Growth opportunities have increased for companies, but what’s preventing NJ companies from growing even more? Given talent availability and no constraints to plant expansion, manufacturing companies could grow by 40%. This was one of the main takeaways from the Morris County Economic Development Corporation’s Annual Business Growth Forum at the Birchwood Manor in Whippany, NJ on September 22, 2016. However, these opportunities are not just limited to the manufacturing sector. New Jersey industry leaders who spoke on the morning panel discussed how similar opportunities are within reach for both small and mid-sized businesses, and how an implementation of an effective growth strategy can transform these opportunities into successes.
“There are several types of growth strategies that are currently being pursued by NJ privately companies.” says Ed Ahart, Esq. of Schenck, Price, Smith & King, “Some focusing on organic growth and others through acquisitions or outside investments. All present exciting opportunities and have the greatest opportunity for success when supported by careful advance analysis and due diligence.” This was only one statement made throughout the panel. The other panelists at the event include Tom Ripsam from PwC Strategy, and Bill Miley from Arconic (formerly Alcoa). The three of them spoke before more than 100 business professionals, non-profits, and academics from the County and surrounding area to provide diverse perspectives of business growth and long-term sustainability.