Successful New Zealand private businesses are turning their focus to aligning their business activities and taking approaches that will position them for long-term success.
The economic events of the recent past have changed the world of business dramatically. Successful private companies are getting back to business basics and are now focusing on the future.
Expand the list below to find out more about each of our 10 Fundamental Priorities for Navigating an Upturn.
1. Shifting the leadership focus
Recent events has seen businesses principally focus on managing cash and reducing costs. With business procedures and policies in place, smart businesses in future will be re-weighing their innovation efforts from cost to growth.
2. Challenging your high-performing talent
Smart businesses have invested in high-performance talent management approaches and are working with their high performers to address growth issues.
3. Categorising client revenue opportunities
Smart businesses have carefully prioritised client categories, are working with key growth clients in reshaping new service approaches and new products, and are identifying cross-selling opportunities.
4. Reshaping supplier relationships
Smart businesses are sitting down with their suppliers to discuss the supply chain process with a medium- to long-term view to create a closer partnership.
5. Challenging the business model
Recessions re-order the market ranking of all players. Smart businesses are re-inventing themselves to create value propositions for clients, their people and their shareholders.
6. Investing in the product/service portfolio
Smart businesses are investing in re-designing existing products and experimenting with new products. They are also shortening their speed-to-market times.
7. Targeting growth industries and markets
Smart businesses are redefining their traditional markets by focusing on growth industries (e.g. health care), emerging or hybrid industries (e.g. aging population, sustainability), "recession proof" industries and global growth markets.
8. Refreshing your acquisition list
With reduced asset values, acquisitions are more affordable. Cultural misfits are the principal causes of merger failure. Smart businesses are researching the people values of the priority targets as key merger criteria.
9. Increasing Market Scanning Globally
Smart businesses are setting up market intelligence systems to be the first mover in capturing upturn opportunities.
10. Creating the upturn plan and team
Smart businesses are forming special upturn task forces.