Following a night that appeared to bear no resemblance to the polls before the event, we are faced with an unprecedented scenario in modern times where three party leaders have resigned within 60 minutes due to the performance at the ballot box. The new government will have a mandate to govern with a small majority and hopefully continue the economic improvement we have witnessed over the past two to three years. The poltical backdrop however is very different with three ‘minor’ parties in England and Wales taking on the big two rather than the 2+half in previous times and a totally dominant force in Scotland. The vote is now fragmented and highly tactical, how things have changed. Have the politicians really seen this coming?
We see a similar situation with supermarkets, the big players are all experiencing significant and continued falls in sales and profits whilst new lean competitors are making major inroads at lightening pace. Do we still remember Woolworths, Comet and other retailers who did not keep abreast of customer trends?
My concern is that too many businesses believe that tomorrow will be like today and yesterday, or our customers will continue to like what we have always done, or we never have enough time to consider the rapidly changing world we live in. I don’t believe that politics in the UK will ever be the same again, nor retailing. The question is however, how does your business actively review the marketplace, your position in it, and the strengths and weaknesses of your operation? We know that only 25% of all businesses have any form of strategy or plan where all of these things are considered and reviewed annually, so how do the others ensure that they are always ahead of trends?
Are you one of those people who make things happen, watch what happens, or wonder what happened? Sadly many politicians this morning will be doing the latter.