Growth and Crisis

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Discuss Replies should be no less than 75 words.

1. This should be addressed to Tarsha Harris,

In my opinion, there comes a time when every company will face a crisis. Some may be prepared and some may not. “Sooner or later, no matter their size, location, or industry, all companies face some sort of crisis. The trouble, though, is that we often talk about “crisis management” like it’s a single skill or process: You have it or you don’t; you do it right or you totally mess it up”.(Faisal Hoque,2016)Sometimes, it takes an incident for a growth strategy to form in order to avoid similar incidents in the future. However, there are some crisis that occur, that cannot be controlled. Bad weather conditions can knockout power and everything the employees are working on at the moment can be lost due to not saving work. Then, there’s that one employee who is just going through it and decides to take it put on everyone else. The employee decides to just come in to the building and execute co-workers with a mass shooting. This could lead a growing company hysterical having to deal with all the emotions and well being of the witnesses and loved ones. “Each business strategy has its own crisis-related vulnerabilities. A business emphasizing a low cost strategy, for example, maybe susceptible to price competition from other firms, particularly large rivals.” It takes a great manager to be able to plan and execute a strategy to help a company grow. The use of SWOT helps in the strategy planning as well. SWOT stands for Strengths,Weaknesses, Opportunities and Threats. Creating out a chart to see the likelihood of crises come in handy sometimes when using SWOT. It helps to minimize crises as much as possible.

2. This should be addressed to Christy Bruno,

Four broad growth strategies are diversification, product development, market penetration, and market development (www.business.com). Companies are targeting aggressive growth strategies in response to structural shifts caused by new technologies, changing regulations, evolving customer needs and sector convergence. However, realizing growth is extremely challenging with the majority of organizations unable to achieve and or sustain their growth ambitions (www.kpmg.com). There are a few growth strategies that can cause a crisis such as, unrealistic growth objectives driving an undeliverable strategy, a failure to consider implementation capabilities and bandwidth to execute, leadership team misalignment, lack of stakeholder support and an inability to evolve and innovate in response to changing market and customer requirements (kpmg.com).

Invest in talent, make sure your employees have direct contact with your customers, so you need to hire people who are motivated and inspired by your company’s value proposition. People that work for you that are not motivated are only wasting time and space. You need people on your team that are ready to work and promote. Sometimes, focusing on your strengths rather than trying to improve your weaknesses can help you establish growth strategies. No matter your industry, your competition is likely excelling at something that your company is struggling with. Identify your ideal customer. You got into business to solve a problem for a certain audience. Establish a value proposition. For your business to sustain long-term growth, you must understand what sets it apart from the competition. Identify why customers come to you for a product or service (www.entrepreneur.com).

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