Summer in the Middle East normally brings a slowdown in business, and this is proving to be a particularly quiet period for many companies in view of the difficult economic times we’re going through. While September traditionally brings a welcome turnaround as the new business season gets under way, for many private and public organisations the current lull is likely to continue for months.
It’s in circumstances like this that positive business leaders make the most of the additional time that they — and their teams — have at their disposal. A good starting point is to revisit the business plan and focus on the company’s main goals and vision, in order to ensure that you’re keeping up to speed with changing market conditions.
These are turbulent times for many, and what looked to be a solid plan 12 months ago may no longer be realistic, and in some cases a complete revamp could be needed. CEOs and other business leaders I’m in touch with have been taking steps to spell out their business purpose and vision in a fresh way to make sure that they’re still heading in the right direction.
The extra time they have at their disposal to fully review their business strategies are revealing which are working, and which aren’t, and allowing adjustments that can be crucial moving forward. Many are also taking the opportunity to focus more sharply on the core strengths.
Once they’ve reassessed the areas where the company excels most and put their customer’s current main demands into proper perspective, they’re in a position to refine and adapt accordingly. According to marketing experts, when your business is shrinking, as will be the case for many right now, this is the time to increase your visibility in order to stand out from the competition.
What actually happens in reality is that companies take the view that marketing communications is an area where costs can be saved, and budgets are often slashed. While circumstances may determine that this is the only logical course for some to take, those who adopt a bold approach and actively do more to promote their brands and their offering to the market often experience immediate and long-term benefits.
This depends on the nature of the business, of course, but if there are customers out there, then there are plenty of opportunities to grab their attention while competitors cut back, and sit back. Rather than going on the defensive, this is a good time to recognise how cost effectively social media can be used to raise your level of visibility, and draw attention to brands, products and services.
If social media hasn’t been one of your main means of promoting the business up until now, this may be the opportunity you have needed to reassess the ways in which you connect with customers, and use platforms best suited to gain visibility and share your expertise, as more and more companies are doing.
Getting out and about in the market place beyond the normal series of business meetings and get-togethers is always a positive step. And valuable time now can be spent on exploring different networking opportunities, or identifying a range of speaking opportunities putting you and your business in front of the target audiences.
While the focus for most organisations is often to expand by targeting new customers, I see corporate leaders now placing growing emphasis on enlisting the help of their existing customer base to grow their business.
Those who work hard to develop close working partnerships with their clients and often go well beyond their contractual obligations to deliver benefits should be perfectly entitled to seek testimonials from satisfied customers which, particularly during tough times, can provide a market advantage when used effectively on the company website, on social media platforms and in other marketing material.
I’m a great believer in taking every opportunity I can find to better myself. I’m always learning, and I encourage my team to do what they can to increase their knowledge and build on their skill sets whenever they get the chance.
We all have our preferred ways to do that, and any company or organisation which has more time on its hands than normal because of a slump in business through seasonal or market conditions can reap rich rewards by encouraging its team to make good use of the internet.
They can start by reading easy-to-find blogs on innovations that are shaping their business sector, an avenue for improvement which might normally be missed because of time constraints.
When the going gets tough, the tough get going — that’s never been more relevant than it is today.
The writer is Head of PA Consulting Group, Middle East and North Africa. All opinions expressed are his own.
