17 June 2013 category: strategy & business planning
Tags: business strategy
In June 2013, approximately 30,000 people from businesses of all types and sizes gathered at the ExCeL centre in London to see up to the minute technology and services and quite simply to network with each other.
At our busy stay out front stand, we chatted with hundreds of business owners and managers and a substantial number of public sector managers. Here are the key lessons that we learnt from them:
- Not everybody has cut their prices. The more successful businesses have kept their prices the same, or even increased them. They have, however, added a greater level of service.
- The recession has already cut out some of the weaker competitors. This is likely to continue as long as the slow growth continues. The survivors are beginning to get stronger.
- Any organisation that has not adjusted its strategy in the last 3 years is either suffering or failing to meet its full potential.
- An economic downturn is a good time to measure your finances more accurately and analyse some of the key trends such as profit per person.
- Companies who use more sales and marketing channels have more success than those that put all of their sales and marketing eggs in one basket. (There are at least 13 channels open to most businesses).
- An economic downturn is a good time to update your IT systems.