Surviving and Thriving in the big Squeeze!

James Paulsen - Founder & Executive Director, Queensland Leaders

With increasing interest rates, inflation and cost of living pressures, businesses are under more pressure than at any time in recent history. Economists tell us times of change and uncertainty can bring about greater opportunities as well as threats. So what can a business do to prepare for the unexpected while seizing opportunity when their competitors flounder?  The secret to surviving a volatile market is to follow 3 key principals:

  1. Focus on relationships and build trust with your customers, employees and suppliers;
  2. Focus on your core business and don’t get distracted by the negative sentiment or shiny opportunities;
  3. Credit management is critical so your business does not suffer from the collapse of clients or suppliers

There are further strategies a business owner can undertake to thrive in a volatile market:

  1. Innovation – use technology, systems and experience to create the lowest cost base to maximise profits;
  2. Intellectual Property – focus on building value in your products and services to differentiate your offer and capture real value;
  3. Branding – developing a trusted brand that allows you to differentiate your services from competitors to increase margins and price

Fundamentally, people, relationships and reputation are essential to building a sustainable and profitable business to weather all storms.  If you would like to learn how to achieve these strategies in a time efficient and effective manner, please nominate to become a Members of Queensland Leaders.

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