Chamber Chat: April 10, 2025
The Importance of Continual Growth
Continual growth in business involves the constant pursuit of innovation and development toward a shared vision. It is the avoidance of stagnation, or even worse, declination. To grow continually, an organization must be willing to leave its comfort zone and venture into the realms of volatility and the unknown.
Why is continual growth important? The now-bankrupt Blockbuster and soon-to-be-bankrupt TGI Fridays are great examples. When streaming services like Netflix took over, Blockbuster failed to innovate and lost so much market share that it went bankrupt. TGI Friday attempted innovation by adding sushi to its menu, but it failed miserably due to a significant lack of buyer understanding.
Continual growth is important because it keeps organizations on, or close to, the front lines of their industry. These front lines are where the best buyers exist, and competition gets left behind. Once an organization’s growth stagnates or declines, it’s twice as hard to regain the momentum it once had. There’s only one way to coast, and it’s downhill.
How do organizations achieve continual growth? Many, like 3M, do so through the constant research and development of new products and services, but it doesn’t have to be so cut and dry. New marketing efforts, updated technology, refurbished operations, and enacting a new organizational strategy all contribute to continual growth. The most crucial piece of the puzzle here is consistency. Without consistency, growth is sporadic and unpredictable. It’s better to grow slowly and consistently than to have erratic, explosive growth.
It's also important to note that consistent, continual growth efforts must align with the organization's mission and vision. Remember that business strategy is a framework within which an organization makes decisions to fulfill its mission and vision. The organization must grow within that framework and grow the framework itself rather than deviate from it.
Leo Bartelmey | BS, ASBC®
LBC Consulting, LLC
Professional Business Consulting
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