Everyone knows that the High Street in the U.K. is suffering since
the global financial crisis hit in 2008. Britain has endured two
recessions since then and businesses are also being hit by the onslaught
of online shopping.
However, some CEOs at retail firms are actually increasing sales and planning to open more shops. WH Smiths had a good Christmas period in 2012 and will open more shops in 2013. It says its success is due to some key best sellers in the books section, an investment in an Internet greeting card firm called Funky Pigeon and steady growth of its main online arm.
Fashion stores have long been the staple of shopping centres, and outlets such as Primark are doing really well. What do these businesses have in common? How are they able to survive while others struggle and go into administration? According to the Retail Gazette, those that do well are ones with an approach that embraces many different channels. They also offer excellent customer service and often lead with discounts to get people into their shops.
Perhaps most of all, they are very passionate about what they do and they all seem to have innovation at the very heart of their organisations.
There are a number of common factors. Firstly, many will be surprised to read that while retail in general follows tried and tested methods, the winners embrace a culture of experimentation. This is central to effective diversification. The best organisations are great at this. They encourage the development of ideas amongst all their staff and are always prepared to take the next step by trying to see if it works. If it does, they develop it and see how it can fit into their existing structures. They are also committed to supporting this approach with a strong learning culture. In other words they accept that some ideas will fail and they learn from the ones that don't work. They also benefit from research and development tax credits.
They are intensely focused on hiring the best talent. They want people who are driven, passionate and completely focused on making the organisation the best that can be. This ethos is shared with everyone. Every single employee must be prepared to give everything to the company during working hours, and sometimes even after.
Another interesting thing that has been observed in entrepreneurial circles is that some business leaders believe that purpose is a better motivator than money. Obviously cash is necessary and essential. But top organisations have discovered that when they recruit people who are driven by a sense of purpose they perform much better in forward-thinking environments than people who are driven by money.
Business theory studied at universities points out that people who are driven by a sense of purpose have a much higher degree of personal empowerment. In terms of culture in organisations, this fits in perfectly with the above two observations. In other words if people have a sense of purpose and there is an encouraging work climate where experimentation and learning are valued, innovation will still die if there is no sense of autonomy.
Finally the best organisations - the ones that are surviving the rough seas of global challenge and change - are those that are exceptional at social media. They engage with purpose, react and respond. They understand the difference between old-fashioned interruption marketing and the new content marketing, which is focused on creating dialogue and giving extra value to clients and consumers.
Theorists say that during difficult times many firms will automatically focus on efficiency. This is usually a mistake and is not what the Government wants. The main reason for R & D Tax Credits was to encourage development. The sacrifice is usually being smart and creative and in a situation like that no one wins. The best staff leave to join the competition and all the sudden the original organisation finds that the competition is suddenly unpredictable - because they are innovative.
However, some CEOs at retail firms are actually increasing sales and planning to open more shops. WH Smiths had a good Christmas period in 2012 and will open more shops in 2013. It says its success is due to some key best sellers in the books section, an investment in an Internet greeting card firm called Funky Pigeon and steady growth of its main online arm.
Fashion stores have long been the staple of shopping centres, and outlets such as Primark are doing really well. What do these businesses have in common? How are they able to survive while others struggle and go into administration? According to the Retail Gazette, those that do well are ones with an approach that embraces many different channels. They also offer excellent customer service and often lead with discounts to get people into their shops.
Perhaps most of all, they are very passionate about what they do and they all seem to have innovation at the very heart of their organisations.
There are a number of common factors. Firstly, many will be surprised to read that while retail in general follows tried and tested methods, the winners embrace a culture of experimentation. This is central to effective diversification. The best organisations are great at this. They encourage the development of ideas amongst all their staff and are always prepared to take the next step by trying to see if it works. If it does, they develop it and see how it can fit into their existing structures. They are also committed to supporting this approach with a strong learning culture. In other words they accept that some ideas will fail and they learn from the ones that don't work. They also benefit from research and development tax credits.
They are intensely focused on hiring the best talent. They want people who are driven, passionate and completely focused on making the organisation the best that can be. This ethos is shared with everyone. Every single employee must be prepared to give everything to the company during working hours, and sometimes even after.
Another interesting thing that has been observed in entrepreneurial circles is that some business leaders believe that purpose is a better motivator than money. Obviously cash is necessary and essential. But top organisations have discovered that when they recruit people who are driven by a sense of purpose they perform much better in forward-thinking environments than people who are driven by money.
Business theory studied at universities points out that people who are driven by a sense of purpose have a much higher degree of personal empowerment. In terms of culture in organisations, this fits in perfectly with the above two observations. In other words if people have a sense of purpose and there is an encouraging work climate where experimentation and learning are valued, innovation will still die if there is no sense of autonomy.
Finally the best organisations - the ones that are surviving the rough seas of global challenge and change - are those that are exceptional at social media. They engage with purpose, react and respond. They understand the difference between old-fashioned interruption marketing and the new content marketing, which is focused on creating dialogue and giving extra value to clients and consumers.
Theorists say that during difficult times many firms will automatically focus on efficiency. This is usually a mistake and is not what the Government wants. The main reason for R & D Tax Credits was to encourage development. The sacrifice is usually being smart and creative and in a situation like that no one wins. The best staff leave to join the competition and all the sudden the original organisation finds that the competition is suddenly unpredictable - because they are innovative.
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