Businesses rely on stability so they can easily predict risk and manage growth. Weathering uncertain times requires greater capability and planning, but businesses shouldn’t necessarily take a 'doom and gloom' view of the future.
The saying "may you live in interesting times" is considered a curse and with so many interesting events going on lately, it's easy to see why. The surprising Brexit result continues to plague the United Kingdom and Europe with uncertainty as the UK renegotiates it's place in the global economy. China's growth will continue to slow in 2017. And as for the the United States...well it's not hard to see further unrest on the horizon.
The common wisdom for surviving these times is to hunker down and hold on to cash reserves, but there are still a number of proactive measures you can take to help you rise above the competition, while still focusing on austerity.
Accentuate your value
Businesses aren't the only ones to tighten their belts in a recession. Consumers don't look for the lowest price, but the greatest value for money. Look to others in your industry, identify what sets you apart, and focus on surprising customers
with a product or service that delivers greater value than the rest.
Don’t be afraid of change
Uncertainty and upheaval always means change. Whether proactively seeking opportunities in new markets or responding to developments in your industry, businesses must be ready to adapt and evolve. And making sure employees are also ready to adapt
and evolve is important to finding success in change. Make sure your staff understand why the changes are occurring, what it means for the business, and help them get on board.
Invest in your technology
Upgrading to a highly capable ERP system allows a business to refocus its efforts on customer service and strengthening relationships. Remaining competitive in times of economic uncertainty requires 360-degree visibility of your business in order to reduce inefficiencies and better allocate resources. With the operational side of your business taken care of, your people can focus on delivering incredible customer service and value for money. Integrating multiple areas of the business also provides deeper data analysis helping you to plan strategically for the many challenges ahead.
With incredible time saving automation, Business Intelligence capability helping you gain total control of data and the flexibility to respond to changing markets, find out how Sybiz Vision can help your business achieve more.