How do you identify the most promising growth opportunities for your organization, and what factors do you consider when deciding which ones to pursue?
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We apply these Strategies for business growth and development.
1. Increasing market penetration - We were no so much into catering Small and Medium Enterprises and we had identified this as a growth opportunity to grow our revenue. We had built a team of Hunters to actively pursue business development opportunities for this segment of the market.
2. Our 40% business was coming from legacy products till about 2 years back. We had taken the business decision to do away with some old products which required lot of capital investments with lesser revenue growth. So, we had diverted about 25% of our technical headcount to work and grow new technology products.
3. The third important aspect was to set up a team o Mergers & Acquistions to spot and evaluate potential Acquistion target companies. We have made 3 acquisitions in last 2 years for inorganic growth of our business.
So, we have followed these 3 prominent strategies for organic and inorganic growth to grow revenue by 34% in last 2 years.
Employees take on responsibilities that do not directly fall under their realm, especially if they have ability to complete them.