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Given the current climate and competitive environment in the professional services market, being different and understanding your markets will be key to success. This was the central message from Professor Roger Flanagan from Reading University.
Recognising the blur of similarity, he said, is key to standing out; with so many companies operating in similar markets internationally. However, as firms create this new environment to stand out there is no doubt your competitors will follow once again, making your company indifferent. This emphasises the need for continual innovation, being different is about acting differently.
The UK market is very good at criticising itself, he noted, but is not as good at recognising its strengths. The UK service industry is significant in size and is a significant global player. There is a need for icons within this industry to drive the next generation of engineers and service providers.
The value added to a country that our industry provides is huge and there is a tendency to undervalue its influence and success in driving growth. The market for professional services is significant globally yet it is rarely recognised as a standalone component of economic activity.
There are markets out there in which growth is significant such as India and China, but we have to be aware that the there are several “new kids on the block” and we are increasing operating within the same space.
These companies do not necessarily think and operate in the way we do in the UK. Understanding this is key, mergers and acquisitions will increase the interaction and influence these new players have.
The UK has to ensure that it sufficiently evaluates the strengths and weaknesses of these companies to utilise their expertise in the most effective manner.
China’s construction market is likely to become the world’s biggest market this year, the companies within this country are already starting to internationalise yet very few companies in the UK and Europe could name these companies and the threat they pose. These companies are not just developing they have arrived.
It is important that UK companies differentiate themselves from these new players using the knowledge skills and strengths we have developed over the past few decades. The professional services market in the UK holds great potential if we take this opportunity to evaluate critically the new markets that are emerging and the competition we as an industry will face.
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