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What goals can be set to spur growth?
The question: Our company is in the process of setting goals for next year. Rather than the traditional ``sell more, earn more'' philosophy we've had in the past, what new tack could we take next year to truly grow?Dr. Spann responds...
th, first conduct a detailed customer survey of your most important customers, asking them what they need and want in your products and services today and five years from now. Analyze this data looking for innovative products, new services and enhanced services as a competitive edge.Ask important customers what they need
To focus your company on grow
After weighing costs, time to payoff and competitors, select goals in both product development and service delivery. Invest in the research and development of these new products and services. Get customer feedback much earlier and more often than usual in the development process to stay close to customers' needs and to avoid wasted work.
Reward employees for increases in current customers' purchases - one of the least expensive ways to grow business. Find new or uncommon channels of distribution to get your product and services to new customers.
In your operations and sales areas, identify ``best practices'' and insure they're communicated to and adopted by the entire organization to upgrade all branches and divisions. Tie managers' pay to how well they set and meet product and service goals for growth.