Have you wondered how successful companies thrive? Is your company stagnant and seem to be going nowhere? Are you starting a new business and wonder how you can get on the right track to growth? Should you cut costs to grow your company? Or maybe ignore costs and focus on revenues? Rick and Brandon discuss the decision of cutting costs or raising revenue to grow a small business in light of the amazing story of Las Vegas.
- List your company along with your known competitors.
- Duplicate your list for the following step
- How your company compare to other companies using terms like “best service”, “cheapest”, “Most innovative”, etc. Write these terms on the top of each page.
- Rank your company and among all of these companies on each page.
- If you are near the top of a list, does that list define who you are as a company? If so, how can you invest in maintaining the position?
- On the other pages, enter on each page how your company can move up to #1 using things like: technology innovation, precision cuts, other additional capital infusion, etc.
- Use our strategic planning podcast to help you organize your decisions.
- Use our strategic planning podcast to help you organize your decisions
Moral: Even in lean times, no business every grew just by indiscriminately cutting costs.
Sources:
Las Vegas Sun website
The Three Rules, How Exceptional Companies Think by Michael E Raynor and Mumtaz Ahmed
The Art of Cutting Costs, While Growing Revenue by Greg Cudahy in Business Finance
Receive Our Podcast In Your Email Inbox!
