The Four Pillars of Commercial Success

07/11/2014 — Eliot Lincoln, Non-Executive Director, Jersey Business

Businesses that embrace that change, that are open-minded to the new reality will benefit from the wave of growth that is beginning to emerge.

The world has changed, and continues to change at a rapid pace. Businesses that embrace that change, that are open-minded to the new reality will benefit from the wave of growth that is beginning to emerge.

If our economy really is in the recovery phase local businesses must seize the opportunities for growth that will present themselves. To do that Jersey entrepreneurs need to focus on what I believe to be the four key pillars that will underpin our commercial success over the next five years: digital technology, customer service, export and education.

Those business that want to be here in five years’ time need to let go of how things were five years ago. There has been a trend towards dis-intermediation, with consumers talking to each other and direct to their provider of choice. To take advantage of this trend then Jersey businesses need to make sure that the conversations they have with their customers, and what their customers say about them to other customers are positive: customer service excellence will be king in the new world.

It is essential that we start to talk our way into the hearts and minds of our trading partners and our customers. We have to tell our story in a confident and informative way, communicating to our target markets either here or overseas that we have the skills, services, products and mind-set to compete for and win new business.

We need to be looking beyond our own shores and horizons. We need to explore new markets outside of Jersey that are likely to yield valuable relationships and growth potential.

A great deal has been said about the digital revolution and businesses ignore it at their peril. The rate of technological change over the last five years has been phenomenal and unsurpassed in our lifetime – the iPad is barely 4 years old! A great deal of work is being done in Jersey to equip our businesses with the right tools to operate successfully in this modern marketplace and businesses need to seize these initiatives and learn to use them effectively.

We have to nurture the talent we have growing up in Jersey today so that they can play an active and effective role in the Jersey of tomorrow. It is not enough to challenge educators to produce the workers of tomorrow: All businesses have a responsibility to become a part of that story, to help shape and guide our young people so that when they are ready, they can be a part of our future.

At Jersey Business we are looking forward to 2015 and helping new and existing businesses to embrace and capitalise on the opportunities that are arising. When I look back on the coming year I want to see an economy that is supported by businesses that have grabbed the digital age; that understand what the customer experience should be; and that have ventured into the export market. We wish all Jersey businesses success as the economy strengthens again.

Eliot Lincoln, Non-Executive Director, Jersey Business

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