Top tips to transform your business
Thousands of businesses have started the new year with substantial challenges as 57 percent of UK businesses reported that they experienced turnover challenges throughout 2024.
Peter Ahye, CEO of business performance improvement specialist, Hexagon Consultants, shares essential tips on how to best navigate challenges to ensure a successful 2025.
- Have you got the right team and skillset around you?
Hexagon has been working closely with boards across a variety of industries for 10 years now and frequently companies are too focused on the here and now and run by “firefighters”. Whilst knowledge and the skills to solve immediate challenges is very important it is just a fraction of what is needed to run a successful business.
In the current climate, businesses need to look around the organisation and rapidly assess their challenges, skills required to address them and supplement where necessary. Having the right people and the right skills in your team is fundamental for businesses to navigate market challenges.
- Agility + flexibility = robust
Cancelled contracts or significant order delays have been cited as the largest contributing factors impact profits as almost 20 percent* of UK-Listed companies issued profit warnings.
Business agility is no longer an optional business model. As the rate of industry change and frequency of geo-political tensions accelerate, it’s essential for businesses to operate an agile and robust business model that is able to mitigate challenges and ensure sustained competitive advantage and success. Embracing digital solutions such as AI and data analytics can greatly improve efficiency, streamline operations and predict potential risks.
- Cost efficiency
Following the 2024 Autumn Budget and the continued downturn in consumer spending, in order to survive in the competitive market, businesses need to ensure they are as financially efficient as possible.
Businesses must streamline and cut costs - they can no longer afford to resist the adoption of technology as it presents significant cost saving potential through efficiency optimisation processes such as; improved inventory management, warehouse optimisation, streamlined supply chains and consumer trend predictions.
For businesses to survive in this market, research and investment into tech solutions and risk management strategies are pivotal to shore up and bolster businesses with the capabilities to mitigate potential risks and ensure sustained success. It is critical that businesses do not bury themselves in the sand and operate flexibly, asking for help and embracing change.
To speak to Peter Ahye, CEO of Hexagon Consultants directly, please visit: www.linkedin.com/in/peterahye-boardadvisorandmanagementconsultant
For more information about Hexagon Consultants and its services please visit: www.hexconsultants.com.