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Start Publishing: 08-23-2017
10 Actions Needed For CEOs to Grow Their Companies

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 10 Actions Needed For CEOs to Grow Their Companies

By Paul DiModica & Gerhard Vierthaler
 
Growing a business year over year in today's market space requires a premeditated, planned approach based on a methodology that allows you to grow your top line revenues and minimize your risk of failure.

At the Value Strategy Group, we work with firms of all sizes, private, public, and VC funded. Through our experiences and consulting practice, we have found ten primary and secondary business principles that must be present for a firm to grow, regardless of its size.

When all of these ten principles are deployed, firms increase revenue. When more than two are absent, businesses lack the appropriate foundation to make strategic decisions and their growth becomes stagnated, or worse, revenues start to decline.

These ten business practices are divided into 5 categories, and each category with 2 subcategories based on strategic actions and complementary tactical actions. They are all interrelated and maintain a symbiotic relationship with each other.

Through our practice, we have found that most firms have some of these strategic and tactical actions in place, but those who have all ten, grow consistently and substantially faster.

Can a firm grow with less than these ten processes present?

Yes, but we find that this type of growth is usually a short-term event and is normally tied to unique sales anomalies that are not replicable (like a single, large key account sale, a dramatic increase in maintenance pricing to your installed base, etc.).

To help understand your firm's current "Growth Scorecard", review the ten principles below to see how many your firm is currently using.

Having nine or ten of these business processes is a strong business indicator that your firm is on a revenue growth path that will be perpetual.

Having eight or less of these business processes may be a warning flag that your firm may grow top line revenues haphazardly and inconsistently.

     10 BUSINESS PROCESS ACTIONS

FINANCIAL MANAGEMENT
  1. Strategic Action - Prepare detailed P&L statements for every department. Although many firms have generic P&L statements, the more segmented line item details they track by department, the more accurate the available information becomes for the CEO to make business decisions.
     
  2. Tactical Action - Manage all departments monthly based on predetermined department business metrics where all department practices are benchmarked.
MARKET GAP ANALYSIS
  1. Strategic Action - Calculate your market demand based on research, staying away from collective assumptions.
     
  2. Tactical Action - Determine objective reasons why prospects will buy from you versus your competitors. 
TECHNICAL COMPETENCE
  1. Strategic Action - Have a distinct, core technical strength to differentiate yourself based on your intellectual property.
     
  2. Tactical Action - Continually reinvest in your intellectual property (service, support or products, etc.) to maintain your intellectual property strengths.
THE MANAGEMENT TEAM'S ABILITY TO IDENTIFY REVENUE IMPEDIMENTS
  1. Strategic Action - Management must be business-mature to "see" when problems exist.
     
  2. Tactical Action - Once revenue impediments are identified, management must be able to respond with "corrective action steps" to adjust these business issues ASAP. If management needs help with proper action steps, reaching out to peers or consultants who've had success in this space is key.
SALES MODEL BASED ON AN OUTBOUND NEW BUSINESS HUNTER MODEL 
  1. Strategic Action - Corporate sales strategies must be focused on continually harvesting revenue from new accounts. 
     
  2. Tactical Action - Sales programs must be designed to allow growth to happen by creating recurring sales model procedures with practices that can be replicated by all salespeople, should also focus on scalability.
Sales organizations are faced with a market in constant flux. Focusing on above actions, leaders in the industry can break away from their competitors.
 
  • How many of these actions does your firm have in place? 
  • Is your firm designed to grow year over year?
  • Is an annual trend analysis part of your growth process through systematic investments in resources?

Wishing you ongoing success,

To your continued success! 
Gerhard Vierthaler
Value Strategy Group
907.222.2703
 
  Gerhard Vierthaler, CEO
 
 As CEO As CEO of the Value Strategy Group, Gerhard Vierthaler works with clients worldwide in complex B2B selling environments, helping organizations focus on pain management, value creation and customer outcomes to maximize growth. 

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