Are You Ready For The Next Business Challenge Or Prepared To Lead It?

In the current economic climate large corporations are struggling so what hope is there for SMEs?

As well investing in our marketing strategy it is imperative that we also focus on creating business resilience. Business growth can only be sustained if the foundation on which it is built is robust.

Michael Porter’s Five Forces Analysis published in 1980 is as valid today as it was then and is a “must read” for all business owners.

It explores five important forces that have the potential to impact your strategy, competitive environment and profit margins. In fact, any aspect of your business performance.

The Key Points

1. The strength and capability of your market competitors.

2. How easily can new businesses enter the market and drive prices down?

3. The ability of suppliers to drive up their prices.

4. The power your customers have to drive down your prices.

5. The availability of substitute products or service options.

Analysis of these elements will influence your business strategy and increase your competitive advantage.

Consider the impact Uber has had on taxi services or easyJet on air travel or Lidl on supermarket shopping.