Australia relies heavily on competitive products and services and allocate important human and economic resources to them. However, we seem to be on a slow decline which is eroding our competitiveness which is being evidenced by the presence of Asia and it’s rapid expansion into areas which Australia once excelled in.
In my consulting assignments it is evident that a lot of CEO’s have run out of competitive resources and strategies. No longer can they depend on reducing staff or costs. So, the fallacy of the ‘Quick overhead Fix’ by lopping heads is almost dead and buried.
However, when I look at the vibrancy of Asia, even when they experience a slowing of their economies, they are still growing above the rest of the world.
What Australia does still have is their intellectual property in management, technical, and innovation skills which could be marketed anywhere in the world. When I reflect on our once booming manufacturing sector, based on the volumes we were dealing with, there was no better country in the world for efficiencies, quality and speed to market.
I am still seeing businesses that are floundering because they have not searched outside of norm and as such are missing great opportunities of growth and profit.
What I am extremely proud of is that my experience has been able to reverse the slide of businesses who were about to give everything away.
I have said for many years now, we must respect Asia but not fear them.
Businesses must review their core competencies, what they excel at, and brain storm what these valuable assets will bring to regenerating momentum and secure them for the future.