Chez Geoffrey Moore [Crossing the Chasm], un article intéressant sur la gestion de la croissance en l’absence de possibilité de financement. Un message subtile aussi concernant le financement des Technologies:
Growth capital is typically attracted by Cumulative Average Growth Rates (CAGRs) of 20% and above—that’s what makes for a growth sector. When categories mature, their CAGRs drift down toward single digits, and the growth capital goes elsewhere. [...] This is the current state in the technology sector, particulary for enterprise IT.
Dans cette situation, les entreprises doivent trouver du financement de croissance à l’interne, à même leurs réserves:
Growth from now on must be funded internally by productivity improvements in existing processes. We must extract growth capital, in other words, from our own hide. We call this strategy finding coins in the couch.
L’idée centrale de Moore est cependant la gestion du capital de croissance. Trop d’entreprises omettent de planifier la redistribution des profits d’aujourd’hui pour les besoins de demain.
The bad news is that management teams all too often fail to reinvest the coins they extract in future growth initiatives. Instead they use them to prop up commoditizing businesses by improving their operating margins.
À lire maintenant, pour demain…
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