Growth doesn’t breed growth and with a continuously increasing pool of competition coupled with more and more business complexities – consistent, above average growth becomes more difficult. In fact, less than 10% of companies can consistently expand both revenue and margins. It is also getting harder to simply get sh*t done. According to CEB’s work with Fortune 1000, it takes 60 days longer to fill a vacant employment position, 10 months longer to complete an IT project, 22% longer to sell B2B, and customer satisfaction has been falling every year since 2008.
For most small businesses, growth comes down to modeling the best practices of larger competitors and trying to push out the same or greater value, and if possible, at lower costs. It should never be hard for a single location coffee shop to outcompete and outmaneuver the global behemoth Starbucks, yet year after year the mermaid keeps putting little cafe’s out of business. In some industries where IP and barriers to entry make it hard to convert leads to clients, it becomes more of a challenge. This is when strategy and innovation work together with sales and marketing to raise the bar on customer experience.
In the end, the customer should always win because companies compete for business and must create new and better ways to serve them.