As we approach the second half of 2012, companies are certainly looking for new ways to grow. Consider five areas for new growth: geography, industry, new technologies, consumer trends and points of need. If businesses take a thorough inventory of their capabilities then apply each of those capabilities against the potential growth areas,, they should be able to identify where they can expand their existing business.
If leadership is experiencing a “growth stunt” then consider tapping into younger professionals for ideas. Younger professionals are energetic, motivated and aren’t tainted by “we tried that before and it didn’t work.” Utilize a group of young professionals to create something such as a “BizGrow Group” that they can “own.” Reward employees who invest their time and energy into developing new ideas for growing the business.
Thomas Edison correctly stated, “It’s never too late.” His teachers said he was “too stupid to learn anything.” Edison was fired from his first two jobs for being “non-productive.” As an inventor, he made 1,000 unsuccessful attempts to invent the light bulb. When a reporter asked, “How did it feel to fail 1,000 times?” Edison replied: “I didn’t fail 1,000 times. The light bulb was an invention with 1,000 steps.” You may have attempted to grow the business in ways that didn’t work, but the most successful companies persevere.
Change is the only constant. In order to continue growing, it’s vital to keep customers happy by continually surprising them by bringing new products and services to the table.