- Posted by tonyw
- 0 Comments
That bane of business. The most negative condition any business can find itself in. And in so many ways Brexit – a negative turn in many a view – took an already unsteady economic outlook into a deeper decline. Some even viewed it as a dense fog. The worry is, as has already been well rehearsed, that the threat of another recession is around the corner.
Or is it?
August’s economic data reversed the gloom of July’s. But was this a Dead Cat bounce or the start of something more long term? Only time will tell, but it seems that many SMEs have benefited financially from positive currency exchange rates while some of those without export or import concerns have decided to get on with commercial life as if nothing has changed (which indeed is the situation, in truth).
And here’s the thing. When business feels paralysed by uncertainty, there’s a golden opportunity for those with the preparation and the will to make real progress. It means taking risks – but when doesn’t taking a chance to get ahead mean this? Who wants to miss a real opportunity!
A good place to start is to consider how you shape up against your principal competitors. A process such as the famous SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) will help you identify where and how you stand in a competitive context. Then refresh your understanding of the needs and wants of your customers to be sure your organisation meets them better than does the competition. And then be proactive in communicating the story of how and why your business offers better customer value.
You can be fairly certain that most of your rivals won’t be making such a move. Keep pushing the advantage and your business will benefit in new custom and higher customer retention levels. And what a powerful momentum that combination provides!
It’s not that often that the commercial climate sets up conditions that both paralyse business decision-making while offering real scope for advancement.But this is one occasion when it does – and so I’d recommend this is the time for the more adventurous owner, CEO and entrepeneur to take the opportunity it presents. Sieze the day!