Leadership consultant Larry Prince has developed an insightful series of questions to ask yourself as a business owner to determine if your company is ready for growth. Here is first question for you to consider when assessing your business readiness.
The Market Need
Is there is a clear market need, problem to solve, or something new that is desired?
The more confidently you can affirm the presence of a clear market need for your product, the brighter your growth prospects. Here’s what to consider:
The Opportunity: Is there a well-defined and quantifiable growth opportunity in your target market? This isn’t just about spotting a gap but understanding the size of the opportunity that gap represents.
Market Dynamics: A thorough consideration of competitive forces, barriers to entry, and prevailing business trends is crucial. What’s the competitive landscape like, and can your business effectively penetrate the market?
Profitable Access: It’s not just about growing revenue; it’s about growing profitably. Do you have the right channels to access the market in a way that aligns with healthy cash flow and profitability?
Costs and Benefits: Have you weighed the value against the costs? A cost-benefit analysis will tell you if the potential market entry is worth the investment and resources.
Stay tuned for our next blog post where will discuss a second question, if what you offer is designed and positioned to meet this market need.
Our Strategy First Process can help your company strategize a path to growth. I’m happy to chat with you to see if it is a good fit for your company.