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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Fit for Growth summary
Vinay Couto
John Plansky
Deniz Caglar
A Guide to Strategic Cost Cutting, Restructuring, and Renewal
15 mins
Brief summary
Fit for Growth by Vinay Couto, John Plansky, and Deniz Caglar is a management guidebook that offers practical tools to help companies achieve profitable growth. It stresses the importance of problem-solving, resource allocation, and operational efficiency.
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Fit for Growth
Summary of 6 key ideas
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Key idea 1 of 6
Successful companies devote financial resources to the areas where they already excel; everywhere else, they cut costs.
What’s stopping your company from growing? Perhaps it’s your customers’ rising expectations – or maybe you’re struggling with industry-wide economic problems? Fortunately, whatever your difficulties, the solution is the same – you need to cut your costs.
No matter what industry your company is in, you must focus as much on cutting costs as on growing revenue.
But where should you start cutting?
Actually, the more relevant question is, where shouldn’t you? In order to answer this, you first need to pinpoint your company’s differentiating capabilities – the processes, tools or knowledge that makes your company better than its competitors. In other words, what are the things your company does best?
Understanding what your differentiating capabilities are is crucial because these are the areas of your business that you don’t want to cut. And once you’ve identified them, you should start devoting the lion’s share of your financial resources to them.
In practice, this means cutting costs in all other areas of your company so that you can focus on your priorities. Sound like a risky strategy? Well, it’s less risky than attempting to pursue excellence in all your business functions.
Many companies believe that every department, from Human Resources to Logistics, needs to be “best in class.” They then allocate generous amounts of resources to each department accordingly. However, these spend-happy companies rarely ask themselves whether financing each department is actually conducive to overall success. Outshining the competition in every aspect isn’t really necessary, and trying to do so often forces companies to underinvest in the activities unique to their enterprise.
This is a mistake that the most successful companies avoid.
For example, Swedish home-furniture company IKEA focuses only on being the best at what it’s already the best at. IKEA knows that it’s beloved for its elegantly simple product design, inviting stores and low prices. Consequently, the company relentlessly searches for opportunities to save costs in all other areas – such as their supply chain and product packaging – as long as the cuts don’t affect product quality, in-store customer experience and low prices.
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What is Fit for Growth about?
Fit for Growth (2017) explains why cost cutting is crucial to a company’s growth. The authors cover a range of how-tos, from restructuring your organizational model to cutting superfluous business departments and achieving sustainable growth for your company.
Fit for Growth Review
Fit for Growth (2017) is a valuable resource for anyone seeking to transform their business and drive profitable growth. Here's why this book is worth reading:
- With its practical strategies and frameworks, it equips readers with the tools to navigate through complex business challenges and optimize performance.
- Backed by extensive research and real-life examples, the book provides actionable insights on how to efficiently manage costs and improve operations.
- By emphasizing the importance of adaptability and agility in today's rapidly changing world, the book keeps readers engaged and motivated, ensuring it's anything but boring.
Who should read Fit for Growth?
- Managers looking to cut business costs
- Anyone interested in change-management skills
- Students wishing to pursue a career in management consulting
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Fit for Growth FAQs
What is the main message of Fit for Growth?
The main message of Fit for Growth is that companies must adapt and streamline their operations to stay competitive and thrive in today's fast-paced business environment.
How long does it take to read Fit for Growth?
The reading time for Fit for Growth varies depending on the reader's speed, but it typically takes several hours. However, the Blinkist summary can be read in just 15 minutes.
Is Fit for Growth a good book? Is it worth reading?
Fit for Growth is a must-read for business leaders. It provides valuable insights and practical strategies to help companies optimize their operations and achieve sustainable growth.
Who is the author of Fit for Growth?
The authors of Fit for Growth are Vinay Couto, John Plansky, and Deniz Caglar.
What to read after Fit for Growth?
If you're wondering what to read next after Fit for Growth, here are some recommendations we suggest:
- Growth IQ by Tiffani Bova
- Strategic Storytelling by Anjali Sharma
- Failing Forward by John C. Maxwell
- Work Backwards by Tim Duggan
- Building a StoryBrand by Donald Miller
- Extraordinary Popular Delusions and The Madness of Crowds by Charles Mackay
- Drive by Daniel Pink
- The Grieving Body by Mary-Frances O'Connor
- Why is Sex Fun? by Jared Diamond
- The 7 Habits of Highly Effective People by Stephen R. Covey