Service Growth: Perennial Challenges and Alternatives for Entrepreneurs of Service Firms
Charles L. Martin

Successful growth is viewed more as a choice and a series of well-reasoned and well-executed growth plans than the consequence of hope and enthusiasm. Although enticing, the potential benefits of growth are accompanied by numerous risks, challenges and caveats that deserve thoughtful consideration. Particularly relevant to service firms, service entrepreneurs should be sensitive to the challenges imposed by at least two quasi-unique characteristics of services – namely (1) service intangibility, and (2) the simultaneity of production and consumption of services. Several interrelated growth-related steps and alternatives are discussed too – possible options for service entrepreneurs committed to growing their businesses: (1) financial management, (2) increased purchase volume and frequency among existing customers, (3) promotion to attract new customers, (4) expanded or increased use of existing facilities, (5) development or modification of service delivery systems, (6) development of new services, (7) addition of new locations, and (8) integration.

Full Text: PDF     DOI: 10.15640/jmm.v8n2a5