What’s instore for 2013?

Posted on Jan 3, 2013 | 0 comments

If you’re an Australian business, one thing that you’ve certainly been monitoring has been the high Aussie Dollar. The exchange rate currently stands at US$1.047, having reached an earlier peak of US$1.05 after President Barack Obama signed a deal to stave off the so-called US Fiscal Cliff. The strength of the dollar has had both positive and negative effects on the Australian economy, with many local businesses feeling the strain as they try to compete with lower price points overseas.

There are of course, opportunities that businesses can take advantage by sourcing cheaper suppliers and developing new product lines. However, as it will be more challenging for regional companies to remain competitive on the basis of price, businesses in 2013 are going to have to look for innovative ways to grow their operations.

Increasing capacity

Manufacturing businesses may need to look into increasing efficiency, investing in new equipment, not to mention new staff, in order to increase capacity. Updating technology will be another key strategy for businesses to avoid obsolescence. Businesses can look to update their equipment without needing a significant capital outlay upfront by taking advantage of business equipment financing and other sources of funding to ease cash flow – this will ensure their operations remain nimble to ever changing market conditions.

New Opportunity

Improving productivity and competitiveness are the stand out opportunities for business during 2013. It is imperative that businesses focus on new product development and innovation to achieve their growth prospects.

To do this, businesses will have to look at their current operations and business plans and identify new ways to grow. This could be increase production capacity, expanding their offerings or giving added value to their clients to keep them for the long term.

Added value

Other businesses may look to increase their product or service offerings or expand into new areas. For example, the internet offers a way for small retailers to immediately broaden their customer base with e-commerce. And don’t forget, the key added value strategy is “provide a solution”! It’s not always about the price or being able to supply an individual product or service. Sometimes that greatest value is provided when you can package a number of products or services for an integrated solution.

If you’d like to discuss how to grow your business in 2013 call the Business Strategy team on 07 5585 8555 and book a free no obligation session to see how our MMM Business Success System can work for you.

 

 

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