wk 8 1argument Michelle
Some significant ways for entrepreneurs to grow his or her business are to have a clear growth strategy and strong execution infrastructure (Liabotis, 2007). The primary focus of the growth strategies directly relates to customers both new and existing. Growth strategies concentrate on the core business, high impact value propositions, and adjacent businesses (Liabotis, 2007). When developing a robust infrastructure, entrepreneurs must identify areas that client’s values to discover organization capabilities (Liabotis, 2007). By doing so, opens up new markets to attract new customers while servicing the existing customers. The next step is to develop a performance management system (Liabotis, 2007). According to Liabotis (2007), the performance of individuals and departments show a link to the growth strategy and successful execution.
The final step to ensure growth is the role of leadership. Successful businesses have strong leadership in place. Successful leaders have the ability to influence individuals to become better and to reach high achievements (strategic planning, n.d.). Strategic planning is crucial to the evaluation process of business because the planning process focuses on the desired end goals and objectives for the future of business while following steps to reach the desired goals (strategic planning, n.d.).