As Mitt Romney prepares to do battle with Barack Obama, the Europeans continue to manage down expectations and Wayne Swan struggles towards his wafer thin surplus, 2012 will be a year of start-ups that find local niches and offer outstanding customer service, and a year of growth for companies that consolidate their capacity for innovation, creativity and entrepreneurship.
The market volatility index is reverting to more acceptable levels, the private equity firms have resumed their takeover tactics and banks are showing that they are determined to support any business with better than ever growth prospects. Both households and business leaders are willing to invest in improved performance and consolidation of their core requirements but are still going to be very cautious about conspicuous consumption that can be deferred.
Under these conditions, smart companies will see this year as the time to expand into new territories based on brand extensions and close attention to changing consumer preference patterns. This is the time to hold a structured session that is designed to ensure that everyone is committed to finding what else the customer may be seeking and creating a consumer oriented environment.
This does not mean covering the wall with post-it notes and ballast from a short brainstorming session, but instead reaching out to customers and their consumer markets. There will not be a lot of room for new products and processes that require support from the adventurous early adaptors as the emphasis will be on upgrades to current brand offers and market extensions.
It does mean engaging family members and the whole staff team in understanding that value propositions are converted into whole of business communication, ongoing training, career development, talent management and a willingness to listen to comments, complaints and commendations as straws in the wind.
A developing company consists of teams of people led by the managers who plan the future of the company. To consolidate in the constrained growth of retail markets and consolidate around the real strengths of the business, it is vital to have full team support that anticipates changes and captures emerging opportunities.
Smart companies will take time to go beyond their current customers to find out what brand extensions and consolidated service offers are being sought by customers who are moving up the learning curve with new expectations. SMEs that will make it will capitalise on their farsighted capacity to be more flexible, adaptive and responsive by getting closer to the demand cycle rather than their supply chain.
In a year where consumers are saving and cutting their retail expenditures all around the globe (not just in Aussie department and discount stores) there will be rewards for being agile, flexible and able to modify, adapt and promote innovative concepts that enhance customer satisfaction, ie. they can constantly adapt to the specific needs of these customers.
Smart companies will use this year to reach beyond their current customer base by consolidating the personal and professional growth of the people within it. Creating a good working environment and providing workers with an opportunity for creative expression will have nothing but positive repercussions. They will make this year of creative consolidation effective and effulgent by developing their own brands, recognised by customers as a symbol of quality that is more closely aligned with added value and stimulating experiences.
Dr Colin Benjamin is an entrepreneurship and strategic thinking consultant at Marshall Place Associates, which offers a range of strategic thinking tools that open up a universe of new possibilities for individuals and organisations committed to applying the processes of innovation, creativity and entrepreneurship. Colin is also a member of the global Association of Professional Futurists.
