Companies world-wide having been battling to survive, sustain and grow in what have continued to be highly adverse economic conditions.
High performers take charge of their own destiny. They have a laser-sharp focus on executing against the four drivers of competitive success:
And they strike the right balance in their approach to these four drivers in relation to the others – strategically and tactically. These are the key findings of the our report Growing Beyond: how high performers are competing for growth in difficult times
High-performing companies are taking distinctive action. The way that they have been pursuing the four key growth drivers has caused them to grow beyond their traditional markets.
In the challenging economy in which we all now operate, all companies could benefit from examining how their performance compares in the four key areas where high performers are adopting differential strategies to secure their growth.
The new economy
The past six months have not evolved as predicted: the recovery has not continued and strengthened.
A private sector problem – initially focused in financial services – has spread across the wider economy and become a sovereign debt crisis that challenges the politicians and the institutions of Europe, the US and many of the international bodies.
The Eurozone’s very survival is under strain. The US may never retain the universal AAA status on its debt that has underpinned the global economy for the past 60 years.
Even the rapid-growth markets are not immune to the effects of a weakened global economy: their growth is slowing as the developed world faces a possible second recession, which may yet occur despite all the traditional remedies having been administered.
Four factors stand out for businesses:
- Market variation has led to a two-speed world
- Market volatility is a constant
- Cost pressure is being squeezed from both sides
- Stakeholders are holding back from commitment
These four characteristics mark the “new economy” as different from the old; however, with the passing of time, they become predictable elements that business must address but can also start to plan for.
Further change and challenges can be expected and, by addressing these four key issues, companies will likely be positioned to respond.