Updated: Jan 17
Here at Pluribus Technologies, there's something we hear a lot. We hear the groan coming from CEOs and particularly their executives. Want to know what they grumble about? Quite frankly, about how much harder it is to grow than it was to fire people and shrink expenses. But why is growing harder than shrinking? Times are changing, again, and there seem to be some common themes, almost trends, that are worth sharing. As a company that acquires other companies, this is a topic that is close to our hearts.
So, what makes growth something so many companies fear? Well, quite frankly, growth is full of the paradox of choice. Have you ever been to a store and you are overwhelmed with choices? It is this same paradox of choice that makes formulating a growth strategy particularly challenging. So, what do executives do? They understand the difficulty that comes from having to make a choice (a strategic move) to grow the business and having too many options in front of them. Gone are the days when all you need to do is cut services and slash your staff. Your customers expect more. And they deserve more.
Keep a lean operation
Fortunately, access to business markets is easier than ever, so you don't need to be a big organization in order to win big. The secret to growing a successful business is ensuring you run a lean operation. Continually hiring more people and expanding the scope of what the business offers will not necessarily lead to success if you don’t have the right focus. Pay very close attention to costs, expenses, and revenue.
That's why the key is to run a lean business. Because being lean fundamentally means that you are getting maximum value from every part of the company. There is very little waste in a well-run, lean operation. Successful executives should be thinking about how to optimize their businesses as a whole, not just focusing on individual parts. They must take a big-picture look at every facet of the company to be able to fully understand how to grow it in a lean way.
If you’re running a lean business, then you should have a good reason for everything that goes on. If you want to get the maximum value from the resources that are available, you need to be serious about cutting down on waste. There should be no unnecessary excess in a lean organization. If you can’t give a good reason why something is happening, it’s probably a waste, and it should be given the chop.
You need to also make sure you guard against complacency. Don’t do something one way just because that’s how it’s always been done. If the chance arises to improve something, do it. Do not hesitate to evolve your operation based on new data. Businesses that become static miss out on important chances to grow. Justifying your decisions starts with having a clear knowledge of the objectives of your company. This is not the same as having an entrepreneurial vision.
We have an entrepreneurial vision
What is an entrepreneurial vision? An entrepreneurial vision considers what you want your venture to become, what this venture will look like, what the driving forces are, and what values and culture should surround it. Each individual entrepreneur has a unique picture of what the venture will become.
Why do we have this vision at Pluribus Technologies? Because we work with small technologies and entrepreneurs every day. Our family of companies includes a lot of smart people doing amazing things in eLearning, health tech, eCommerce and digital enablement. Visit our portfolio to learn more about the companies we have acquired and manage, as well as the work they do.