Year 2014 had a range of dynamics which have directly or indirectly impacted the business world. The business scene has totally changed, with more foreign companies investing in Tanzania affecting a range of verticals such as Banking, Printing, Retail, Oil and Gas, Non Governmental Organizations just to mention a few.
This year, we have witnessed a rare phenomenon involving competition and coopetition phenomenon between banks and telcos due to offering similar services to each other such as. Savings, Loan facilities, Money Transfer and many more. Telcos have proven to be a threat to the financial institutions with people getting more comfortable to transact via mobile money rather than banks. New players are coming as not only aggressive but are also ready to invest in perfecting their business operations assuring them with maximum performance,
What does this mean to the MDs, CEOs and CFOs? The game has changed dramatically requiring powerful strategies to bunk on in the year 2015 by deploying a more holistic approach covering all the scenarios that might arise unknowingly. It is time the business leaders quit dreaming and be more realistic of what is happening on the outside world or else witness the demise of your company in front of your own eyes and not be able to do anything about it.
Our experienced consultants at DataVision have come up with a few tips to enable your company to enter the year 2015 with a BIG BANG!
Active competitors get to know how to get hold of the information about the industry they are in. This keeps them informed of the new competitors, their competitors’ strategy and future opportunities. Being an active competitor puts you on the leading edge of taking the right strategic direction before it’s too late. On the other hand, companies that stay in their own bubble (Passive Competitors) are going to be left with nothing on their plates, including what they used to feed on before in the year 2014,
With the current dynamics, revenue targets out of the blue are not going to stand a chance and might lead to a horrid failure. Advanced tools and frameworks used for strategy formation should be put in place for obtaining accurate targets based on the actual industry dynamics and reliable sources of information.
A huge number of companies fail to realize the importance of working as a team to reach the intended objectives set by the company’s shareholders. A team is a mix of very diverse members on a range of characteristics aspects from talents, capabilities, personalities and many more. The capability of the team leader to fully understand the potential of each and every team member can lead to the formation of a winning team. A winning team is what a modern company needs to compete in the fierce business environment of today
No time for Excuses
Anything that can be done now shouldn’t wait for another day! The time delayed can be the same time window you offer your competition to make their killer move. In every industry, the mantra has always being “Survival for the Fittest”, the agile, quick and proactive are always going to finish first while the naysayers, laidback and full of excuses team are going to fall flat on their faces and get out of business.
Outsource the non-core activities
Although having a non-core activity done in-house can prove to offer an element of “Control” but that’s about it. A large number of companies lose their strategic direction by focusing on the non-core activities which leads to failure in offering a competent end result to their target consumers.
We advise that, activities that are non-core should better be outsourced to entities which offer them as their core business. Identifying the non-core activities and outsource them to the competent entities can offer your company a crystal clear direction and assured path to your financial targets.
Compete to Win
Regardless of the challenges and obstacles faced along the way, teams have to compete to win. Once the “Winning Mentality” is deeply instilled within the team members, they compete with passion and always stand out when they see the company is losing its strategic direction and might fail to reach its objectives.
Passionate team members is what every company needs to compete in the current business world, members who care about the importance of your brand image and would do anything to put across the brand mission to the target audience for maximum returns.
To conclude CEOs need to be able to base their strategies on reliable and well proven information rather than approaching it with a rather less informative approach. Such information can either be attained from experience, annual reports or undertaking an in-depth research project on customer satisfaction, monitoring and evaluation of product or service delivery, exit surveys and other related Key Performance Indicators (KPIs).