Navigating Uncertainty: Understanding the Current State of the KBB Market and what to do about it?
Michael Linsky
Managing Director @ Sensio Group | Integrated Lighting Solutions 💡 | UK’s No 1 Lighting Brand for KBB
I have had the pleasure or the curse of running my own company for the past 24 years, from an early age of 16, having first-hand experience of market cycles and to operate in a world of uncertainty which sometimes feels you are on your own, doing your best.
It's not uncommon to look around and wonder how your business stacks up against others. Are you ahead of the curve, or are you lagging behind? This uncertainty can be unsettling, prompting a deep dive into the latest market trends, forecasts and reading as much as you can about the state of the economy guessing what is coming next. However, understanding where you stand in your market and determining the best path forward involves more than just keeping an eye on your competitors and buying a subscription to the Economist!
But how do we effectively gauge the pulse of the market? And more importantly, what should we be doing with this knowledge? I’m looking for your feedback and your help, where is the KBB industry right now in this market cycle and what do you think we should be doing?
We are in the growth part of the cycle!
Business owners should focus on expanding their operations, investing in new products or services, and increasing their market share. This is a good time to take calculated risks and capitalise on the growth opportunities available.
We are in the stable part of the cycle!
Business owners should focus on maintaining their market position, improving their operational efficiency, and building strong relationships with their customers. This is a good time to invest in employee training and development, as well as in improving the company's infrastructure to support the customer.
We are in the decline part of the cycle!
Business owners should focus on reducing their costs, streamlining their operations, and diversifying their revenue streams. This is a good time to re-evaluate the company's business model and make any necessary changes to adapt to the changing market conditions.
Could it be possible that we are in-between one of the stages of the cycle? Do these strategies resonate with your experience? How are you adapting your business practices in response to the current stage of the market cycle?
I encourage readers to contribute their viewpoints and engage in a healthy debate on this topic. Whether you agree, disagree, or have additional thoughts to add, your input will enrich our collective understanding and drive meaningful discussions forward for our industry.
Feel free to reach out to me directly to share your thoughts or propose collaborations. I am always open to discussing these issues in greater depth and exploring new perspectives.
Thanks
Mike
SME owners: accelerate business growth.
1yMichael, thanks for sharing!
I help businesses recruit exceptional people across several sectors, but particularly in building products & industrials
1yTalking to another one of our clients last week he said that he'd heard anecdotal reports that the market was down anywhere between 12-60%!!! A few were making small gains or standing still. That the post-covid boom had effectively bought forward 3 years demand into an 18 month period and that we are now seeing the after-effects of that with a return to "normality".
Dexterity Partners Limited- Providing a unique start to finish solution for Owner Managers to sell their company and maximise value.
1yLook for innovation and ability to disrupt markets build competitive advantage . Don’t target every customer in your market market those who fit your core competences and offering. Ie are you Waitrose or Lidl
PR & Marketing Consultant | The FILClub
1yTagging Simon Bodsworth!