Business Growth Planning Pembroke Pines FL
Business Growth Planning
By Sean Thompson
Good pro dealers are always planning for growth. It seems anytime you read an article today about the building supply industry you see new acquisitions and plans for expansion. While buying a competitor and opening a new location are both great avenues to grow the business, some of the most profitable revenue growth can be achieved by better utilizing existing facilities in the markets that your organization is already serving.
For example, The Farnsworth Group, a research and consulting firm that specializes in the home improvement and construction industry, is often approached by LBM clients seeking advice on growth planning. The first recommendation Farnsworth always makes is for a company to analyze its business processes to be sure current operations are reaching peak potential before they consider expanding and making plans to enter new markets. By following a two-step process, dealers can make substantial revenue gains using their existing assets. First, they must sell more to current customers and second they must win business from non-customers.
 Rich Lilash / www.sturgesreps.com |
While savvy business owners and executives know these two cardinal rules of growth, they are easily put on the back burner when markets are red-hot. However, as most analysts report today, the business climate will get a little chillier going forward in 2006, so now is a good time for a refresher course in these tried-and-true approaches to business expansion.