Ensuring Your Business is Response-able
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The document outlines strategies for business growth and efficiency in response to market conditions, urging companies to shift from reactive to proactive practices. It identifies five key growth opportunities, including product innovation and channels to market, while emphasizing the importance of a suitable functional structure. Recommendations include regularly reviewing business strategies, dedicating time to strategic functions, and innovating product offerings.
Ensuring Your Business is Response-able
- 2. Social Media Follow: @TheBusJourney Hashtag: #SMEJourney
- 4. Insight Inspiration Growth 2020 Vision for your Business “Ensuring Your Business is Response-able” The Business Journey 17th September 2019
- 5. GDP Growth
- 6. FTSE 100 (2016 to present) Brexit Vote 23rd June 2016 Today
- 7. FTSE 100 (1985 to present) Depression October 2007 Today
- 8. Future Growth Whether a recession appears or not, it’s response-able practice for businesses to look ahead, re-evaluate, re-align their resources and re-jig their product / service lines - this creates a streamlining, which leads to better efficiency of product and production.
- 9. React v Respond in Business: Which to Choose? Reacting is… o Emotional o Aggressive o Defensive o Tense o Fast and sub-conscious o Unaware of the long-term consequences. Responding is… Soothing non-threatening Constructive Conscious and self-aware Considerate of everyone’s well-being When it comes to the “react v respond” debate, responding is clearly better. Your choices aren’t neutral – they’ll either improve a situation or make it worse. Reactions lead to more reactions, while responses lead to discussions and solutions.
- 10. 5 Growth Opportunities Opportunity no.1: Product Innovation (pricing & packaging) Opportunity no.2: Channels to Market Opportunity no.3: Functional Structure Opportunity no.4: Capability Opportunity no.5: Succession Planning
- 11. 5 Growth Opportunities Opportunity no.1: Product Innovation (repricing & repackaging) Opportunity no.2: Channels to Market Opportunity no.3: Functional Structure Opportunity no.4: Capability Opportunity no.5: Succession Planning
- 13. Functional Structure Business Infrastructure (Costs ££) Business Strategy (Growth & Equity Value) Business Operations (Cash ££) Accounting and Finance Vision Daily Operations Management Administration Capacity Planning & Strategy Sales Secretarial New Products / Pricing & Packaging Marketing Human Resources Positioning Product / Service Design Information Technology Channels to Market Product / Service Delivery Legal Client Management Client Service Compliance Joint Ventures / M&A Training Premise Management Culture
- 14. Functional Structure Business Infrastructure (Costs ££) Business Strategy (Growth & Equity Value) Business Operations (Cash ££) Accounting and Finance Vision Daily Operations Management Administration Capacity Planning & Strategy Sales Secretarial New Products / Pricing & Packaging Marketing Human Resources Positioning Product / Service Design Information Technology Channels to Market Product / Service Delivery Legal Client Management Client Service Compliance Joint Ventures / M&A Training Premise Management Culture
- 15. Recommendations Acknowledge you need to get your head up or you will potentially miss growth opportunity Review your current business functional structure – is it fit for purpose? Plan and spend 1 day per month on more valuable strategic functions Innovate / reprice & repackage your product / service Identify new channels for your new products / services
- 16. Insight Inspiration Growth Jim Henderson – Founder & Director E: jimhenderson@harrisonjamespartnership.com M: 07817 745958 W: https://www.harrisonjamespartnership.com
- 18. Date for the diary The next Business Journey event November 12