How to get rid of growth problems once and for all

Some firms just never change.

It's problematic to deal with strategic issues over and over without actually fixing them. Yet, this happens all the time.

Here are four typical problems and easy (yeah right!) fixes if firms change their mindset.

• Generational issues. Senior managers are content with business as usual saying, "we've always done it that way." The next generation, however, wants to build the brand and grow the firm more proactively. The younger generation brings ideas to the table, but are rejected year after year. Eventually, though, both sides sit down and talk. They realize they need cooperate to develop a transition plan so the senior team can cash out and the newer team can build a business.
• Funds considered a cost center. While managers think about making investments to grow the funds, they often wait until the funds become larger. Instead, they could be thinking about how to grow the firm, which the funds are just a part.  The same investment in sales or marketing could grow the firm and the funds. It's important to budget the investment through the revenues of the firm.
• "Build it and they will come" strategy. The funds are unique and will eventually get discovered. While a firm's funds may be interesting, they are likely not that unique. Understand your competition. Learn how they attract investors. Remember, smaller funds that are similar to yours but not growing are not your competition. The bigger, sellable ones are.  
• Random marketing efforts. While a stock pick doesn't make an investment strategy, sending an email blast once or appearing on CNBC three years ago doesn't count as marketing. Only developing and following through on your multifaceted strategy will increase the likelihood of growth.