Throughout the economy we continue to see significant bifurcation among businesses into two groups: those who are growing and those that are shrinking.
How are companies taking advantage of the growth opportunities in this economy?
- The first step to growth and profitability is to refocus on selling and servicing niche client segments with tactics that match up with today's buying behaviors. Focusing on client segments provides businesses with a unique advantage to say goodbye to the worst customers and focus on the best long-term clients. Forging the right relationships including the creation of a portfolio of referral sources is key.
- Second, matching labor supply with business demand in real-time is required (read more here about Matching Labor and Demand).
- Third, connect the daily people performance of the business to the corporate goals and objectives (learn more about Management Science).
If you have a “Me-Too” business model you are in danger as creating wealth initiates with the creation of a unique value-proposition and business model that is economically more efficient than the competition.
Read the primer on how-to create wealth in 2011: Management Science Drives Performance and Profitability during the 2011 recovery.
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