With that changing of the guard, what will the incoming managers be looking to do to run an efficient and effective business?
IT industry consultant, John Walters, said alignment within your business, its vision and position in the market, along with opportunities coming down the track, were key factors to take into consideration when running your business in an effective manner.
“Out of the vision and alignment it allows the opportunity to drive focus. If you really focus on a particular area, then the chances are you’ll be successful in that,” Walters said. “It also comes down to picking the right people and relationship management is really important in this business environment, because people want to deal with people they can trust.”
On top of this, sales people should also be targeted correctly for the focus areas that senior principals of the business have determined.
“If you don’t get the alignment right through to the vision and strategy, right through to structure and the individual targets and KPIs, you’re not going to be an efficient and effective business,” he said. “Every now and again business principals have to take stock and work on the business and do more strategic planning.
“There are a number of businesses that I’ve seen from my distribution days through to my consulting days that when they take the time to do it and execute on it they get a kick in the market."
Distribution Central executive chairman, Scott Frew, shared some of his top tips for effectively managing your business. “My motto has always been to hire people smarter than me and let them get on with their job,” he said.
Innovation was also another key factor.
“If you keep on doing the same thing, the market will change and you will get left behind, so you’ve got to be faster than anybody else,” he said.
To help tackle some of the ongoing challenges faced in business, Frew advised managers to ask a lot of questions.
“We run client advisory boards in Australia, and we ran one in Singapore, even though we hadn’t started trading heavily, but the idea is to ask them what their pain points are and they will absolutely tell you,” he said. “We’ve got in mind what their problems are and we go about fixing them.”