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To spark business growth, follow the leader in your industry.
One key to growing your business is coordinating your company strategy with a wide range of administrative and managerial processes. According to a recent study, your success at making these elements work well together is directly related to the maturity level of your industry.
In "Fit Among Competitive Strategy, Administrative Mechanisms and Performance" (Journal of Small Business Management, April 2003), Henrik Barth analyzed 171 growing businesses with 200 or fewer employees, comparing revenue growth to the types of competitive strategies and administrative and managerial processes the firms used. The study showed that companies in newer industries typically grow faster than those in mature industries.
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