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CHAPTER 9 GROWING YOUR BUSINESS EMPIRE
the market and soon be taken over by a newer, more
exciting brand.
The trouble is that in many mature companies, there may be
a lack of new ideas and a trend of eroding profitability. To
stay on top, you must focus on constant innovation in order
to reinvent your brand and your product offering.
A common obstacle faced is the unwillingness of management
to change, especially those who have been around for more
than 10-20 years. Their stubbornness in sticking with old rules
and mindsets that may have worked in the past will hinder
your company’s rejuvenation. To continue to succeed, you
must focus on either changing the mindsets of senior staff or
create a succession plan where they will be replaced with a
new management team that can carry the company into
the future.
Leadership and Management Style:
At this stage, your role would have become that of a mentor.
The day-to-day business operations should have been
successfully delegated to your successors while you spend
your time mentoring and grooming up these new leaders.
Conquering Foreign Markets
278 SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES
