Blog-Prolific Worx


BIG thinking when facing business growth challenges

The challenge all businesses face at some point is when they have come as far as they have and cannot see how they can grow any further. Particularly when the view is that the market reached saturation and all market opportunities have been exhausted. The view that available opportunities for growth or expansion have dried up except if you go after your competitors for market share.

Narrow view or vision

Letís assess the dilemma and get our thinking right. Yes, this is wrong thinking. Wrong thinking informs a wrong view. Yes, we need to re-focus. Yes, how we think dictates how we see. This is blurred vision due to narrow thinking.

For your business to expand you donít only have one option, that being to go after the competitors for market share.

Stretched vision and thinking
Your thinking should not be limited to a strategy to out manoeuvre your competitors.
Out-performing your competitor only creates a potential to increase your market share at the loss of your competitorís market share. It does not create or expand the market.

Businesses have to think beyond this. Thinking, how can we create products and services that will deliver on new dimensions of the customer needs.

This will call for an understanding of what needs we have not addressed of the market. You do not only think of your own customer needs or your own market needs, but what the market needs. Also, donít limit your thinking to where you currently operate.

What is required?

This will require new innovation, creativity and certainly investment in various resources and potentially licensing. It requires new strategic thinking. These are minor issues if we can find one thing. That is, ĎWhat does the market need that we have not thought ofí  Actually, ĎWhat does the market need that no one else developed to be commercially viable?í

The limitations

Okay we have shareholder expectations on their return on investment, meeting targets, cost efficiency and increase market share. While these are important aspects of any business, you cannot limit the business to these aspects which result in an ĎI canítí way of thinking.

Instead of only focussing on these aspects, think of being more effective, more relevant and sold out to the thinking to meet customer needs.

Against the tide

What is the customerís need? How can we effectively meet the customerís need? How can we develop and deliver a product or service which the customer relates to?

Addressing these questions will stimulate your thinking to find ways. You will find an innovative product or service that meets the customerís need.

When this innovation can be delivered in a commercially viable way, funding and investment will follow. Itís a no brainer. You would have a competitive advantage within the market.

A competitive edge energises a business to new heights in growth, profitability, brand value and net worth.

Keep focus on the objective

The question is, how? Where do we start?

This is a hard road to travel, so it seems. Thatís exactly what the road less travelled appears to be, hard. Oh, even harder the road not yet travelled, until. The road is too hard, until a big thinker comes along and cuts a path for others to follow. Follow? Follow, whatís wrong with that? Well, itís better to think of being first and set the trend for others to follow. Get the edge and own the territory.

Where to from here? We have to move anyway, we may as well move higher, move beyond our comfort zone and blaze a path.

Blaze a path in our quest and passion to discover new territory for success and growth. This is the result when we aim to over deliver on our customer experience.

This will stretch your thinking. Think bigger.

No need to back down

What next? What now? These questions push us to innovate and create new ways.

There are ways or strategies to cut this elephant into bite sizes. The journey is challenging, yet exciting and rewarding.

Closing thoughts

We often need to be reminded to focus on the possibilities rather than the challenges.

It might mean that we reward our teams for creativity and innovation, keeping a journey map on how we evolve as an organisation. If you are alone at this stage, reward yourself.

Celebrate all progress even if it is small, because itís BIG deal!   

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