Most executives will state that "we have too many cost reduction opportunities" but when asked how many will specifically drive profitable growth then they may answer "I am not sure but they should". Such broad based initiatives that are taken up as a result of problem can result in "cost reduction fatigue" where cost reductions are unsustainable or are not aligned with the long term profitable growth.
Strategic leaders spend a lot of time and efforts on developing robust strategic plans, vision, road maps and initiatives, and they should spend just as much time if not more on the "people" to ensure that execution per the vision is realized. Industry experts state that no matter how difficult the strategic planning is, execution can be 10 times harder however typically it is the flawlessness of the execution that separates the winners from the losers.
Sales and business development are the same. Right ? No doubt both activities lead to growth, however they achieve this very differently. Read on to understand how strategic business development can accelerate revenue growth, build collaborative partnerships with customers and leads to sustained competitive advantage by leveraging organizations Operation Excellence.
Rapid business growth (organic) is critical lever for accelerated value creation. Business leaders need to have a clearly defined, articulated mission/vision statement, and high performance team are critically important to achieving and sustaining rapid growth in a business. A robust Business Development Strategy should strike a balance between the following levers along with a favorable customer experience to meet short and long term growth goals.
Successful companies utilize product or technology innovation is one of the most important differentiator that accelerates value creation. A technology roadmap is a plan that matches short-term and long-term goals with specific technology solutions to help meet those goals. It is a plan that applies to a new product or process, or to an emerging technology.