Firms need to take a proactive role to diversify their products and find new ways to access markets and potential investors. By doing that, it’s a chance for them turn opportunities into reality.
The firm used to dominate the domestic market for voltage stabilisers. Instead of staying focused on the product, the firm continued to research new products.
"Voltage stabilisers used to be a successful product but we were able to forecast major changes in the market. As such, we conducted market research and decided to shift to producing transformers", Nguyen Chi Linh, CEO of Nhat Linh JSC, said.
Looking one step ahead to develop new products can create a foundation for firms to expand their market and find new partners. This Indian industrial equipment firm attends many international exhibitions to find potential suppliers. According to the firm’s representative, suppliers can improve competitiveness by diversifying their products, as well as taking an active role in finding investors.
According to an economist, it is necessary for firms to take a proactive role to search for and win their opportunities, especially in the context of global integration.
"Regional and global integration will bring more opportunities for the business community. However, firms only can take the opportunity if they proactively research and prepare to adapt to the challenge. This attitude should be central among the business community and understood at a more macroeconomic level", Nguyen Minh Phong, an economist, said.
According to experts, taking proactive role is one way to measure a firm’s development. And this can motivate firms to better integrate and adapt to new challenges./.
