22 December 2015
There is little doubt that in Aberdeen & N Scotland the low oil price has made business particularly challenging in the past year. The falling oil price has created an incredibly challenging economic environment for many companies, where operating costs have become and remain higher than many other areas around the world. Take a view forward and it looks like much more of the same in 2016 I’m afraid. In tough times like these its essential to focus on strong financial management with credit control procedures and financial projections a must.
However this by itself will not drive a business forward through difficult times, nor will it position it to take advantage of the opportunities that will inevitably arise.
Already many of our clients have engaged us to help develop their Sales, Business Development and Commercial teams. For many the opportunity to train and develop staff during a quieter time has been an excellent investment in the future and a reassurance to key staff members that there is life beyond a downturn. The added value of such action is not only the obvious upskilling for when the market turns, but also the Employer engagement and loyalty it builds within a firm.
However developing people by itself right now is not enough and waiting for the market to turn is simply fiddling while Rome burns. The business itself has to consider ways to grow. Is that through diversification or perhaps innovation? Can your business disrupt the status quo of another sector?
Is now the time to consider how best to strategically develop your business?
We believe it is and have just completed scoping out a workshop entitled Business Planning and Strategic Development. During the session we consider the essential role HR and Finance currently plays in the running of the business, but really focus on its strategic development. We look at case studies from the likes of Tesco, Starbucks and Madonna!
Yes, Madonna. The Queen of pop is a lesson in how to strategically develop. She constantly evolves to meet new markets, hires employees smarter and more talented than herself, makes brave decisions, but ultimately plays to her strengths.
So for 2016 ask yourself this:
How can my business gain competitive advantage?
Cost? Differentiation? Innovation? Diversification?
What will make up the key elements of the Strategic Development Plan?
What sectors do we focus on? Where do we compete? What unique value do we bring? Who are the key stakeholders? How do we interact with our customers?
Then the Strategic Plan implementation
Operationalising the Strategy. Embedding the new strategy. Driving its delivery. Guiding and evaluating its effectiveness.
If you think your business would benefit from a strategic review and development consultation, or would like to take part in one of our workshops, please contact Cameron Carnegie for an initial discussion
T 01224 289781
M 07921 649932