2017 Growth Is All About Market Share
Some of my clients and colleagues are naturally reporting that the fear in the economy is getting them down. Smart companies know that in a flat or declining market, the only way to grow is to steal business from the competition. Many of my clients are practically salivating at the prospect of leaping into a volatile market and expanding their business by increasing market share. The first step to taking advantage of this market is making sure you have a strong executive team that can not only weather this storm but capitalize on it. By evaluating the strengths and weaknesses of your key players you may find that some new blood is needed.
Einstein said that insanity is doing the same thing over and over again and expecting different results. I think it is obvious that sometimes you need better people to get better results.
Most of the people looking for jobs right now are people who were just laid off by declining companies. These are not necessarily the “A” players you want to add to your team. It is usually better to find the happy, productive people who are still working hard for their current employers. These people are more likely to produce the critical results you need, based on their strong track record.
As you plan to increase your market share next year, ask yourself this question: Do I need access to the “A” players; those who aren’t looking for a job, that could help me grow my business? If the answer is yes, take the following steps:
1. Take a look at your current team, and determine who is achieving your objectives, who is not, and why not.
2. Be objective about the capabilities of your people. Get outside advice if needed to assess the team.
3. Move quickly to position yourself with a solid team that can increase market share – before your competitors act on the same idea.