Getting on the right side
Some of the world’s best-known companies started out during recession
The current economic climate does not mean doom or gloom for all. In fact some of the world’s best-known companies, including Apple, Burger King and General Electric, started out during recession. Good quality businesses can and do find market opportunities in difficult trading conditions. The winners will be those who accept the economy is not going to bounce back in the short-term and in the context of this new normal, take action. The key to success in current markets appears to be around the following principles: consumer value, client service, innovation and adaptability.
There has been a shift in the emphasis of perceived consumer value, placing increased importance on brand and customer perception of branding. In the same way, quality of client service, trust and commitment are critical to financial performance as they are intrinsically linked to client-perceived value, competitive advantage, and a target market focus.
Clients are also more likely to favour a unique proposition – which by definition will not be the same as one offered elsewhere. Businesses need to focus on differentiating themselves from competitors. This means they must recognise available opportunities and be prepared to take themselves in a completely new direction if necessary.
Growth will be achieved through a combination of innovation and strong financial management – particularly when things are not working so well. Business planning is essential. Businesses looking for growth should have a strategic focus coupled with a robust business plan which is agreed by the management team.
In summary, there are opportunities for businesses across every sector, but the importance of innovation and rigorous management has never been more evident. Tough though it may seem – adapt, evolve or fail is the real challenge facing businesses however for those who Mind the Gap the potential for growth is much greater.