Are You Ready To Compete? Part II

The weakness of the economy is a concern for business and government, as each look to the other with the hope of finding solutions. Business leaders lobby government to influence policy, change laws and reduce taxation in an effort to make it easier to grow their companies.

Government and politicians respond where they can but essentially rely on businesses and entrepreneurs to create the jobs needed to reduce unemployment.

In the meantime, the economy is undergoing massive and irreversible structural change as jobs are created and destroyed in new and traditional industries.

The recession has reduced consumer spending and changed the nature of employment, as the ‘job for life’ and the ability to retire with a ‘comfortable pension’ disappear.

Globalisation, technology, computers and the impact of the internet have disrupted the old way of doing business in many industries.

A new approach is needed that involves government and business working together to improve the competitiveness of the economy.

There is a need to reduce costs and improve productivity in order to compete and export on a global basis now and in the future.

Senior managers have to identify and build on their core strengths to reposition their organisations to compete internationally.

Businesses need to work with stakeholders and other organisations in their local areas to build networks that attract skilled people.

Business owners have to engage with schools, colleges and universities to identify the skills they need rather than stand back and assume the education system will automatically produce the right people.

Rising transport and raw materials costs and concerns about supply chain security and product quality mean companies can benefit from working with local suppliers to build long-term relationships.

The changing nature of business means companies have to be more entrepreneurial and creative in their outlook and learn from start-up businesses to develop new areas of growth.

Business leaders will continue to lobby government for change but their main efforts must focus on making their own businesses more competitive.

SO, there are many ways to try to improve the economy but the only thing that really matters is the ability to compete against the best in the world.

What do you think? Are you ready to compete? Is your company ready to compete? Get in touch, we would love to hear your views contact Nick on 028 8224 9494 or via Twitter @nick_oec.