar by reminding the participants of the significant global changes currently underway, and how they need to be aware of and understand the implications of these changes. I pointed out that the 4 largest trends impacting business are: economic, demographic, globalization and technological. More specifically, the abnormally low interest rate environment is creating new opportunity for companies with access to capital, while distorting some market participants (ie. real estate and share equity). Demographic change is also a significant factor, specifically with the rise of the Millennials from 35% of the working age population today, to a staggering 46% within 5 short years. This will have significant impacts of the way businesses view customers, employees, products and business models. With respect to globalization, I reminded all the participants that we continue to see the major trend of the movement of global capital, goods and services, which favor global companies with great distribution networks. Finally, technology continues to make a significant change to the way we do business, specifically with the advent of low-cost infotech platforms combined with mobility and cloud computing.
The next part of the webinar was used to remind the participants of why it is important to both accelerate growth and dominate their market sector. I suggested it was the best mindset to adopt as a leader, so that you inspire your employees with courage and focus on maximizing the delivery of value to the customer. It helps build financial reserves and strong market positions, that are critical in withstanding the various shocks that ultimately impact every business. Leading companies like Google, Amazon, Tesla always plan to dominate the market so they can build insurmountable 'moats' that keep them competitive for years to come. This approach also helps business leaders secure capital, get more attention and elevate pricing power, compared to their 3rd of 4th place competitors.
The bulk of the webinar was focused on the three specific strategies necessary to accelerate growth and dominate your sector. I developed these based on my 25+ years in business creating significant shareholder value, and in my many years of advising CEO clients how to substantially grow their business. I told the participants that this is the same advice I give many of my clients on a day by day basis.
The top three ways are:
Strategy 1: Focus on More Revenue:
- CEOs should spend 50% of their time on revenue generating activities.
- Align all company activity toward creating value for the customer.
- Sell more to current customers, sell something new to current customers, sell to new customers.
Strategy 2: Build Strong and Systems That Scale
- Identify and implement 3 key systems (customer acquisition, customer value creation and financial controls)
- Optimize your systems to make them excellent.
- Build systems that scale well and can be profitable.
Strategy 3: Collaborate with Great People
- Start by building your own leadership muscle first, others will follow.
- Build a great team, they raise the standard to excellent.
- Get mentors or advisers that have been where you are going.
If you follow these three simple strategies, and implement them with discipline and courage, then over time, you will reap the compound results of their impact. This will ultimately get your business to grow faster, and position you not just to compete, but to dominate your sector!
By Eamonn Percy