If change favours the prepared, how ready are you?
The US research landscape is shifting. Navigating today's uncertain market demands a new approach and immediate action. Businesses that hesitate will struggle to keep up.
We've put together a strategic guide outlining actions that companies can consider over the next year. This framework can help your business adapt to get through this period of uncertainty.
To quote US Army General Eric Shinseki, “If you don't like change, you're going to like irrelevance even less.”
Here's a look at actionable steps that companies can take in the coming months:
Immediate term (next 3 months)
Clarify the strategy and create contingency plans (e.g. using scenario planning, model different geographic costs and revenue mixes)
Evaluate other geographic markets
Launch customer retention initiatives
Identify cost savings
Re-examine supply chains to minimise risk
Refocus the R&D pipeline on products for critical customer needs with high probability of success under current conditions
Gather customer insights to deeply understand customer pain points and how your products add value to differentiate your offer
Short term (3 – 6 months)
Cut non-essential costs and preserve capital
Diversify suppliers to mitigate tariffs and consider reshoring or nearshoring critical components
Adapt marketing messages to strong brand and value messaging
Use customer insight to offer more flexible acquisition and usage models e.g. leasing, pay-per-use etc.
Increase focus on customer service
Put in place communication plans for updating investors
Mid term (within 1 year)
Implement innovative ways to optimise internal processes and improve efficiency
Establish local presence or partnerships in selected new markets
Decentralise decision making and delegate regionally to allow the team to respond quickly to market shifts
Release new products that address cost/efficiency challenges (if ready)
Start the next capital raise early (at least 6 to 9 months before you normally would start)