Smart Business Magazine, Oct 2012

20 Smart Business Indianapolis October 2012 Since then weve gone on a major diversification program so when we look to grow we look to see what area might be lacking a little between our e commerce business our event business and our wholesale business says Moroknek who a year later also became CEO We want to make sure each of those represents about 33 percent of our revenue We utilize that when we are sitting in there and discussing OK who are we going to pursue What area of business Thats not to say other opportunities may not pop up during those times that are still a good fit But when we sit there and strategically plan where our next million dollars of revenue could come from we try to see which one of those areas needs a little more of a boost to maintain that diversification But while that may sound a simple thing to do there is much to do to accomplish it The road takes you through discipline in your choices company culture technology advances and leadership development Heres how Moroknek takes advantage of his companys niche and builds success to the tune of 56 million in annual revenue Find what fits best In finding an opportunity to grow and diversify probably the most important strategy is having the ability and determination to say no when its not the right opportunity The temptation to add to your revenue may be hard to resist But in doing so you may be fragmenting your business when you want a strong united presence instead You could add to your top line by diversifying but it has to be core to what you are doing Moroknek says Having the discipline to understand where you want to be and stay on that path while you are in the growth mode is one of the most important things you can do Its just so important to stay on that strategic mission as you are going through that growth phase Discipline is not a case of being born with it or not its something you can learn I think you can honestly learn it like anything else in business he says You learn from your mistakes If it sounds good you take it on until you see its pulling people in the wrong direction and its being counterproductive to that vision you have of where you want to be After a couple of those miscues you learn discipline and you realize its OK to say no because the one thing you learned in business is that opportunities are bountiful They are not limited You dont have to grab on to every opportunity that comes your way There will be others You have to make sure the business is right the partner is right and its going to be a good long term program for you and the company you are partnering with because it has to be great for both parties Moroknek says Its unfortunate that discipline is often learned after a couple of mistakes The road to discipline has to go through mistakes but when these are chalked up as learning experiences they take on a new light Making good growth decisions comes easier with experience A lot of it is intuition however he says When you sit in a presentation or you meet folks and talk to some of those business partners I think you get a good feel if your companies can work well together When you work with a company that is one of your customers it is in close partnership so your visions are aligned in terms of what is the common goal for both entities If those arent aligned I think both companies are better off walking away and finding someone who is a better fit for them philosophically Moroknek says You have to find that common goal that common mission If its not syncing up again there is plenty of business out there Find the one thats right for your company When reviewing potential partners dont throw away all of your work it might be of use down the road Sometimes saying no is going to grow your company faster than saying yes Dave Moroknek president and CEO MainGate Inc Cover Story MainGate Inc