Despite the concerns early last year about the UK’s exit from the EU, some businesses have stayed strong and maintained growth over the past few years.
As an entrepreneur, you may be interested benchmarking their winning strategies for similar success. Their methods are nothing new, but requires consistency over time. This article outlines common factors associated with these successful companies.
The importance of business insight
In many ways, we start dying the moment we stop learning. Despite the degree of expertise we have attained or what prefixes come before our name, it is critical to keep increasing competency every day.
One of the first step towards personal and professional competence is recognising that you still have a long way to go. When you identify gaps in your business (even individually), take steps to shore them up immediately.
We analysed some UK businesses that have been competent in their industry and identified the following:
- Failure as a learning opportunity
How do you behave when you fail? The answer could be the difference between a successful company and a bust one. Richard Branson’s group of Virgin companies have experienced failure at some point in their lifecycle, but his resolve to learn from them has led the business to become one of the UK’s most resilient companies.
If you are willing to see every difficulty, every set-back, and every disappointment in this light, your whole experience will become a business learning opportunity.
- Leveraging technology
Innovation is a sure way to best your competitors. Are you struggling to compete in your niche? Consider replacing your business processes with novel techniques and your customers will quickly warm up to you. Apple uses this strategy every time.
While this strategy may drive costs initially, it is more cost-effective in the long run. Technology increases convenience, improves UX and leads to revenue growth. Your business will never go wrong with a little innovation.
- Adaptation as a strategy
It is easy to get hung up on the old ways; after all, it is cheaper and simpler. However, the comfort zone never really helped any business. Ask Blockbuster or Eastman Kodak. To stay competitive and competent, you need an effective adaptation technique.
Adaptation involves looking out for innovative trends and changing your business to align accordingly. Is your data still plugged to physical infrastructure instead of the cloud? Are your websites optimised for mobile? Failure to adapt can cost a business its relevance.
This is a common strategy for retail businesses. MacDonald’s used its expansion strategy to become one of the most formidable QSR franchises in the world. Many small UK retail companies are doing the same, from the high-street to small towns, the presence of a new store provides some competitive edge. However, this can be expensive for SMBs.
Scalable businesses need not open new stores. With adequate funding, they can expand by increasing production and delivery capability to new business frontiers.
Which of these strategies is suitable for your business this year?