UK business prospects continue to improve
Short-term UK business prospects have continued to improve this quarter and reached the highest level since May 2011, according to some of the latest Business Trends reports.
If confidence is up and the economy improving what should you be doing in your business to maximise sales and profits?
The first thing to do is sit down and think about your strategy – what you want your turnover, profit, market share to be and when and set targets.
Then think about increasing market share. Smart businesses with competitive products and astute marketing skills are well placed to grow their respective market share at the expense of weaker or ailing competitors.
The big question is: “What can we do to increase our market share?”
If flexibility is the key – consider adding to your product or service offerings – this may give you the scope to move into adjacent markets that are currently underserved, maybe there is some space for newcomers.
Consider selling into new foreign markets. Foreign exchange commentators suggest the level of sterling will continue to favour British exports in 2013 and 2014. With this tailwind, UK companies that can hone their products to the specific needs of overseas customers have the opportunity to open up new international markets with competitive prices.
THE RIGHT APPROACH
Opportunities in 2013 do exist for those businesses that can demonstrate the right approach and product offerings.
THE TOP THREE TACTICS
The top three tactics being adopted by our clients in 2013 are:
I. Taking business from competitors
II. Lowering costs
III. Using technology to improve efficiency.
Take time to think about these and how you can maximise your opportunities! Call us to discuss our firm running a Strategic Planning Day with your business to help you get your tactics ready to grow turnover and improve profit.