Adversity - Let’s get some perspective on the ‘potential affects’ of economic change
We consistently hear – “But this will certainly create risk and uncertainty leading to a changed business landscape”. Yes, of course it will, but every business wishing to sustain or grow, has to deal with this as part of their on-going strategy anyway.
Business always seeks certainty and if it cannot be obtained – reactions are often very predictable with a quick dumping of costs and generally “battening down of the hatches”.
So, nothing new then!
However, does it always have to be this way? Of course not! The inherent strength in your business is its employees and customer loyalty.
Opportunity will be there, particularly found by those that know how to look!
As growth consultants who have done the hard miles and felt the pain ‘hindsight is a wonderful thing’!
Here to help, are our top tips to make a difference NOW! Firstly, take some time to consider carefully – this is certainly time for clear heads.
- Assess “The Now” – what is your current state? We call it taking its performance pulse
- Review “Value-Add” - Businesses need to measure ‘value add’ correctly as after all, financial security and sustainable business comes ultimately from ‘customer’ decisions.
- Monitor Market activity - Be aware of market trends and competitor activity
- Assess the relevance of your product or services - Simply put, this allows business to create a more ‘resilient’ and customer focussed approach. We call it ‘taking what you have and turning it into what is needed’ when we work with our clients on their business strategy.
- Identify your relevant costs - Be considerate by taking steps to reveal your ‘actual costs’. We like to start with measuring your ‘value chain’. If you do not know what provides value, do so urgently. The often- found action is a blanket cut just at the time every £ spent must deliver an even greater benefit and return. [Ensure your suppliers add value to your business]
- Communicate effectively - Be aware that at some point you may need to reorganise the business, often starting with the top table. Confidentially engage with your HR professionals early and seek the best advice as a fall back plan, long before you need it. Certainly, you may find that reorganisation handled well offers long term advantage.
How we help - We work directly with businesses, hands-on or as a senior advisor. We are your independent partner. Starting effectively, ensures you are in control and are poised to make the best of whatever comes your way- adverse or positive.
Contact us now to discuss how we can help you make the best of uncertainty.