Although we are now in the second month of this new fiscal period, there are still opportunities for small, medium and large businesses to strategise and achieve growth and profit as we also enter a period of world economics which could present extremely challenging times.
The powers of technology today has also presented business strategists with an opportunity of extending growth in the marketplace through a targeted vision and company commitment. Technology can assist a business survive in the challenging and volatile marketplace and if utilized properly will underpin sustainable strategic business plan objectives.
China is emerging as a challenge and in many respects are well known for their internationally low pricing. However, if Australian businesses get all of the basic management controls in place they can be more than competitive.
The Chinese economy has been showing some very concerning signs relative to levels of debt to GDP and the fact that around 80% of Chinese businesses are not profitable and are propped up by government monies. Chinese debt has doubled as a share of the economy in the past 10 years and China has not yet had a financial crisis because of Government escalating their debt to keep their economy going strong.
Apart from China, Australian business still has an opportunity to plan for their respective futures and to initiate strategies which will manage them through tough and/or lean times and I offer these simple but effective recommendations as underpinning a survival/growth plan.
- Make sure you have a strategic business plan which has as its core a mission statement which articulates the company purpose and fundamental reason for existing. This will also be a guide which serves as a foundation for day-to-day operations and future decision-making. It will also be your road-map to empower employees
- Have a Vision in support of your mission statement which provides long-term direction while also delineating where the business is heading whilst adding the organisation with a sense of purposeful action towards corporate values, a WOW factor image, and becomes a catalyst for optimizing marketplace perceptions of your products and processes
- Urgently review the areas of expertise which underpin any business operation: – Core Activity, Products, Processes, Market, Cash Management, Finance, Client Service, Employees, Systems, Sales, KPI Measurement
Over the years I have worked to assist many companies and have had some tremendous successes and also some real disappointments. But I have been able to apply my experiences both good and bad to companies which has enabled them to grow both in turnover and profits.
There a simply too many opportunities for Australian companies who can commit to ‘Not Re-Inventing the Wheel’ and utilise experience from someone who has ‘been there and done that’ and can relate to all levels of the business through personal experience and success.
We are entering an extremely challenging time in business demands and companies need to be pro-active and not re-active. Get the strategies in place to ride the economic lumps and make your commitment to Australia one that can be lauded and not laundered.