NEW YORK, Aug. 3, 2009 (GLOBE NEWSWIRE) -- International business performance consultancy, McKinney Rogers, announced today findings from its Driving Future Growth Report. Conducted by global research firm Ipsos MORI, the Report surveyed leadership team members from large and mid-sized manufacturing companies in the U.S. and England.
"This is a wake-up call to those companies who have hunkered down - cutting costs and scaling back investments," commented Damian McKinney, CEO and founder of McKinney Rogers in releasing the findings. "They are confusing surviving the recession with being ready for the recovery. They will emerge surprised to find stronger competitors with improved products."
McKinney Rogers conducted the study to explore whether businesses were able to react quickly, review priorities and implement effective measures when faced with the economic crisis. And having implemented these measures, are businesses well placed to react rapidly to the recovery? Among the key findings from the Report are:
* The majority (56%) say that they predicted and saw the
recession coming at least before Summer 2008, with most
taking initial measures such as cost-cutting and redundancies
(38%)
* However, only around one in seven have invested in new
technology and products (12%) and R&D (12%), and only 4% have
addressed goals/programs
* Substantial numbers see further difficulties ahead with one
third (32%) citing "working in silos" and nearly half (44%)
citing "gaps in the skill sets of operational management" as
issues
* Despite this, companies are confident given the economic
circumstances. Nearly four in five stating that it offers
significant opportunities, and more than nine in 10 believe
long-term plans will remain unaffected
"For many businesses, when the upturn happens, the market will be different and more challenging. Competition from emerging markets will become more sophisticated, while the opportunities will continue to grow rapidly," McKinney concluded.
About McKinney Rogers:
McKinney Rogers is a global business performance consultancy, with operations in the UK, Europe, Africa, Asia and the U.S. McKinney Rogers Business Performance Solutions take business from strategy to execution through processes and behaviors.
McKinney Rogers works with a number of global clients including Diageo, Pfizer, Wal-Mart and Thomson Financial Services. Visit McKinney Rogers' website at www.mckinneyrogers.com