SMEs hitting election year pause must think again
Anybody in business can tell you that a customary but inexplicable inertia and indecisiveness infects Kiwi SMEs in election years. It’s not good for business or the economy. Assia Salikhova, MD of Wellington business development agency Smarketing Lab, says she is dumbfounded by the election year phenomenon, which anybody who has been in business for […]
Anybody in business can tell you that a customary but inexplicable inertia and indecisiveness infects Kiwi SMEs in election years. It’s not good for business or the economy.
Assia Salikhova, MD of Wellington business development agency Smarketing Lab, says she is dumbfounded by the election year phenomenon, which anybody who has been in business for four or more years can attest.
“There’s no excuse for it,” says Salikhova (pictured above). “While there may be pressures and uncertainties surrounding elections, it is essential to recognise that very little changes. Prices, exchange rates, and technological advancements continue to shape the business landscape, irrespective of election outcomes.
“People say, ‘Oh, we need to see what the new Government looks like’. Why? If anything, the great election year pause can only send a business backwards. Unpredictable and uncertain times need to be met head-on with consistency.”
The rapid pace of technological development and the corresponding need for faster decision-making is another critical factor emphasised by Salikhova.
In today’s business world, companies must adapt swiftly to changes in technology and consumer behaviour or risk being left behind.
“We are witnessing an overwhelming amount of information and choices in the market. It’s easy for businesses to freeze and make no decisions. However, those that fail to make timely decisions will struggle to keep up with the ever-changing landscape.”
Salikhova says New Zealand businesses must learn to live in a dynamic environment.
“Unfortunately, the speed of decision-making is not keeping pace with change. People feel overwhelmed, but trying to make sense of it all is impossible, perhaps even harmful.”
To counter the tendency to freeze in the face of uncertainty, Salikhova outlines three key strategies:
1. Improve and expedite the decision-making process:
Rather than allowing discussions to stagnate, businesses should commit to making decisions promptly and efficiently. Leaving a meeting without a decision only leads to wasted time and inertia.
2. Invest in education:
To navigate the complexities of the modern world, businesses must expand their knowledge beyond their specific fields. Understanding digital transformation, political events, and economic trends is crucial for informed decision-making and sustainable growth.
3. Embrace change:
Rather than fearing or resisting change, businesses should develop an appetite for it. Change is an inevitable part of the business landscape, and those who adapt quickly will thrive.
As the business landscape continues to evolve at an unprecedented pace, the Wellington-based sales and marketing agency remains steadfast in its belief that consistency, coupled with adaptability, is the key to success.
Salikhova aims to empower businesses to achieve their long-term goals and thrive in an ever-changing environment by encouraging them to maintain their marketing and sales efforts in good and bad economic times.