Strategies for Growth

By Mike Osredker
The Fioras Group, LLC

It has been a very busy couple of months with many networking events and public forums.  Along the way, I have had the opportunity to meet and speak with the Brazilian Ambassador to the United States, Mauro Vieira and the U.S. Ambassador to Saudi Arabia, James Smith.  The conversations taking place in these events frequently include discussion about business expansion and the most effective way to extend success created in home markets. 

Here is my view on the best approach…

 

Organic – straight forward, offering the same products in the same markets, usually more pervasively – with a larger sales force or modified distribution channels.

 

Port – taking existing products to new markets or segments.  Market research can help discover the opportunities that may be available – domestically or in international markets – with little change in current service offerings.  Administrative functions in place frequently suffice and cost models survive.

 

Create – product development will be more challenging and may require adjustments to the supply chain – where to source and how to deliver new capabilities.  The good news is that because the environment in which this takes place is an existing market space it is likely that current relationships can help solve these challenges.

 

Innovate – new products can be opportunistic and a calculated risk driven by visionary research and analysis.  Products and services occupying this space typically distinguish the provider as a market leader and generate higher initial margins.

 

This model is an excellent way to visualize growth for your company.  By filling in the specifics – products, markets, and timing – you can begin to formulate your successful growth strategy.