Survival of the fittest
Market conditions are looking more favourable and firms are hoping this will herald a return to higher levels of profitability. This will be true or some, but not for all. David Temporal looks at the basic requirements to ensure superior profit performance in the longer term
During the past few years, the global market slowdown has resulted in reduced fee growth and profitability. Under adverse market conditions the primary focus of management has quite properly been on short-term actions to protect profits, by appropriate reshaping of resource capacity, streamlining the organisation to enhance value and cut waste and delaying investments in all but the most critical areas. Too often, however, they are one-off initiatives, necessary moves but with limited impact on boosting firm position and performance over the longer term.
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