Strategy

7th August 2014

Danger There Is A Recovery Ahead Part 2

Hi,

Team Massive Result’s Thursday’s Thoughts

Please enjoy “Danger There Is A Recovery Ahead Part 2” by Ian Kinnery

 

The second big danger associated with emerging from this deep dark recession is that we don’t learn the lessons it has been teaching us.

An article in Criticaleye said The rules for creating a successful business haven’t changed since the crash of 2008, it’s just become a lot harder to get away with running a company badly.”

The crash meant that if there was a weakness in our business, in our ability to attract customers, to ask our price, to produce efficiently, to change, to adapt, to innovate, to generate cash and profit it was far more likely to damage us, and often that damage would prove fatal.

We may be emerging from the deepest darkest recession we have ever known but don’t think that the commercial, competitive pressure has somehow gone away. Far from it. If anything it has got worse.

The development of the internet means that we live in an age where anyone can sell anything anywhere. Our clients are better informed and have more choice than ever before, 24/7.

Professor Neil Rackham has calculated that “the average company has more than twice as many competitors as it had five years ago, so, statistically, the market share of the average company has been cut in half” added to this he says “Customers today can access more than 20 times as much data about you and your competitors than they could five years ago.”

The competitive pressure is intense, remorseless and ever increasing. Whatever the weakness is in your business, be sure it will be found out.

Charles Darwin’s famous words, “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” Are as relevant now as they ever were.

The other side of that coin says that if we get it right, if we are agile, if we can adapt, change, react quicker than the rest and if we can stay ahead of the curve the prospects are very bright indeed. So the real question is do we have the attitude, skills, knowledge and ability to be able to do that?

 

September 1st sees the first of our Autumn season of Business Growth Masterclasses. To enroll on “SuperProfits” to see what those rules of business are and to understand how to radically grow your profits click here. Not only is it free but I guarantee you will come away with more ideas than you arrived with.

 

Your Coach

Ian