Update from ICON regarding COVID-19

As manufacturing continues to decline as an industry sector, both in terms of employment and output, it is medium-sized enterprises, or companies with revenue of $1 million-$100 million, who will continue to experience the fastest levels of growth, according to the report, A Snapshot of Australia’s Digital Future to 2050 by Ibis World.

This growth in medium sized business will in large be due to the trend to outsourcing by households and businesses, creating new entrepreneurial opportunities.

According to the same report the standalone small business will eventually become a thing of the past.

The 2015 thinkBIG study conducted by RSM highlighted that medium sized Australian businesses continue to face a myriad of challenges in the current business environment and this is unlikely to change in the near future. Disruptive technologies and innovation are accelerating the need for change and are having a profound impact on many traditional business models and their revenue streams. To compete effectively, businesses must adapt and evolve quickly to respond to what is becoming the new “norm”.

Competition for customers and share of wallet is intensifying and now, more than ever, business owners need to be better connected to customers with a real focus on sales planning as part of their overall business ¬strategy.

Australian small and medium businesses that are ready for change and have strong, strategic plans in place are likely to succeed.

TOP strategies for growth according to RSM thinkBIG Australia 2015 report

  1. Marketing & advertising 38%
  2. Target other markets 35%
  3. Develop a new product 25%
  4. Increase staff numbers 20%
  5. Acquisitions 12%

Business planning
Business planning has always been important but it has never been more so than now. Markets are intensely competitive and businesses must have a plan in place to avoid being left behind. And while it may be hard to predict what opportunities and threats your business may face in 2016, having a strategic marketing plan in place will reduce the likelihood of your business growth being stunted by unpredictability.

What to include in your business plan is up to you. It can include action plans, financial and business goals, marketing, operating and management plans. Whatever the areas are that your business needs to focus on should be included in the business plan.

Rather than seeing planning as a chore, see it as updating an essential road map that sets the direction of the business. The time spent on planning will help clarify the vision for the company.

Businesses that do have a plan outperform those that do not plan.

Businesses are undergoing significant structural change. Technology is driving what is termed the ‘digital disruption’, which is the change that occurs when new digital technologies and business models affect the value proposition of existing goods and services.

Businesses who understand that, in order to stay ahead of the competition, they need to transform their business to embrace ¬technology, will continue to achieve business growth through innovation and change.

Icon Visual Marketing offers companies of all sizes strategic business and marketing consultation which brings to structure and process to your marketing.

By working with Icon Visual Marketing, your business marketing plan is not a program set in stone. Our ongoing consultation allows for your plans and tactics to be continually reviewed, improved and updated, reflecting your growing or moving target market and product range. Call Icon Visual Marketing today on 1300 138 984.