• Home
  • Blog & News
  • Strategies for Business Growth that Go Beyond a Blind Belief in Brand Value
strategies for business growth

Strategies for Business Growth that Go Beyond a Blind Belief in Brand Value

No business is ‘too big to fail’. Blind idealism didn’t work out well for Kodak, and now another iconic brand is filing for bankruptcy:Gibson. The guitar brand used by Bob Marley, Billy Joe Armstrong, Mick Jones, Slash, and a host of other superstars, is on the rocks. What went wrong and why did the turnaround strategy fail so horribly? On this week’s The Money Show with Bruce Whitfield, Pavlo Phitidis takes us through the way this brand is going bust, and outlines essential strategies for business growth:

A CEO in attitude, but not in action

Gibson’s CEO, Henry Juszkiewicz, currently owns 36% of the company, having bought it in 1986. While he may be well-educated, Juszkiewicz has often adopted the wrong type of attitude when faced with numerous obstacles to growth. Now facing seemingly insurmountable debt, things are looking dire at Gibson, as the company files for bankruptcy.

A failed turnaround strategy

Strong, responsive, and effective, strategies for business growth cannot be rooted in blame. Juszkiewicz has, however, blamed a wide range of variables for Gibson’s troubles. These include: changing customer interests; shifts in retail behaviour, with more customers attracted to online channels, and retailers locating stores in unsavory neighbourhoods, or making bad merchandising decisions. Instead of re-focusing the company, Juszkiewicz set out to re-define the business as one that encompassed ‘everything’ musical and aimed to be the ‘Nike of the music business.’ Making several acquisitions and attempting to eliminate Gibson’s competitors, the turnaround strategy failed, forcing the company into bankruptcy.

Good strategies for business growth

Good strategies for business growth start not by blaming any external change in circumstance, but rather by going within. To implement responsive and effective strategies for business growth, you should adopt an approach much like a start-up business would:

  • Consider your brand: Your brand is not just your products or services; it’s the entire experience your customers have of your business.
  • Go back to your customers: Your strategies for business growth can’t be centred around a product or service. Instead, focus on how your business can continue to solve your customers’ problems.
  • Be careful of how you diversify: Now is not the time for a complete re-invention. Instead, when looking for ways to diversify your business, consider your already existing customer relationships; and how what you do or offer right now can be built upon, to solve new problems.
  • Take it slow: An agile approach provides a great foundation for your business growth strategies. Adopting an agile approach means taking many small steps, and then constantly assessing your progress or output.
  • Secure anchor and reference clients: Test out your diversified business offering to a select group of customers and ask them to feed back to you on their experience.
  • Measure and assess: As you move through each small step, build a reporting mechanism that’ll give you solid metrics on how your strategy is working, and help you to assess how your business is growing.
  • Build funding relationships: Don’t sacrifice your cashflow in pursuit of a growth strategy. Rather, look towards building funding relationships throughout your business journey, that you’ll be able to rely upon whenever you need them. If you’ve built your reporting systems well, you can easily report back to funders and investors on the success of your diversification strategy, imbuing those relationships with further confidence, as you grow your business.
  • Capacitate your team: Supporting your team and providing them with the resources to implement your strategies for business growth, is essential. A well-equipped team will ensure that your customers’ experience of your business remains positive, enabling return business, and stimulating business growth.

At Aurik, we help business owners like you create and implement effective strategies for business growth. Chat to us, and we’ll help you build your business into an asset of value.

Tags: The Money Show, Business Strategy, Strategic Planning

Creating wealth through your business
Business Growth Wealth Creation

Creating wealth through your business

Wealth describes an abundance of a desirable thing. It could be friendship, love, money, access to a foodstuff and so on....

Read more

Developing an effective marketing strategy
Business Growth Marketing strategy

Developing an effective marketing strategy

If you can’t and don’t get potential customers to know that you exist, they don’t care and you die. They don’t care because...

Read more

Build resilience into your business to take control of your future
Business Growth Strategic Planning

Build resilience into your business to take control of your future

We often hear about being resilient to thrive and survive in business today. Why does this matter and what does it mean?

Read more

Escaping the project revenue trap and why you should do it
Building your Business

Escaping the project revenue trap and why you should do it

Recently, at an Asset of Value event in Johannesburg, South Africa, a room bristling with 58 business owners that collectively...

Read more

What is your business building approach to 2019: Chose one of 3 strategies
The Money Show Business Strategy

What is your business building approach to 2019: Chose one of 3 strategies

2018 has been an exhausting year. Taking time off is important, so long as you don’t break the momentum of your business....

