Satori Capital’s managing partner, Sunny Vanderbeck, chimes in on the discussion of how to overcome five of the biggest challenges growing businesses face as they mature in this Fortune Magazine article by Verne Harnish.
Companies often encounter barriers as they mature. Here are five big ones and how to break through them.
1.) Not knowing your ideal customer
Customers aren’t all equally valuable; some can even be unprofitable. So CEO Scot Lowry of digital-marketing firm Fathom, in Valley View, Ohio, had his CFO draft a profit and loss statement for each. That helped him phase out the costly customers — and identify the ideal ones, such as health care and financial services firms that need very customized service. “Our strategy is based on deep customer intimacy,” he explains. “We have to focus on select clients to deliver on this.”