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HOW NOT TO BUILD A BUSINESS (and how to do it right)
HOW NOT TO BUILD A BUSINESS (and how to do it right)*
A number of years ago when I was at Coleco (the Cabbage Patch people) I was involved in a number of product launches which accounted for huge growth. Our base grew from a few product lines to many major products and product lines. We had great top line success. We grew the product categories beyond our infrastructure and beyond the skills of our management team. We chased the top line not worrying about our core business, our skill sets, our alliances, or our future.
We started with a strong broad line of products then added bigger and better on top. We went from basic products like swimming pools, riding toys and family games to hand held electronic games, ColecoVision, Cabbage Patch Dolls and finally to the Adam Computer. As we raced to grow the top line we forgot about the bottom support. We tried to recover with basic products but not in time. The company collapsed on its own weight.
We forgot about the basics of business.......building a base, growing from there, not just products or services but the entire company....all elements together......finances, the management team, sales, marketing......and more.
Now is a good time to think about your company's foundation. Is it strong enough to support what you hope to achieve when good economic times return?
Best Regards,
Rick
*we are offering a new Smaller Business Executives Series
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