When you hear the word “grow,” you probably think of getting bigger: having more customers, more markets, more products, or more revenue. I prefer to see growth strategy as a way to recalibrate your company, enabling you to become increasingly focused and effective. Recalibration is a continual necessity today, because economic and technological changes are remapping the business environment at such an extraordinary rate. This means growth can sometimes mean doing less of something. It can mean shedding customers. It can even mean divesting whole divisions of your business. Naturally, you may find contraction counterintuitive to your idea of growth, but in my experience, recalibration is an essential first step in your path to successful acquisitions.
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