Building a Better Mousetrap

“Building a better mousetrap” is only part of the solution for enterprise growth, it is an important factor, without question but not the only key. In whatever industry you are in having a strong core of products or services is vital. The core is something your company should know inside and out. It is also something that allows you to distinguish yourself from your competitors, if you strive to be the best possible and focus on the core and how to improve it. This can be done in various ways. You can focus on internally becoming as efficient as can be in either delivering a service or manufacturing a product, in order to maximize costs. Therefore innovations in a way a product is made/manufactured can improve profits for a company and contribute to enterprise growth. Consistently spending time and resources to “build a better mousetrap” will eventually only take you so far, there will be a point in time that you cannot optimize your operations/manufacturing anymore. If this is the only thing your company focuses on, enterprise growth will reach a plateau.

Growth can also occur in how you market a product or service. If you don’t have a majority share of the market you are competing in focusing on marketing can help you gain valuable market share. There are innovative ways that companies can market their products, particularly via the internet. Re-branding and packaging are other ways that older products can be reinvigorated to achieve more growth. Again there are numerous ways a company can achieve growth both internally and externally.

Innovation and growth can also be achieved via R&D and the development of new products or services. Once existing product lines have gone through there proper growth phases and other previously mentioned options have been exhausted, companies will need to either invest money/resources into R&D or look to acquisitions/alliances to continue to grow. Both of these methods can be costly and don’t always ensure...