Talking key to meeting and handling changes

Jan 27 2009 by Karen Dent, The Journal

FINDING reliable methods of monitoring and predicting changes in the business environment is vital if you are to plan your strategy. We asked some of the region’s top entrepreneurs how they dealt with the issue:

Fiona Raglan, of Hexham-based market research agency Dipsticks Research:

During our last board meeting, we solely discussed our strategy of how to move forward in the current economic climate. We always think ahead and put certain strategies in place, just in case we need them to fall back on. At the moment we’re looking at what the Press is telling us, but we also heavily rely on our own gut instincts.

Nigel Mills, who runs convenience shop chain the Mills Group, headquartered in Whitley Bay:

We plan change into our business as the norm, so we are always looking for opportunities. We find these opportunities by reading trade magazines, looking at trends, by market data, feedback with our customers and staff, talking to competitors, looking at what’s happening abroad and in other sectors and we then try and identify changes. Also, don’t look at change as a negative, look at it as an opportunity.

Martin McTague, from Newton Aycliffe-based community interest company, Pical CIC:

I keep an eye on what is going on by keeping in contact with past and future clients and networking. I also generally use a mixture of trade press. There’s a whole series of ways in which you can follow what’s being said in various trade journals and in trade magazines. I also constantly review our key performance indicators and react accordingly.

Kari Owers, of Newcastle PR agency O Communications:

Aside from reading the regional, national and international Press daily, I track Government policy online via RSS feeds from key departments and read trade publications specific to sectors we are working or wish to work in, plus our own trade titles report on the future forecasts for PR and communications professionals.

The very best indicator of changes in the business environment I find is by talking to other business owners.

We talk a lot to our clients about the factors influencing their sector and how we can help them deal with these in their communications strategy, but there are always trends that will influence business as a whole and I can share these in my own company.

It’s vital to ensure your workforce understand the influencing factors on your business, and take an interest in understanding what the future may hold and how your business strategy can deal with threats and maximise opportunities.

For more How I ... tips go to www.ifwecanyoucan.co.uk , which is inspired by the North East networking and advice group the Entrepreneurs’ Forum.