THINKING AHEADThis recession will end. The economy will grow. You need to be ready for it. And now is the time to prepare.
When it happens, things will be different. Technology will continue to evolve, services will become commoditised, new companies will come to market with fresh products and customers will become more demanding.
The challenge for most companies is how they put ideas about the future into action. The answer is Right Outcome.
WHAT CAN RIGHT OUTCOME DO?- I’ll look at the company’s strengths and weaknesses – the organisation, people, customer service, processes, assets, image, product offering and sales. A tough, but vital, step to take
- I’ll look at your markets - your share, attractiveness, complications and profitability
- I’ll look at your competitors’ strengths, strategy and successes
- I’ll establish the company’s financial position with an emphasis on profitability
Once a business knows where it is today, a few key questions need to be addressed:
WHERE DO YOU WANT TO BE?Expressed in terms of strategic objectives e.g. one of the top three in a market, and in hard numbers because, without them, it won’t be possible to measure progress toward the objective.
WHAT WILL THE FUTURE LOOK LIKE?Changes are inevitable: political, economic, technology, industry, competition and customers. All essential considerations. All need to be factored in.
HOW DOES THE COMPANY GET WHERE IT WANTS TO BE?Focus on all the resources and assets the business can manage – human, property, financial, marketing, products. This will lead to an agreed list of actions and timelines.
Preparing for the end of a recession when your natural instinct is for caution may seem reckless. But with the right guidance and advice it can work. I take time to understand the culture of my customers and ensure that the way I work fits with them.
My message is clear: whether it’s time or money, smart companies are always investing. Spending time planning for the future now could be the wisest investment you ever make.