New Strategy Plan for New West Company
Question:
What would be your recommendation for New West Company's new strategy to succeed in the future? How can they achieve their plan for long-term success in order to remain competitive and sustainable?
Answer:
As a consultant, I would recommend that New West Company focuses on key areas to succeed in the future:
- Enhancing Technical and Marketing Expertise
- Upgrading Equipment
- Financial Management
- Enhancing Research and Development
1. Enhancing Technical and Marketing Expertise: New West should invest in training and development programs to improve the technical and marketing expertise of its employees. This can be achieved through internal training initiatives, hiring new talent with relevant expertise, or partnering with external consultants or industry experts.
2. Upgrading Equipment: The company should prioritize the upgrade of outdated production equipment and implement advanced production processes to improve efficiency and reduce inefficiencies. This will help New West meet the increasing demands of the rapidly growing outdoor activities industry.
3. Financial Management: New West needs to address its cash flow problems by improving financial management practices. This may involve implementing effective cash flow forecasting, optimizing capital structure, and exploring potential financing options to support growth initiatives.
4. Enhancing Research and Development: New West should expand the scope of its research and development activities beyond fabric development to focus on product innovation and equipment advancement. This will enable the company to differentiate its offerings, improve product quality, and drive sales growth.
By implementing these strategies, New West can position itself for long-term success, remain competitive, and achieve sustainability in the future. These initiatives will help the company address its current challenges, improve operational efficiency, and capitalize on market opportunities in the outdoor activities industry.