As sure as day follows night, so business recovery will follow this low or no growth phase and already big business is invest for the recovery, according to former Tesco boss Terry Leahey.
What steps are you talking to plan for the upturn and boost your profitability and business performance? Here are three areas to consider.
1. Increase Your Productivity
Now is the time to break out from your ‘cut back and save’ mentality to one of doing more with the same or less; in other words, increasing productivity. This is not to be confused with efficiency where the aim is to get more through the business in the same time. Productivity is about getting the same or more through at a lower cost.
If you haven’t done it already, now is the time to call in your Lean Thinking person and put some money behind his/her recommendations. The big issue is being bold enough to invest in the newer, better machines that will give you a competitive advantage.
Tablets and Smartphones have taken over from pencil and paper. At the recent Thinking Digital Conference delegates were taking Ipad photographs of presenters’ slides and concentrating on what the speaker had to say while other were sharing the key learning points over the net with their friends and colleagues rather than just scribbling away furiously.
2. Making Your Boom Bigger
The new media of Facebook, Twitter and LinkedIn have not totally displaced traditional media. Along with more online PR sites, they are opening up new and fresh ways of communicating with customer and their friends.
This new technology may not be for you however it’s a must for your business. Three years ago the members of the What If Forum were very sceptical about the emerging social media however, they were curious enough to dip their toes in the water. Now they are investing in their marketing and sales people and sending them on courses to learn how to make better use of the new media and the apps that go with them.
The Google Adwords Programme is just a starting point. At the Thinking Digital Conference, the head of Google UK was showing how using a smartphone app a customer can scan an item in a catalogue and then complete an order and make the payment – a frictionless transaction.
3. New Offerings and Experiences
No one talks about making calls or texting on a mobile phone any more, it’s all about new uses – making cash payments with your smartphone, scanning catalogue pages and placing your order. Check out Zombies Run and see how a game on your smartphone turns your run into fun adventure and helps increase your fitness.
What new offerings are you investing in to give your customers a newer and better experience?
As a business strategist I can help you plan for the upturn. Drop me an e-mail to email@example.com, go to @richardwhatif on Twitter, Richard Bosworth on LinkedIn or post on www.whatifforums.com.