COMM 320 Lecture Notes - Lecture 13: List Of Fables Characters, Cash Flow, W. M. Keck Observatory

• School: Concordia University
• Department: Commerce
• Course: COMM 320
• Professor: Robert Nason

Document Summary

Chapter 13 preparing for and evaluating the challenges of growth. Not all (cid:271)usi(cid:374)esses ha(cid:448)e the pote(cid:374)tial to (cid:271)e aggressi(cid:448)e gro(cid:449)th fir(cid:373)s fastest growth are those who solve a significant problem or have a (cid:373)ajor i(cid:373)pa(cid:272)t o(cid:374) their (cid:272)usto(cid:373)ers" produ(cid:272)ti(cid:448)it(cid:455) or li(cid:448)es. A (cid:271)usi(cid:374)ess (cid:272)a(cid:374) gro(cid:449) too fast (cid:272)a(cid:374) stress a (cid:271)usi(cid:374)ess fi(cid:374)a(cid:374)(cid:272)iall(cid:455) a(cid:374)d drain owners emotionally; must recognize when to put the brakes. A business can only grow as fast as its infrastructure allows. Busi(cid:374)ess su(cid:272)(cid:272)ess does(cid:374)"t al(cid:449)a(cid:455)s s(cid:272)ale i(cid:374)di(cid:448)idualized ser(cid:448)i(cid:272)es ofte(cid:374) do(cid:374)"t gro(cid:449) or s(cid:272)ale (cid:449)ell. Start by selling a product/service consistent with core strategy. Successful businesses keep their heads down and do one thing particularly well. Think ahead and anticipate type and amount of growth. Measure (cid:272)o(cid:373)pa(cid:374)(cid:455)"s gro(cid:449)th pla(cid:374)s agai(cid:374)st (cid:455)our o(cid:449)(cid:374) goals a(cid:374)d aspirations. Increase of production leads to lower average costs. Ad(cid:448)a(cid:374)tage (cid:272)o(cid:373)es through ra(cid:374)ge of fir(cid:373)"s operatio(cid:374)s. Number one or number two position in industry/niche market.