How a proactive approach drives successful business
In order to fulfill potential it’s important to take advantage of any opportunities that may present themselves.
Part of this involves reacting to the market – if something is selling well, produce more of it, for example – but it’s also vital that a company is proactive.
Finding success should not rely on reacting to any developments but on predicting what may occur before it happens.
This means identifying niche gaps in the market and ensuring that ideas and concepts are developed in the right way.
Funding for new technology and staff could then potentially feed into the right areas of the business – those that are most likely to deliver rapid, yet consistent, success.
Some recent research has suggested that many SMEs are unhappy with their business performance, with two-fifths saying they could be more proactive and innovative in their approaches.
The value of an early statement
This is especially important when identifying growth opportunities, as entering untouched parts of the market first could make all the difference for a business.
The revelation comes from the latest Close Brothers Business Barometer which canvasses opinions from senior figures in SME management.
Innovation is seen as a vital factor in driving successful performance, so it is therefore concerning that many UK businesses feel they are not doing enough.
Developing new ideas could have a significant positive financial impact for many businesses, while it will also play a role in the economic recovery.
Gaining access to finance is an important part of this development – shown by the fact that 38% of firms questioned intend to seek funding for growth in the coming 12 months.
A failure to do this could not only mean that companies miss out on opportunities, it could also impact upon their finances.
Without these types of cash injection, businesses could run at a loss or even be forced into company administration in order to keep trading.
While this might be seen as a last resort, it is essential that businesses run on a solid financial footing if they are to be successful in the long-term.
Their ability to be innovative, and proactive, will be especially important as it should identify key areas that represent the best chances of finding success.
By Phil Smith