On June 15, Ben will present live at the Ventura Chamber Success Series: Achieving A More Profitable Business – the Way to Wealth
I talk to business owners, executives almost every day and I find there is one question that leaders of organizations, large or small, entrepreneurial or not-for-profit are continually asking; how can my organization continue to grow and profit in a highly competitive and ever changing landscape?
Many if not most hold a fundamental belief that the economy drives growth and profit and they strategies must be aligned with the ebb and flow of the greater economic forces, an answer straight out of a textbook on orthodox capitalism.
Surely the question and answer are familiar to you, because we consciously and unconsciously think about it all the time. Unfortunately, companies and not-for-profit organizations often develop their strategic planning, and even sometimes their business model, based on economic trends. This type of focus has companies disappearing in no time, or in the best case scenario move along with the herd without significant relevance and growth.
I ask you to think a bit deeper. Could the capitalist model really have survived all this time if was really the case that organizational growth and profitability were tied primarily to macro-economic or for that matter micro-economic trends?
Interestingly enough, studies have shown that economic forces play less in the success of companies and organizations to thrive and grow than you may think.
What we now know is that organizations that grow and profit year after year apply a different philosophy, one that we at FocalPoint call “The Way to Wealth”. The methodology is based on the principal of compounding and focuses on four (4) key management formulas to attract new customers, drive revenue growth and generate higher profitability. What’s more these principals work for any organization.
Buried beneath the surface of these four formulas are nearly 600 methods that can be applied to increase the number customers, revenue, gross profit and net profit.
From this strategic point of view, the importance is in making sure that the company’s plans are all oriented in the same direction. Not only are they making money, but also assuring that their company will sustain its position in the market for the long term. Rigorously applying the disciplines in the Way to Wealth methodology will help your company or organization ensure that the strategies, plans and daily activities are all in alignment thus delivering both short term and long term benefits regardless of the economic outlook. In other words you ride the wave higher in a strong economy and are affected much less in a downward trending economy.
Thank you Ben Pumphrey for today’s post.