Top Tools to Boost Profitability in Your Service Business
Profitability is the purpose of any business, yet many, both successful or struggling, are challenged to achieve the profits they should have.
Here are some strategies I use to enhance my clients’ profitability:
Inflection Points: when current strategies no longer work
Inflection points manifest in two primary forms: expansion or contraction. However, both signify the same reality; strategies that worked in the past may no longer suffice in the future. Successfully navigating through either type of inflection point is crucial for a business’s survival.
While many executives rely on financial metrics to detect inflection point shifts, these metrics often lag behind the actual changes.
Adjacencies Are An Outdated Growth Strategy
Developing adjacent businesses is another way of saying you’re committing to doing the same thing as before. Building a growth strategy based on category adjacencies sounds like a great idea. Adjacencies are intended to leverage your company’s existing infrastructure, know-how, brands and route to market. They enable your company to launch new products and innovations […]
How do you innovate for the unknown?
What confidence do you have in decisions for an innovation that will launch into a market undergoing such dynamic change? How do you create alignment to act when investing in innovation is even more risky than normally?
Does a corporation need to innovate during a crisis?
Many companies are reducing their innovation costs as they see sales declines and are laying people off. The COVID crisis, like every one before, is creating significant and long-lasting changes to our everyday lives.