I've worked with over 500 companies,
and I've yet to find companies
that cannot improve
if they do the right things.

If they identify the right strategy
and they implement the right execution,
almost every business can improve
and improved significantly.

My name is Larry Goddard.
I'm the CEO of the Parkland Group,
a consulting firm based in Cleveland, Ohio, that works with companies
to improve their performance, profitability and value.

 The opportunities,
are driven by something which we call the growth engine, which there are actually seven
major categories of ways that a business can grow.

The simplest one is riding the wave of market growth.
So if you're fortunate enough to be in a market that's growing,
the easiest way for you to grow is just ride the wave of market growth.

Now, the reality is, very few businesses enjoy that luxury for very long.
Maybe they enjoy it temporarily, like in Covid.
A lot of people enjoyed that during Covid,
but it's not something that most companies experience is.

The next and best way to grow is a concept for wallet share.
Wallet share is the amount of business you have with the customer
in relation to their purchase,
total purchases of those products.

So, for example, if you sell a customer,
let's say xray machines
and you sell them $100,000 a year,
but you find out that they buy 500,000 a year of x ray machines.
You have a 20% wallet share because you sell them 100 out of 500.

Now, surprisingly, if you talk to most middle market CEOs,
very few people actually focus on wallet share.
The first way you got to focus on wallet share is actually quantify
what your wallet share is with your top 20 or 30 customers.
I have yet to find more than 5% of companies that know what their wallet share is.

Now, once you identify your wallet, it's a good news and bad news story.
For example, if you find out that your wallet share is 20% with a particular customer,
that means let's say you sell a customer $100,000 a year,
but you find out that they're buying 500,000 a year of the product.
You're selling them.
That's a great opportunity for you because now you can say to your salespeople,
let's figure out, how do we grow from 100,000 to 500,000?
But let's say you find out that you've got all 500,000 of their purchasing opportunity.
Well, that shows tremendous loyalty from the customer to you.
But it also means you have zero growth opportunities with the customer.
So that's why it's a good news bad news story.

So wallet share is the second of the seven.
And there are several others.
And they all go up in degree of difficulty.
That's where the kind of the magic of our software happens.
Because by the way with each of the seven categories there are subcategories.
So that's why there literally are hundreds of potential opportunities.
And we help people identify them,
break them down into categories so they understand the categories.
They understand what the type of growth is,
you know, and then can develop the strategies to implement them.