Is Your Company Growth-Friendly?
May 2003

Although some companies are finding success in the graphic arts industry, many owners feel like they’re running just to stand still. While attaining profitability today remains the primary focus, it’s equally important to find avenues of growth to ensure profitability tomorrow. The road to growth-friendliness can be a rocky one; skepticism of growth initiatives is never higher than in tough financial times. That’s why it’s important for owners and managers to break down the barriers to growth and innovation. Here are answers to three common questions to help you create a growth-friendly environment in your company:

How do I balance the need to achieve short-term profitability with the investment in growth opportunities that may not bear fruit for quite some time?
Achieve operational excellence: It may sound strange, but reinforcing the strength of your core business is the first step in developing a strategy for growth. An efficient, well-run business will give you the foundation and the capital you need to act quickly on growth opportunities without compromising present-day profitability.

Can I support innovative thinking and growth opportunities without losing focus on, or appearing to abandon, our core business?
Encourage growth from the top down: Owners and managers are the lightning rods of their organization. However, simply showing an interest in growth and innovation from the top is often not enough. Make growth strategy a part of everyone’s job description, and the whole company will reap the benefits.

How can I tell the difference between a good opportunity and a disaster waiting to happen?
Limit support to only the best ideas: Once you’ve spawned a culture of innovation, expect to be inundated with “breakthrough ideas”. This is where many owners can get bogged down in launching too many initiatives, mostly from fear of stunting creativity by rejecting poor ideas. It’s a delicate balance, but you must be firm in hand-picking and acting on a few good ideas - and quickly shedding the bad ones.

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