In the news, Inside Track, November 2010
The private sector winners of the spending review
The recent Comprehensive Spending Review has been big news not only for the public sector but also for the impact it is having on the private sector. Some companies are hopeful that the new imperative on government to drive efficiencies and find new ways of providing services that will offer a better quality/value combination will create new business opportunities. Indeed, the stage has already been set as there has, increasingly, been a significant shift and rebalancing in public/private dynamics. For the private sector, we are told, great opportunities lie ahead; this sector is the way we are going to re-build and grow our economy back to health. However, much will depend on organisations being able to respond to the situation, to see opportunities and build a strategy for growth.
So what exactly do they need to be mindful of?
There are going to be many opportunities; ‘which ones are right for us as an organisation?’ needs to be a question that gets asked quickly and with an open mind. The winners are going to be the ones for whom entrepreneurial spirit sits comfortably alongside effective change management and where making good decisions is done quickly and with clarity. These will be the ones who ‘get’ organisational efficiency and effectiveness. Organisations who are set up to be flexible, resourceful and responsive are the ones who are going to take advantage of the opportunities and drive the change needed; ones where the leadership can be pretty convinced they are going to be able to engage their workforce and take them with them.
This doesn’t mean it’s too late for others – these changes look set to stay long term – being honest and having a hard look at how open to change you are as an organisation, or how much you automatically close down options as ‘impossible’, could be the start of making the first steps towards building your own strategy for growth.
