Member Article

Improve austerity management to improve growth prospects

North East businesses need to improve their “austerity management” skills, if they are to realise their full growth potential, according to a recent study.

Research by BizVision a local coaching firm, showed that over 90% of businesses surveyed found cash flow to be their biggest challenge. A significant number also struggle to evaluate their strategic growth options.

Many businesses were found to be avoiding applying for public sector and supply chains, due to the perception that winning tenders is too difficult, and the process too onerous.

Malcolm Gallagher, a business growth coach from BizVision is now encouraging more businesses to consider all their options to help them move forward and grow.

He commented: “Whilst the cash flow issue was a consistent challenge, a number felt it was going to loom even larger, but it was their lack of a sound strategy and a plan for growth that was most alarming.

“It may sound like business jargon, but there ha never been a more necessary time than now for business owners to take some time out to work on their business rather than in it.”

He is now encouraging business owners to look at ways of winning new contracts, marketing themselves to different audiences and considering how to improve their own vulnerabilities.

Malcolm added: “These areas are all deserving of scrutiny, and could make 2012 a good year for many businesses.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .