chapter 14 - strategies for growth and managing the implications of growth
TRANSCRIPT
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ChapterChapter1414
Strategies For Growth And Strategies For Growth And Managing The Implications Managing The Implications
Of GrowthOf Growth
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Growth StrategiesGrowth Strategies
PenetrationPenetration Product Product DevelopmentDevelopment
Market Market DevelopmentDevelopment DiversificationDiversification
MarketMarket
ProductProduct
ExistingExisting
NewNew
NewNewExistingExisting
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StrategiesStrategiesPenetration- Growth By Selling More Of Penetration- Growth By Selling More Of
Existing Product To Existing CustomersExisting Product To Existing CustomersMarket DevelopmentMarket Development
New Geographic MarketNew Geographic MarketNew Demographic MarketNew Demographic MarketNew Product UseNew Product Use
Product Development- Sell New Products Product Development- Sell New Products To Existing CustomersTo Existing Customers
Diversification- Sell New Product To New Diversification- Sell New Product To New MarketMarket
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Product IntegrationProduct Integration
Raw Materials ProducerRaw Materials Producer
Raw Materials WholesalerRaw Materials Wholesaler
ManufacturerManufacturer
Finished Goods WholesalerFinished Goods Wholesaler
RetailerRetailer
CustomerCustomer
Backward Backward IntegrationIntegration
Forward Forward IntegrationIntegration
Horizontal Horizontal IntegrationIntegration
Horizontal Horizontal IntegrationIntegration
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Pressures On Firm GrowthPressures On Firm Growth
1.1. Existing Financial ResourcesExisting Financial Resources
2.2. Human ResourcesHuman Resources
3.3. Management Of EmployeesManagement Of Employees
4.4. Entrepreneur’s TimeEntrepreneur’s Time
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Overcoming Overcoming Financial Resources PressureFinancial Resources Pressure•Manage Cash Flow- Budget vs. Manage Cash Flow- Budget vs. ActualActual•Manage InventoryManage Inventory•Manage Fixed AssetsManage Fixed Assets•Manage Costs/Profits- Compare Manage Costs/Profits- Compare Actual vs. Standard PercentagesActual vs. Standard Percentages• TaxesTaxes•Record KeepingRecord Keeping
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Inventory ValuationInventory Valuation
FIFO- First Items In Inventory = First FIFO- First Items In Inventory = First SoldSold
LIFO- Last Items In Inventory = First LIFO- Last Items In Inventory = First SoldSold
Convert To LIFO When:Convert To LIFO When:Anticipate Increased Labor, Materials, Anticipate Increased Labor, Materials,
Production CostsProduction CostsBusiness/Inventory GrowingBusiness/Inventory GrowingComputer-Assisted Inventory ControlComputer-Assisted Inventory ControlBusiness Is ProfitableBusiness Is Profitable
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OvercomingOvercoming Human Resources PressuresHuman Resources Pressures
Prepare Job DescriptionsPrepare Job DescriptionsItemize SpecificationsItemize SpecificationsOutsource HR ResponsibilitiesOutsource HR Responsibilities
RecruitingRecruiting HiringHiring Establish Benefit ProgramsEstablish Benefit Programs PayrollPayroll FiringFiring Permanent vs. Part-TimePermanent vs. Part-Time Corporate CultureCorporate Culture
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OvercomingOvercoming Employee Management PressureEmployee Management Pressure
Participative ManagementParticipative ManagementEstablish Team SpiritEstablish Team SpiritCommunicate- Open & FrequentCommunicate- Open & FrequentProvide FeedbackProvide FeedbackDelegateDelegateContinuous TrainingContinuous Training
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Overcoming Entrepreneur’s Overcoming Entrepreneur’s Time Management PressureTime Management Pressure
Increase ProductivityIncrease ProductivityIncrease Job SatisfactionIncrease Job SatisfactionImprove Interpersonal Improve Interpersonal RelationshipsRelationships
Reduce Time Reduce Time Anxiety/TensionAnxiety/Tension
Better HealthBetter Health
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Time Management PrinciplesTime Management Principles
1.1. Desire- Willpower To Optimize TimeDesire- Willpower To Optimize Time2.2. Effectiveness- Focus On Important Effectiveness- Focus On Important
IssuesIssues3.3. Analysis- Determine Where Time Is Analysis- Determine Where Time Is
Being WastedBeing Wasted4.4. Teamwork- Small Amount Of Time Can Teamwork- Small Amount Of Time Can
Be ControlledBe Controlled5.5. Prioritize- Deal With Most Important Prioritize- Deal With Most Important
Tasks FirstTasks First6.6. Reanalysis- Review Process, DelegateReanalysis- Review Process, Delegate
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Growth CategoriesGrowth Categories
Unused Unused PotentialPotential Actual GrowthActual Growth
Little Little PotentialPotential ConstrainedConstrained
Professional Professional ManagementManagement
Growth Growth AspirationsAspirations
HighHigh
LowLow
YesYesNoNo