Medium-sized companies face major challenges in 2024: The uncertain economic situation, geopolitical tensions and inflation are making business difficult. But crises also offer the opportunity to successfully position a company in the long term by adapting its strategy.
How do you deal with scarce resources? Like the much-quoted Swabian housewife: You see where you can save money. That is exactly what many companies are currently doing, as rising energy and raw material prices are putting them under pressure. But simply cutting costs can prove to be a dead end. So why not use the crisis as an opportunity to increase efficiency potentials. Digitalization, automation and cloud technologies are the keywords here. And as good as your gut feeling can be — data-based decisions also deserve an opportunity.
When did you last review your business model? Right now, it can make sense to open up new markets or develop new products that can be implemented with your company's existing competencies and resources. This applies in particular to medium-sized companies, which can react flexibly to changing conditions. Anyone who has the courage to try out new things has a good chance of coming out of the crisis stronger.
The pandemic has permanently changed the world of work. Teleworking and flexible working hours are no longer an exception. For companies that are still hesitating: It is high time to put aside reservations about working from home. The fear that employees will work less at home is usually unfounded. Instead, invest in the necessary technical equipment and train your teams. Hybrid models with face-to-face days also offer the opportunity to combine the best of both worlds.
Sustainably positioned companies often survive crises better because they think long-term and rely on business models that take social and ecological aspects into account in addition to financial results. Customers, investors and business partners are increasingly paying attention to this. Anyone who now focuses on sustainability and restructures their corporate strategy accordingly can set the course for a successful future.
The recession is not affecting all industries equally. Companies in industry, construction and retail are particularly challenged. They are often struggling with rising raw material and energy prices as well as weak demand. Creativity is required here: Optimizing processes or developing new business models could be a solution.
Why not use the crisis to realign the company? Questioning old structures, trying out new paths — that can be worthwhile. A look from outside often helps to discover new opportunities. Let's talk about it!
