Phil Symchych, a leading business growth consultant to service and industrial businesses (www.symcoandco.com) identifies these three major business trends for 2012. The three trends for profit improvement are continued growth, focus, and technology. First, companies can increase their revenues and improve their profits in any economy by continually strengthening the value they provide to their customers. "This doesn't need to cost extra money, just ask your customers and they'll tell you what to do better," says Symchych. Second, companies struggling to raise cash need to focus on what they are best at to ensure all their activities and customers are profitable. Finally, focus on your existing customers instead of trying to attract and retain new customers. "Advertising is expensive and inefficient. You can leverage technology to communicate directly with, and provide value to, your existing customers," advises Symchych.
Dr. Maynard Brusman is a San Francisco Bay Area consulting psychologist and executive coach and member of the Society of Industrial and Organizational Psychology. He is the president of Working Resources, a boutique strategic talent management consulting firm. www.workingresources.com He offers a few insights:
"Baby Boomers are lingering in the workplace. The younger Gen X and Gen Y (New Millennials) are growing impatient to ascend to leadership responsibilities. New graduates are knocking at HR's door in record numbers. And technology, including social media, is transforming the mode and pace of communication. These trends are creating new opportunities, but not without foreseeable generational clashes."
Dr. Brusman notes, "Learning how to work, live and play together is crucial, and every manager must master ways to bridge generational gaps. Managerial survival calls for a coordinated, collaborative strategy to leverage each generation's strengths and neutralize its liabilities. Managers must create opportunities for a multigenerational work force to share its differences. To hire and retain high performers, leaders must also provide flexible options. Look for ways to benefit from each generation's assets to inspire understanding, collaboration and creativity."