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When the Founder Is the Rainmaker: How to Scale Without Losing the Spark
In many founder-led businesses, the founder isn’t just the leader—they’re also the best (and often only) rainmaker. They land the big deals. They have the trusted relationships. They know the pitch inside and out because they are the pitch.
It works—until it doesn’t.
As the business grows, this model creates a bottleneck. Every new opportunity depends on one and only person. And it’s the same person every time. But there’s a downside. When that person is also responsible for running the business, mentoring the team, and shaping the vision, something eventually gives.
Business Growth Strategies: Keeping a Stainless Reputation
Thu, Sep 27, 2012 — A Case Study on Sustaining Generational Growth Blickman, a fifty year old family owned business, is a leading manufacturer of high quality stainless steel materials handling and storage equipment for the health care industry. The customers include facility planners for hospitals, outpatient surgery centers, doctor’s offices, laboratories, clinics, and any health industry facility that needs fabricated stainless steel materials handling and storage systems. Blickman is owned and operated by two brothers. One serves as CEO and the other serves as CFO. The company recently invested in creating more capacity and needed help with strategic planning to increase revenue and utilize the additional capacity. The company did not have a CMO and brought in a CMO from Chief Outsiders. Because of the economic downturn, many new healthcare facility construction and expansion projects were unfunded and on hold so the market growth was stagnant. The business was not growing as the owners envisioned, and there was no strategic growth plan or marketing strategy to take advantage of the Blickman brand’s excellent reputation. The market has evolved to an RFQ lowest-bidder-wins environment. Blickman is not the lowest-cost provider and does not want to compromise their quality image by producing inferior quality. Blickman had not done a strategic plan and the focus was on day–to-day operations and opportunities. There were no strategic marketing initiatives.
Rising Above Organic Growth
Sat, May 5, 2012 — A successful small to medium size business often runs the risk of feeling “too comfortable." Even though revenue is coming in, your customers like you, and your sales force is calling on customers regularly, you aren’t seeing the growth you are looking for. This lack of desired growth may be a result of new competitors, new products or services in the market, or that the market itself is growing stagnant. Get Outside Your Comfort Zone If any or all of these things are happening it should cause you to take a hard look at your business and consider going out of your comfort zone to continue to grow. It may be time to consider looking for new markets for your product. If you've grown comfortable selling to one or a few vertical markets, going beyond them may cause fundamental changes in your company. You may have to learn new industries, call on different kinds of buyers, and maybe have to recruit new sales people with knowledge of this new category. Market Expansion Most of all, you will have to take a hard look at your business and decide what kinds of problems you can be solving for new and different companies. Really getting into the guts of your business and looking beyond the obvious answers can sometimes be a painful exercise. You may be required to change the culture of your company in order to accommodate this new market opportunity that you have uncovered. But, the growth that comes with it is definitely worth the effort.
3 Steps to Improving Customer Retention
Wed, Mar 28, 2012 — As someone who once helped the pest control giant Terminix exterminate a nasty customer retention problem, I've seen what a difference a few strategic adjustments can make. So if you're facing the same issue, let me assure you that there are steps you can take to stamp it out.
Growth Opportunity: The Demand Chain
Mon, Mar 19, 2012 — Efficiency Only Goes So Far The last ten years of American business have been focused on integrating and perfecting operational efficiencies through the perfection and active management of the Supply Chain. For the last couple of years of economic turmoil, many companies have almost exclusively focused on supply chain efficiencies as a strategy for survival. Now the challenge is taking the expertise and company culture focused on linear thinking and introspection of the supply chain and start growing again.
Maximizing Your Position In Your Market
Mon, Sep 26, 2011 — Every company must develop a strategic direction that best fits its capabilities and its standing in its marketplace. Most business categories fall into similar market share patterns. There are three major players who, combined, have roughly 70-90% of the market. Then you have a group of small savvy specialists that have identified an underserved audience within the market. These tend to be businesses that succeed based on lower volumes, by definition, but much higher margins. In general, they tend to have no more than 5% of the market each. And, finally, you have the remaining companies in the category that live on the crumbs that are left over.
3 Top Sources of Strategic Marketing Insights
Mon, Jul 18, 2011 — Effective marketing strategies that drive significant results are almost always based on key insights. Insights can come from a lot of different places – from research, from a review of operations, from an analysis of the market, from a review of available data, from experience. The critical common element to game-changing insights is perspective – looking at the situation from a customer/prospect/market point of view. Let’s look at some examples: 1. Research-based Insight At Northeast Savings, we conducted a major customer segmentation study to better understand the needs of our consumers. One of the key findings of the research was a hierarchy of concerns expressed by a key constituency – 50+ consumers. Their number one issue was their health; followed closely by their financial well being, especially as it related to being able to take care of themselves should anything happen to them physically. This insight, coupled with an understanding of the need for conservative investments (in this case, CDs) due to the risk profile of older people, led to the creation of the “Take Ten” CD. This was a traditional CD, earning market interest rates, with a twist – you could withdraw up to 10% of your principal without penalty. Northeast Savings was the first bank in the country to offer this type of CD and was recognized in USA Today. More importantly, the CD garnered $180M in new deposits in the first three months and, after a year, no one had exercised the option to withdraw principal. Consumers wanted the security of knowing that they could, but really needed to earn interest on their deposits.
Four Must-Have Strategists Every CEO Needs
Sun, May 8, 2011 — Every CEO has the responsibility to set the vision and make certain the strategies to address this vision are created and implemented. The CEO must determine what resource options are best suited to help develop and implement the various strategies and budget accordingly.