News June 2010
Recent research conducted by the Warwick Business School suggests that there are tens of thousands of small UK businesses that are only a stone's throw away from making more profit that their peers.
The study outlines a 'blueprint for success' criteria which 43% of UK small and medium sized companies already follow. The study, commissioned by Royal Mail has identified six factors that have a "strong link" to above average trading performances in businesses that employ between 20-250 staff. In comparing and monitoring the growth rates amongst 500 businesses, the team of researchers found that those businesses already following three of the six key factors from the blueprint have reported sales growth of 17% from 2006 to 2009.
The six key factors for success are as follows;
The study outlines a 'blueprint for success' criteria which 43% of UK small and medium sized companies already follow. The study, commissioned by Royal Mail has identified six factors that have a "strong link" to above average trading performances in businesses that employ between 20-250 staff. In comparing and monitoring the growth rates amongst 500 businesses, the team of researchers found that those businesses already following three of the six key factors from the blueprint have reported sales growth of 17% from 2006 to 2009.
The six key factors for success are as follows;
- Striving for growth
- Managing flexibly
- People planning
- Marketing
- Research and development
- Process changes
Of the 500 businesses that participated in this research, 'Marketing' was considered to be a key factor in growth. The report stated that "Marketing was also important, with businesses adopting different strategies but those using broadcast media are seeing very significant benefits".
As a specialist Sales and Marketing Coach in the technology sector, I am fully aware of the need to run successful e-marketing campaigns by harnessing the power of social media, websites, and e-newsletters. As the UK economy comes out of recession and into a period of growth it is more important now than ever that small to medium technology businesses tackle the challenge of effectively marketing their products and services. As new opportunities emerge you need to be ready and primed with an effective marketing strategy.
To find out how our Sales Coaching and Marketing Services can help you achieve your business goals contact us on 01536 771440 or visit Contact Us
References
Tyler, R. 'The six rules to making healthy profits'. The Telegraph, 31May, [Online].
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