Impossible trading conditions do not mean that businesses should take their eye off what competitors are doing. Everyone is always trying to take some advantage in business. I don’t think it is an unfair thing to do, even now. How else do businesses survive?
Bosses should talk to their people. They are their shop window with direct interaction with customers so they can sense where demand is and where new opportunities are emerging from.
There are risks to launching new products, especially because of the financial commitment they entail. Businesses should not begin anything that might be to the detriment of their core activity.
There is more than one way to gain market share. Takeovers require some bravery. Partnering with others could provide some of the same benefits. Why cling to an old strategy when the ground has shifted?
This new normal will be with us for some time. Fundamental changes in how businesses operate have already been forced on the market. One thing that is certain is that there are more to come. Those with financial fortitude will be able to take advantage of these changes for the better.
Watch my interview with James Ashton to find out more about the marketplace and its place when looking to build financial fortitude.