2 answers
Eliza
Student
2
Questions
Asked
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How do you grow an organization?
How do you grow an organization?
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2 answers
Afrad Mahamed
Operations & Project Management
64
Answers
Lakeland, Florida
Updated
Afrad’s Answer
Hello Eliza,
Understanding how to expand an organization requires a clear definition of what 'size' means in its specific context. It could refer to various factors such as the physical dimensions of the company's premises, the range of products or services it provides, the number of employees, or the total revenue generated.
Once we've established what 'size' signifies, we can then identify the factors that influence it. For instance, if your goal is to increase total revenue, you'll need to assess whether there's potential to expand the market for your existing products. Essentially, you should evaluate whether you can sell more of the same product to your current customer base or attract new customers. Once you've figured out a strategy, you can implement it to directly boost your revenue.
However, if there's limited opportunity to grow within your existing market, you'll need to consider introducing a new product. The primary aim here is to bring in more revenue without significantly increasing your business costs.
This principle can be applied regardless of how 'size' is defined, but the approach will inevitably vary from one organization to another.
I hope this gives you a clearer understanding!
Understanding how to expand an organization requires a clear definition of what 'size' means in its specific context. It could refer to various factors such as the physical dimensions of the company's premises, the range of products or services it provides, the number of employees, or the total revenue generated.
Once we've established what 'size' signifies, we can then identify the factors that influence it. For instance, if your goal is to increase total revenue, you'll need to assess whether there's potential to expand the market for your existing products. Essentially, you should evaluate whether you can sell more of the same product to your current customer base or attract new customers. Once you've figured out a strategy, you can implement it to directly boost your revenue.
However, if there's limited opportunity to grow within your existing market, you'll need to consider introducing a new product. The primary aim here is to bring in more revenue without significantly increasing your business costs.
This principle can be applied regardless of how 'size' is defined, but the approach will inevitably vary from one organization to another.
I hope this gives you a clearer understanding!
Brad Stewart
CFO
11
Answers
Cleveland, Georgia
Updated
Brad’s Answer
Hi Eliza
What a great question. The answer is really not very simple because w/o all the facts it's really impossible to just give one answer. In general, to grow a business you need to find out where the demand is and try to capitalize on that sector. If you have a problem with sales you need to look at several factors like 1) sale team competency and training 2) pricing analysis 3) cost of good sold 4) your competition and on and on. Try finding out what you are doing well and what is not working so well. Capitalize on what your strengths are and work on the problem areas. Also, don't be afraid of change, and don't try and do the same thing as everyone else. Those things might work but to really grow an organization you must standout and be unique.
Best of luck!
What a great question. The answer is really not very simple because w/o all the facts it's really impossible to just give one answer. In general, to grow a business you need to find out where the demand is and try to capitalize on that sector. If you have a problem with sales you need to look at several factors like 1) sale team competency and training 2) pricing analysis 3) cost of good sold 4) your competition and on and on. Try finding out what you are doing well and what is not working so well. Capitalize on what your strengths are and work on the problem areas. Also, don't be afraid of change, and don't try and do the same thing as everyone else. Those things might work but to really grow an organization you must standout and be unique.
Best of luck!