The MHEDA Journal - Second Quarter, 2015 - (Page 32)

CONVENTION MANAGING GROW TH MATTERS Growth as Strategy How to strategically plan and execute a growth strategy S BY JERRY WEIDMANN uccessful, profitable growth at a rate greater than the economy grows requires strategic planning. Strategic planning is a critical component of running a successful business. It is one of our core tenets at Wisconsin Lift Truck and it is one of the pillars that MHEDA is built on. Our management team recently updated our 2020 strategic plan. A cornerstone of our strategic plan is growth. It is our view, that increasing our operations by 50% by the end of the decade will position us for continued long term success. Strategic Plan In developing our strategic plan for revenue growth we identified three components; inflation, organic growth and new business development. Convention Speaker 32 MHEDA | themhedajournal.org * Inflation. Our economic assessment is that the underlying inflation rate over the coming five years will be in the 3% per anum range. Increased equipment, parts and labor costs will drive revenue growth consistent with this underlying rate of inflation. * Real GDP Growth. We believe that economic demand will increase the production of goods and services in real terms by approximately 3% per annum over the period. Assuming we manage our business effectively, our business will grow with the economy and this will deliver increased revenues consistent with GDP growth. * New Business Development. In order to attain 10% compounded growth in the coming five years, we are looking to increase our business in three ways 1.  arket share growth. We examM ined our market penetration with our product lines and have identified areas we can increase our market share. 2.  roduct line growth. A number P of our suppliers are expanding their product lines or have made changes to their product line wherein we expect to increase our sales well above the underlying growth rate of the economy. We also have identified new product lines that will complement our existing product lines and enhance our offerings to our customers. 3.  cquisitions. We recognize that A to sustain a high rate of growth http://www.themhedajournal.org

Table of Contents for the Digital Edition of The MHEDA Journal - Second Quarter, 2015

President’s Perspective
From the Desk of Liz Richards
Editor’s Note
MHEDA University Calendar
Ask Your Board
MHEDA MEMBER PROFILE Cisco-Eagle, Inc. BY STEVE GUGLIELMO
@ WORK Sarah Fiola, Tri Lite, Inc.
INDUSTRY PULSE Second Quarter Projections
GROWTH AS STRATEGY How to strategically plan and execute a growth strategy BY JERRY WEIDMANN
THE BENEFITS AND HAZARDS OF WORKING IN A FAMILY BUSINESS Having it both ways – a successful business and a happy family. BY BUDDY SMITH
Exhibitors’ List and Floor Plan
Exhibitor Summaries
ROCK STARS CREATE UNIQUE EXPERIENCES Enhancing your value proposition BY JIM KNIGHT
WHAT DOES A WINNING SALES STRATEGY LOOK LIKE IN 2015? BY RYAN ESTIS
THE SHIFT: A FORCE OF CHANGE IN THE NEW WORLD OF WORK BY SETH MATTISON
THE SEARCH ENGINE AND SOCIAL MEDIA RELATIONSHIP BY BRIAN BLUFF
New Members
Spotlight on Association News
Index of Advertisers by Product Category

The MHEDA Journal - Second Quarter, 2015

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