SOME GLIMMERS OF HOPE
Despite the doom and gloom, there are several ways that any business can maximise opportunities in 2013:
The first thing to do is sit down and think about your strategy – what you want your turnover, profit, market share to be and set targets.
Then think about increasing market share. Smart businesses with competitive products and astute marketing skills are well placed to grow their respective market share at the expense of weaker or ailing competitors.
The big question is: “What can we do to increase our market share?”
Maybe if flexibility is the key – consider adding to your product or service offerings – this may give you the scope to move into adjacent markets that are currently underserved, maybe there is some space for newcomers.
Also consider selling into new foreign markets. Foreign exchange commentators suggest the level of sterling will continue to favour British exports in 2013. With this tailwind, UK companies that can hone their products to the specific needs of overseas customers have the opportunity to open up new international markets with competitive prices.
Opportunities in 2013 do exist for those businesses that can demonstrate the right approach and product offerings.
The top three strategies being adopted by our clients in 2013 are:
1) Taking business from competitors;
2) Lowering costs; and
3) Using technology to improve efficiency.
Take time to think about these and how you can maximise your opportunities!