You have to take your time when making decisions about new markets. You have to research every aspect and get to know that market. You have to talk to a lot of people. Who are your customers? If you do decide to go to that market, take it slow. Keep your overhead low until there is a need for it. Obviously, once you are growing, you’ve got to add more people to get more production and get your sales up, but don’t go in guns blazing.
How important is it for a company to keep up with technology?
Technology is obviously a very important part of growth. If you don’t keep up with technology, you’ll die. You have to know your industry. You’ve got to have foresight and you’ve got to be able to see down the road — whether it’s doing research or just talking to people.
You have to also know your competition. Look at your competition and see what they do. Are they doing something that you should be doing? Are you losing business because they have a new technology that’s making everyone’s life easier and you’re not doing it?
What can prevent a company from growing?
You have to avoid being shortsighted and not being able to see what’s ahead of you. Whether you’re talking about your industry or you’re talking about your market or the economic climate, not having that vision can prevent growth. If you’re not able to see that someone is doing something that may revolutionize your industry and you’re not on it, the people that do that stuff first can take a lot of your business away from you.
HOW TO REACH: Allen Keith Construction Co., (330) 455-5451 or www.allenkeith.com
