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Updated 29 Sep 2020

Finding the gap in the market can make you thrive

Using innovative technologies and flexible strategies you can take advantage of the gaps in the market.

Karl Gotte, Commercial Banking at Standard Bank, 22 January 2016  Share  0 comments  Print

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2015 has proved to be a tough year economically, but businesses should not lose hope. Those who are willing to be open to change and are set up to be agile will be able to take advantage of market opportunities.

Flexible business strategy

Agility needs to be built in many facets to ensure that your business is in a position to take advantage of changing consumer preferences and market conditions. For instance operational agility enables one to shift resources internally to exploit changing market needs. As a by-product of the shift staff become multi-skilled and gain a broader consumer understanding.

Related: 5 Infamous risks every entrepreneur must face

The importance of this Darwinian business strategy has been supported by Standard Bank. The institution has set up hubs of entrepreneurship and innovation to foster open collaboration, coach disruption shifting and sustainable strategies.

These programmes enable a coming together of like-minded business people to develop innovative solutions to stay a step ahead of the market and economic conditions. 

Becoming disruptors

Change, in fact creates a huge opportunities for businesses that can embrace disruption.  Water scarcity, for example, is a significant threat that could bring countries and economies to a halt in the next 10 years.

The third World Water Forum in Kyoto Japan in 2003, highlighted that more people may be affected by food insecurity as a result of water scarcity.

Improved management of water resources was called for to ensure the expected 8 billion world population would have enough food by 2025. Crises should be seen as an opportunity for businesses to exploit and gain advantages over their rivals.

Innovate with technology

Harnessing and embracing technology will be one of the best ways for companies to leapfrog their challengers and help facilitate the operational changes necessary to stay a step ahead.

This will apply across the value chains spectrum, but it will take a high degree of adaptability and expert input. What is abundantly clear is the lines between the traditional linear way of getting goods to market is becoming increasingly blurred and already, 90% of online leaders have digital initiatives fully integrated into their strategic-planning process.

Related: 3 Signs you need to pivot

More companies need to realise there are solutions to the challenges they face, whether it is in open innovative collaboration with others, or by harnessing existing intelligence from within their own ranks. They need to harness the best skills and solutions they can to support them in their respective corporate journeys – and this includes ensuring that they are increasingly agile and fit for purpose. 

This year will prove to be a tough one in terms of economic growth but those who dare to be brave and are willing to adapt will be well placed to capture growth and create pockets of profitability. 

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About the author

Karl Gotte, Commercial Banking at Standard Bank

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