????5、公司的市場份額是否增加,？如果能實現(xiàn)單位經(jīng)濟(jì)效益,，公司必須評估所面向的市場和所占市場份額。如果競爭對手增長更快（并贏得投入資本的足夠回報）,，投資人需要找出原因,，并幫助尋找解決方案。問題可能出在營銷執(zhí)行,，也可能出在產(chǎn)品本身,。還可能是市場支配力問題，那就只能通過轉(zhuǎn)向其它市場或者更專門的小眾市場來解決,。如果公司在某個市場難以增加市場份額,，它需要考慮是否繼續(xù)在該市場競爭。
????如果能堅持時常思考以上五個問題,，投資人就有了一個用以評估企業(yè)戰(zhàn)術(shù)表現(xiàn)的框架,，從而能夠為投資組合公司創(chuàng)造更多價值。而那恰恰是私募股權(quán)投資人的“錢”途和職責(zé)之所在。
????Tyler Newton是成長型私募股權(quán)公司Catalyst Investors的合伙人和研究總監(jiān),，該公司專注于高科技服務(wù)業(yè),。他在紐約工作，博克地址為http://www.tylernewton.com/ |
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????5. Is the company gaining market share?If the unit economics are working, a company must assess its total addressable market and its share within that market. If the competition is growing more quickly (while also earning sufficient returns on invested capital), then the investor must figure out why and help look for solutions. It could be a sales and marketing execution problem, or a product problem. It may be a market power problem that can only be fixed by pivoting to a different or more specialized niche. If a company is having difficulty gaining market share in a certain market, then it has to question how long it should remain in that market.
????Investors with the discipline to consistently ask these five strategic questions will have a framework to evaluate a company's tactical performance, which in turn will enable the investors to create more portfolio company value. After all, creating portfolio company value is what private equity investors are paid to do.
????Tyler Newton is a partner and research director at Catalyst Investors, a growth private equity firm focused on tech-enabled services. He is based in New York City and blogs athttp://www.tylernewton.com/ | |
