Are you keeping on top of external factors?
As Francis Bacon famously remarked: Knowledge is power and arming yourself with information and utilising it is one of the keys to business success.
With the world becoming increasingly more globalised and businesses interacting with more nations, taking stock of both the international and domestic trends is vital when building a new strategy for 2016
There are promising signs of turnaround for some key economic areas.
PwC reveals predictions for the global market
PricewaterhouseCoopers (PwC) recently released a rundown of the most popular UK Chief Economist John Hawksworth pointed to some promising signs of turnaround for some key economic areas. Countries such as India and Sub-Saharan Africa will see huge growth, making them lucrative areas for market entry.
“We expect the US recovery to switch into a higher gear in 2016, while the UK will also enjoy continued consumer-led growth. We should also see at least the beginning of the end of the
According to the economists questioned, the Eurozone crisis will finally come to an end within this year, making it easier to execute a strategy with these markets. However, the emergence of geopolitics will have many policymakers discussing immigration, the reformation of regional blocks and helping citizens in countries of crisis.
Transition on home soil
According to the most recent release from the Reserve Bank of Australia (RBA), the economy is showing signs of becoming more accommodative, but there is still room to achieve a sustainable level of growth.
“While GDP growth has been somewhat below longer-term averages for some time, business surveys suggest a gradual improvement in conditions in non-mining sectors over the past year. This has been accompanied by stronger growth in employment and a steady rate of unemployment,” said Glenn Stevens, Governor of Monetary Policy Decision.
As at January 6, economic growth sat at 2.5 per cent, inflation was low at 1.5 per cent and the cash rate of 2.0 per cent is favourable for acquiring a new loan.
For businesses wanting to invest in new ventures, St George Bank’s economic report stated that while confidence is low, the conditions are still good for starting a new venture. With a number of key conditions improving over the last half of the year, businesses are in good stead to go ahead with investment plans.
The modern businesses environment is changeable and fast-paced and companies must keep a watchful eye on conditions to keep pace and succeed.