Read more

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures
The Money Show

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures

Collaboration is a key element for building your business into a successful Asset of Value. But, not every joint venture...

Read more

Why Collaboration is a Critical Skill for Every Business Owner
The Money Show Building your Business

Why Collaboration is a Critical Skill for Every Business Owner

We’ve entered the age of collaboration. Despite current events, like BREXIT, that showcase the opposite, collaboration remains...

Read more

Foresight and action can turn the potential sales you book in 2018 a certainty in 2019
The Money Show Sales

Foresight and action can turn the potential sales you book in 2018 a certainty in 2019

You’re winding down towards the end of 2018, and preparing to lock and load the early sales for 2019. If you’re not in this...

Read more

Turn 2018’s Exhaustion into 2019’s Business Acceleration
The Money Show Business Growth

Turn 2018’s Exhaustion into 2019’s Business Acceleration

Year-end fatigue is setting in - 2018 has been a tough year emotionally, economically, and physically. But that’s not much...

Read more

Building a Branch Network for Your Business
The Money Show Asset of Value Business Growth

Building a Branch Network for Your Business

Building a branch network for your business is still relevant and appropriate, despite the exponential growth opportunities...

Read more

Growing Revenues through Indirect Sales Channels
The Money Show Business Growth Sales channels

Growing Revenues through Indirect Sales Channels

Effectively growing your business revenue needs a lot more than just a regular sales effort. Developing and implementing...

Read more

Entering, Surviving, and Thriving, in a New Industry Created by New Technologies
The Money Show Business Growth Strategic Planning

Entering, Surviving, and Thriving, in a New Industry Created by New Technologies

We’re in the midst of the 4th industrial revolution, with many new technologies quickly entering the business environment....

Read more

Business Funding: How to Self-Fund your Business through its Lifecycle
The Money Show Business funding

Business Funding: How to Self-Fund your Business through its Lifecycle

Business owners and entrepreneurs often express the difficulty of accessing business funding as a key challenge. And yet,...

Read more

Building a business with confidence amidst uncertainty
The Money Show Business Growth Business owner

Building a business with confidence amidst uncertainty

A constantly changing business environment demands that business owners develop new skills to ensure business growth. Recently,...

Read more

Choose your Business Growth Rate and Build your Business Towards It
The Money Show Business Growth

Choose your Business Growth Rate and Build your Business Towards It

We may be living in a negative economic cycle right now, but it’s up to you to decide what your business growth rate should...

Read more

How to Build your Business & Capitalise on a Seemingly Negative Business Environment
The Money Show Building your Business

How to Build your Business & Capitalise on a Seemingly Negative Business Environment

The reality of a recession is sinking in, and it seems the echo chamber of negativity is overwhelming. South Africa’s business...

Read more

How to build a resilient business in a technical recession
Building your Business

How to build a resilient business in a technical recession

Our economy is in the midst of a technical recession and business owners are wondering how to weather this economic storm....

Read more

Marketing for Business Growth: Keeping your Customer Acquisition Cost in check
The Money Show Business Growth

Marketing for Business Growth: Keeping your Customer Acquisition Cost in check

You’re not alone. It’s becoming more and more difficult to generate leads, turn those into customers, and grow your revenue....

Read more

Product businesses in the industrial sector need to build differently to survive and thrive
Building your Business Business Growth

Product businesses in the industrial sector need to build differently to survive and thrive

Keeping water flowing through the kilometres of underground pipes keeps all players in water infrastructure awake at night,...

Read more

How to Build Your Business by recruiting the Right People to do the Right Thing at the Right Time.
The Money Show Building your Business

How to Build Your Business by recruiting the Right People to do the Right Thing at the Right Time.

As a small business owner, your biggest investment will be your staff. How you hire, who you hire, and when you hire, will...

Read more

Turning the talk of your Business Strategy into the Walk of Execution and Results
The Money Show Business Strategy

Turning the talk of your Business Strategy into the Walk of Execution and Results

In recent meetings with frustrated business owners, Pavlo Phitidis picked up on a significant trend – a high level of complaints...

Read more

Why, When and How to Sell your Business.
The Money Show Selling your business

Why, When and How to Sell your Business.

Every business only has two destinations: it closes, or you successfully sell it. Globally, however, 94.6% of all businesses...

Read more

How to build your business through delegation
The Money Show Business Growth

How to build your business through delegation

Your business journey most often begins with just you. Along the way, however, as you figure out how to build your business,...

Read more

Managing Business Growth – The Killers of Business Growth
The Money Show Business Growth

Managing Business Growth – The Killers of Business Growth

Ask any business owner what they’d like for their business, and they’ll say “Growth”. But managing business growth isn’t...

Read more