The business landscape is constantly evolving and changing and it is important to keep on top of these changes. Management Today has analysed the top 10 issues facing managers in 2011, and provided a quick tip to overcome each of these. Here are the first five:
1. Two-speed economy
Australia weathered the financial storm better than most, but there are still areas of risk and reward, known as the two-speed economy.
Tip: Concentrate on staff retention and diversification to reduce risk in an uncertain climate.
2. Global economic health
The biggest issue for Australian companies in terms of global economic health is business confidence.
Tip: For a full economic recovery a change in thought processes is required: from ‘glass is half empty’ to ‘glass is half full’.
3. Development and training
As managers look to increase levels of innovation and agility within their organisations, the need for staff development and training becomes greater.
Tip: Formalise the implementation of mentoring, coaching and training procedures in order to increase agility and improve staff retention.
4. Export opportunities
There are amazing opportunities on offer to Australian exporters in the near term.
Tip: Whether you’re currently exporting or looking to begin, look to the markets in our own region of the world for great growth opportunities.
5. Sustainability issues
Despite the shelving of the Emissions Trading Scheme organisations have plenty to be concerned about in terms of sustainability.
Tip: Make sustainability a serious issue in your business – as important as the bottom line – because it is to many stakeholders.