Students of differential calculus would define a point of inflexion as the place at which the tangent crosses the curve itself. Those of us in the commercial world (and less mathematically gifted!) might say that it is a turning point at which a major shift occurs in the business environment. This can have either positive or negative outcomes depending on one’s market position and ability to respond to opportunities and threats. As Andy Grove, the founder of Intel, said it is “an event that changes the way we think and act”.
Economic uncertainties, a lack of financial liquidity and reduced business confidence have conspired to create a flat-line in the economic heartbeat. This hiatus affects the counter-cyclical businesses too with activity in these areas taking time to build momentum whilst the growth engine has stalled. “Standing still and waiting for what happens next” sums up the prevailing mood for many.
Clients face the same significant economic pressures and will look to their professional advisers to help them achieve objectives more quickly, surely and cheaply than ever before. This is an opportunity to capture market share for those that are willing to rise to the challenge. Paradoxically, this is not a time for standing still but rather for taking decisive action to better position the firm to be fit for the future, whatever that may look like!
This edition of HedsUP! takes as its theme the ways in which firms can improve decision making and reduce uncertainty in their economic outlook, focus on the core skills and the capabilities which really make a difference and ensure that they are nimble and adaptive whilst maintaining clear strategic direction.