Not business as usual!
We believe that businesses will have to make significant adjustments to find
success in the face of political reaction to the recession, consumer evolution and
continuing economic pressures. The forces of change pressing upon business
include:
- increased government regulations
- prolonged levels of high unemployment
- increased taxation
- a new speed of change that will resemble chaos
- full-scale globalisation (or business without geographic borders)
- empowered and non-loyal customers
- rapid growth and adoption of online social media and virtual technology.
These pressures have already disrupted and altered consumer and business
behaviour, but what we’ve seen is only the beginning. Businesses that want to
grow and find success in the face of these pressures will need to make
fundamental changes in how they interact with customers, create new
efficiencies, pursue innovation, manage their workforce, and learn to adjust to
rapid changes.
Actionable advice to business owners
- The beginning of 2010 will be a golden time to expand your operation. New
and used equipment will be inexpensive, real estate will be inexpensive,
interest rates will be low. Start planning your expansion now.
- Borrow as much money as possible in 2010, as conditions may not be as
favourable in the years to follow.
- If you lease business space, renegotiate your contract as vacancy rates go
up later this year.
- Hire some of the exceptional talent that will be available through 2010.
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