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The Now, the New and the Next

The new financial year means it is time to review your progress and make plans for the future. But how do you stay ahead of the game? How do you become an influencer in your industry, with the power to influence your market share?

Here’s a basic, but powerful, planning methodology that will keep you focused on the things you can control, that will allow you to grow your influence and stay ahead of your competition.

You must consider three things: The NOW, the NEW, and the NEXT.

The “Now”

This is all about short-term profit growth: Keeping your business the same, while you target new markets.

This is about focusing on what it is that you’ve built your reputation for and then considering other market segments.

For example, a timber manufacturer may consider an emerging market for their products overseas.

Take Action: Make a list of each new market and define a strategy to target each one.

The “New”

This is about mid-term profit growth: Keeping your business model, but targeting new markets with new products. Consider where there may be an innovation or ‘bolt-on’ opportunity?

A biscuit manufacturer may consider adding a gluten free range, providing a new product using existing equipment and process into an existing market.

Take Action: Consider the emerging needs of your target market? What else would your clients use before and after using your product?

The “Next”

This is about long-term profit growth: It may involve changing your business model, delivery, product and market presence in order to explore growth from new revenue streams.

Consider alternative business models that would add value and growth such as enabling parts replacement via digital blueprints and a 3D printer; a disruptor which is already impacting the global manufacturing industry.

Take Action: This is a perfect opportunity to involve your team. Collectively brainstorm what could be the next disruptor to your industry. What could make a big difference to the way you do business?

Keep this conversation alive in your business – great ideas and inspiration can come at any time, so foster an environment where the sharing of ideas – even those that might seem somewhat unrealistic right now – is encouraged, and you will find plenty of gold.

When it’s all done and dusted, you need to be ‘brilliant at the basics’ and totally understand that automation and digital trends will occur.

As business leaders, we need to ensure we have a mix of the now, new and next to guarantee our long term sustainability and success.

Power to you!

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