Watch your competitors!
With the downturn resulting in tighter competition for clients, it is very important to watch your competitors so that you get early indicators of changes in your particular market.
Your competitors may change the way in which they market their products or services or they may change the way in which they manage their staff. Either way, you need to be aware in case you are able to respond quickly. Alternatively if you have been watching the trends you might get there first!
The staffing changes are quite important because it will give you an idea of the sort of skills they value:
• Have they made some of their staff redundant? If so, are there any of their former employees that would be valuable to recruits to your company?
• Are they selling off parts of their company that would dovetail well with your activities? This might be a way to seize a new opportunity.
• Are there possible alliances that you could develop with other businesses in your sector?
• Are they likely to approach any of your key employees? If so, how are you rewarding and motivating your staff to ensure that they stay with you?
• Have they come up with creative flexible working schemes or other benefits that would work well if replicated in your business?
• What is the sector norm for salary increases and how do your reward arrangements measure up?
Keeping in touch with industry contacts or through sector journals will help. For advice please contact Helen Astill on 01684 594773.
Posted on 19 Nov 2016