MANAGING THE GROWTH Prof J C Saboo

Growth is attitude Not all new ventures grow rapidly Many continue to exist at a satisfying level of sales with little or no growth. Entrepreneur’s interest and market response to the product dictate future growth.

Strategic skills needed to effectively manage the growth Good records and financial controls Management of the inventory Human relations New products and services (innovation) Long term perspective of the venture

Delegate responsibility Provide feedback Train key employees “An effective organization culture is needed to meet the challenges of business growth” An owner should: Communicate Listen Delegate responsibility Provide feedback Train key employees

Long term Strategic Plan Restatement of the mission Long term goals and objectives Strategy formulation Strategic plan implementation Feedback and control

Customer service/satisfaction Record and assess complaints and comments from customers Plan regular meeting with staff members to determine why the complaints are occurring and what solutions can be enacted Focus groups can be used to monitor and track customer satisfaction. Customer surveys enable the entrepreneur to standardize measured responses regarding service/satisfaction

Customer Relations The entrepreneur should have a certain acceptable expectation regarding service that, if not met, should involve some consideration of change. Entrepreneurs must be people who care about their customers and are willing to do whatever it takes to ensure favourable customer relations.

Expand the venture through: Expansion – horizontal/ vertical Diversification- related / unrelated Joint venture Acquisitions Mergers Leveraged buyouts Franchising Business process reengineering Global ancillarisation

Peter.F.Drucker’s tips for growth-oriented enterprises The need for market focus Financial foresight Building a top management team Where can I contribute? The need for outside advice

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