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A huge fundamental change is underway in the economy. The balance of economic power is shifting, creating winners and losers. The winners will be those with financial, natural or human resources, or one or more of the three Cs: cash, commodities or creativity. Creativity may be the most powerful of all the resources to be rich in. With continued globalisation increasing competition, the rewards for innovation and creativity will become even greater.
This is not just true globally. On a national and local level, creativity can make your business stand out from the competition. Will Abbott at Randall and Payne explains:
“Creative thinking can aid problem solving, opening new markets and bringing in more business. We like to get to know our clients and their businesses properly in order to find out where they are now, where they want to be and how they’re going to get there. Most often their view of all three is different after we’ve spoken to them and we can usually identify two or three things people can do quickly to improve their business. With regular meetings, we can keep up the momentum to maximise the impact of the changes.
Not all change in businesses needs to involve extra expenditure, which is why we call it business strategy planning. We like to look at different ways of doing things, not only to improve your profit margins, but also the way you do business and indeed your way of life. You need a healthy way of working to look and feel successful, and to enjoy the end result!”
First steps to starting a ‘strategic review’ of your business:
1 Review
When did you last look at your business objectively?
Try to take a step back and look at it from a different perspective to see where your business is now.
2 Customer Service
Everybody wants more for less, but they also want great customer service and a good working relationship. Can you differentiate your product/service?
3 Markets
Have you correctly identified your target audience?
Could you be making use of new technologies?
4 Funding
Could you find alternative, more cost effective sources of funding?
5 Cash
Could your pricing structure be improved?
Can you change the way you operate to make efficiency savings?
Will Abbott is based at Randall & Payne’s Gloucester office, telephone: 01452 723377 |
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Randall & Payne is a brand name of Randall & Payne LLP. Registered in England & Wales number: OC345710.Rodborough Court, Stroud, Gloucestershire GL5 3LR.
Unless otherwise indicated we use the word partner to refer to a member of the LLP. Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. A member of the ICAEW Practice Assurance Scheme. Google: Tax, VAT, Corporate Finance, Management consultancy, business advisers, accounting, business planning, business advice, accountants, accountant, adviser, Gloucestershire. Site by IsaacPartnership |
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