Everyday we get news of economic change, news of technology innovations, news of market changes – but what impact do you think these events will have on yourbusiness and how quickly? Do they bring risk or opportunity? Many successful small and medium sized businesses are engaging specialist Strategic Marketing support to help them find answers and their business's Top Gear.
Drawing the connecting line between these major market developments and your daily business priorities can be a challenge. Forecasting how and when your business may be impacted, let alone what to do about it, takes time out of your (already packed) schedule.
You know that early identification of factors most relevant to your business - the ones that will bring risk, opportunity, or both - is essential for your business's future sustainability and growth. You may feel that you’d do it yourself, if you only had a spare few weeks, or you may recognise that it’s not your strong point. Either way, the problem is how to get it done?
In the past (when the world moved more slowly) strategic reviews were the purview of corporate management teams with internal specialist resource. Now, many successful SMEs (small and medium sized enterprises) are seeking external support to undertake Strategic Marketing work to stay ahead of competitors and punch above their weight.
Research by Oxford Economics reported that:
“Around the world and across industries, [SMEs] are making major changes to their business models, products, and go-to-market strategies, and using technology to level the playing field with bigger companies. Many SMEs believe they not only are equipped to compete with larger firms, but actually have some advantages over them.”
SME leaders use external specialist support to help them grow their businesses, make necessary changes and take advantage of new market opportunities. When a business reaches a certain size a greater range of skills and experience is needed, which makes an injection of external support a cost-effective way to boost business capacity in the short term.
If you run an SME business and are trying to juggle both the important and the urgent every day, good Strategic Marketing support can help you find your Top Gear.