With 2016 now drawing to a close, the year has left in its wake devastating drought, causing water shortages and restrictions; local political uncertainty; ongoing global macroeconomic instability; increasing cost pressures; and fears of credit rating downgrades, paralysing companies from making strategic moves.
With this environment setting the scene for 2017, the case for innovation, entrepreneurship and agility has never been greater, according to Standard Bank head of commercial banking Karl Götte,
“[This year] was a challenging year, following an equally tough 2015. There are no signs that these challenges will abate, but commercial businesses definitely have a number of opportunities to exploit if they are well prepared and have the right structures in place,” said Götte on Tuesday.
He noted that agile businesses with the “courage” to innovate would thrive in 2017, with several opportunities for these types of businesses to harness technology and expand.
“Agility needs to be built into many facets to ensure that a business is in a position to take advantage of changing consumer preferences and market conditions,” he concluded.