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Compare and contrast three growth strategies.
Key Fundamentals: Note five key fundamentals that must be in play before beginning a significant strategy of growth and wealth building.
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The solution compares and contrasts three growth strategies and notes five key fundamentals that must be in play before beginning a significant strategy of growth and wealth building.
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Five key fundamentals that must be in play before beginning a significant strategy of growth and wealth building include five different areas with the strategic plans, which are financial, staffing, production processes, quality, and human resource areas. The most important fundamental from the five key areas is the financial aspect. A company must undertake many actions prior to the growth strategy, including "building strong banking relationships and letting bankers know your future goals so they can work with you to get you there" (Dun & Bradstreet, 2012). It is imperative that the company has well-defined financial plans that have gone through strategic analysis and preparation in order for any business growth strategy to be successful.
The staffing must also be adequate to the level of being able to support the strategy. If staffing is not currently adequate, proper resources must be in-place that can be immediately utilized once the company does expand. A company's staff is the fundamental building block of all successful organizations, regardless of industry. The production process and quality go hand-in-hand. Processes ...
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