MANAGING THE MANAGING THE GROWTHGROWTH

Prof J C Saboo

Growth is attitude

Not all new ventures grow rapidlyMany continue to exist at a satisfying

level of sales with little or no growth.Entrepreneur’s interest and market

response to the product dictate future growth.

Strategic skills needed to effectively manage the growth

Good records and financial controls Management of the inventory Human relations New products and services (innovation) Long term perspective of the venture

“An effective organization culture is needed to meet the challenges of business

growth”

An owner should: Communicate Listen Delegate responsibility Provide feedback Train key employees

Long term Strategic Plan

Restatement of the mission Long term goals and objectives Strategy formulation Strategic plan implementation Feedback and control

Customer service/satisfaction

Record and assess complaints and comments from customers

Plan regular meeting with staff members to determine why the complaints are occurring and what solutions can be enacted

Focus groups can be used to monitor and track customer satisfaction.

Customer surveys enable the entrepreneur to standardize measured responses regarding service/satisfaction

Customer Relations

The entrepreneur should have a certain acceptable expectation regarding service that, if not met, should involve some consideration of change. Entrepreneurs must be people who care about their customers and are willing to do whatever it takes to ensure favourable customer relations.

Expand the venture through:

Expansion – horizontal/ vertical Diversification- related / unrelated Joint venture Acquisitions Mergers Leveraged buyouts Franchising Business process reengineering Global ancillarisation

Peter.F.Drucker’s tips for growth-oriented enterprises

The need for market focusFinancial foresightBuilding a top management teamWhere can I contribute?The need for outside advice

THANK YOUTHANK YOU!!!!