These themes are:
1. Transparency: The twin revolutions of the active consumer and social media over the last 10 years, together make it impossible for big business to ‘manage the message’ in a way in which it used to. Poor practises and shoddy treatment of customers will be exposed more quickly than ever before and reputation will be damaged that much quicker than in any other era before now. Conversely, companies that are happy to engage with their consumers through Social Media, and other more instant and informal communications methods, will find this a highly effective route to engendering brand loyalty.
2. Regulation and innovation mix: The blame for the 2008-10 recession has been placed firmly at the door of the bankers. It is therefore inevitable that the trend towards tighter regulation, ostensibly to discourage unchecked risk taking in the quest for short-term gain, will continue unabated over the next 10 years. More executives will inevitably be caught out for failing to bring shareholders (and other stakeholders) with them when awarding benefits packages. Companies will also have to get better at measuring, monitoring and managing risk in order to report risk exposures more efficiently and accurately internally and to regulators. As a counter to this scrutiny, businesses will continue to develop ever more sophisticated and innovative services and products to create value and drive profitability. Regulators will continue to play catch-up to close up anomalies and loop holes.
3. Embedding values into behaviours: Corporate behaviour will have to travel off the mission statements in the headquarters of global firms and live and breathe right through their supply chains. There will be less tolerance of ethical ‘blind spots’ which will damage reputation of big businesses faster, partly fed by trends detailed in #1. Previous decades have seen firms exploiting looser regulatory, health and safety and employment laws to produce products more cheaply overseas but at what cost to those workers? This will come under increasing scrutiny this decade as poor practices or exploitation will become transparent more quickly and tolerance for misdemeanours will more quickly and decisively impact both corporate reputations and ultimately sales as customers vote with their wallets.
i2a has produced a ‘Guide to Good Business in the Tens’ which it also unveils today. These tips all flow from the three themes above which are detailed within the company’s own ‘Guide to Good Business’ which is downloadable as a PDF from the company’s website by going to www.i2a.co.uk and clicking on the relevant link. Alan Holroyd, partner, i2a Consulting, commented:“The last 30 years have trends which we believe will shape business practise over the next decade. What is interesting about these changes is that none of them have yet played out to their conclusions.
All, if considered properly by the board of directors of big businesses, offer potential solutions for building and sustaining success or Good Business as we prefer to call it.” -ends- Notes to editors To download ‘The i2a Guide to Good Business’ please click on: http://www.i2a.co.uk/what_we_do/good_business/2010s_intro.php or contact i2a direct on 0207 260 2930. About i2ai2a helps organisations adapt to a changing world, reduce reputational and operational risk and achieve sustainable performance through its concept of Good Business. i2a’s approach to Good Business comes from a proven strength in business consulting, with significant experience gained from the lage consulting firms, supplemented by i2a’s Associates’ expertise in the key areas of Good Business. i2a’s team comprises professionals from different backgrounds with extensive business and consulting experience, united as a group by shared values and a commitment to getting things done. Working style is based on partnership, is often provocative and challenging, but most importantly it is focused on achieving results quickly for its clients.
Client sectors range from energy, consumer products, healthcare and media and communications and includes leading companies such as BP, Shell, Diageo, BAT and Johnson and Johnson. Visit www.i2a.co.uk for more information.
For further information about i2a Consulting, please contact:
Alan Holroyd, Partner, i2a ConsultingTel: 0207 260 2930;
Email: [email protected]
For all i2a media enquiries, including requests for images, please contact:
Miles Clayton / Simon Bennett, Agility PR Limited
Tel: +44 (0)1992 586190.
Email: miles[at]agilitypr[dot]co.uk / simon[at]agilitypr[dot]co.uk