BUSINESS EVOLUTION

Compiled by Yamini Sequeira

RESILIENCE DRIVEN GROWTH

Wasaba Jayasekera says a precise marketing strategy rivals diversification

Diversification is widely recognised as a strategic advantage for businesses – particularly during periods of economic crises. When a company’s core sector experiences a downturn, this strategy can offer stability in times of uncertainty.

“This ability to balance different revenue streams can mitigate risks and stabilise performance during turbulent times, underscoring the value of diversification,” says Wasaba Jayasekera.

MARKET NEEDS However, he stresses that “diversification alone does not guarantee enhanced performance. The crux of successful business management – in a diversified group or focussed enterprise – lies in the ability to identify and serve unmet market needs.”

“Crafting a go-to market strategy that resonates with the target audience is essential. This includes understanding the product-market fit – ensuring that the product or service being offered truly meets the needs of the market,” he adds.

Jayasekera explains: “In essence, a well-rounded approach to diversification considers all these factors, from market evaluation to communication, creating a comprehensive strategy that is built for success.”

He believes that for Sri Lankan businesses – particularly in a landscape marked by economic uncertainty and rapid change – focussing on several
critical areas is essential to thrive.

“First and foremost, identifying and harnessing talent is crucial. Talent encompasses not only the skilled workforce needed for daily operations but also the leadership and managerial skills necessary to steer the company toward growth and excellence,” Jayasekera notes.

He asserts that an organisation’s ability to attract, develop and retain top talent can greatly influence its success, making talent management a central component of any growth strategy.

Training and skills development should be prioritised to ensure that employees are equipped with the necessary capabilities to adapt to new technologies and processes.

SMART TOMORROW Technology also plays a pivotal role in business performance. Jayasekera observes: “In today’s competitive market, adopting and integrating suitable technologies is essential for maintaining operational efficiency and staying ahead of the competition.”

He goes on to say that companies must evaluate and invest in technologies that align with their business needs, whether this is for improving production processes, enhancing customer service or facilitating better market analysis.

“The right technology can streamline operations, reduce costs and create new opportunities for growth,” he states. Once a company has established a foundation of talent and technology, it must focus on market entry and product placement strategies.

And for this purpose, Jayasekera affirms that developing a robust marketing strategy is critical, which includes crafting effective communication plans, promotional activities, pricing strategies and service quality measures.

He maintains that “a well-rounded marketing strategy ensures that products or services are effectively positioned in the market, reach the target audience and meet customer expectations. Effective marketing not only drives sales but also enhances brand reputation and customer loyalty.”

For Sri Lankan businesses – especially SMEs – the path to growth is particularly challenging. The decision to expand, whether locally or internationally, often hinges more on overcoming psychological barriers than logistical hurdles.

“It’s equally important to recognise that many of the world’s most successful companies thrive with a singular focus – take the airline, beverage or fast food sectors for example. These giants demonstrate that a well-honed specialised strategy can be as powerful as diversification when executed with precision and clarity,” Jayasekera notes.

CORPORATE AGILITY Economic crises have prompted many companies to explore international markets – a shift that was not previously a primary focus.

Jayasekera elaborates: “Expanding into export markets presents new opportunities but also significant barriers. SMEs in particular face challenges such as limited market access, inadequate technological resources and a lack of exposure to international trade practices.”

“By enabling access to markets and technology, building skills and creating a supportive ecosystem for SMEs, larger corporations can contribute to local economic development, job creation and supply chain resilience,” he stresses.

To address these challenges, it is essential to provide SMEs with the necessary support, education and infrastructure.

In his view, this includes “providing training and resources to help entrepreneurs navigate international markets, improving access to export channels, and offering financial and technical support.”

Jayasekera says: “A transparent and level playing field that benefits all businesses regardless of their size is key.”

“This involves streamlining regulations, facilitating environmental approvals and providing incentives for capital investment. By reducing bureaucratic hurdles and offering targeted support, SMEs can overcome barriers to growth and contribute more effectively to the national economy,” he explains.

A stable regulatory environment is fundamental to fostering business growth. Policies must not only be established but also effectively implemented and managed.

SUPPORT SYSTEMS Jayasekera adds: “Businesses require clear, stable and supportive policies to operate efficiently – and develop long-term plans.”

“Key areas of focus include taxation, interest rates, import regulations and exchange controls, he notes, pointing out that “these factors impact the ability of businesses to import capital goods, engage in international trade and manage financial operations. A predictable regulatory environment helps businesses plan and execute strategies with greater confidence.”

Jayasekera emphasises that as the business environment evolves, continuous learning and professional development become essential. “Embracing technological advancements while upskilling and fostering a culture of innovation can help companies stay competitive and drive growth,” he muses.

Looking ahead, Sri Lanka’s recovery and growth will depend on its ability to innovate and adapt to changing market conditions. As Jayasekera says, “exporting is not merely about goods; services hold immense potential too.”

He continues: “Imagine an individual in a remote village who – through platforms such as Airbnb or Homestay.com – can offer unique experiences to global travellers. Without leaving the village, such individuals can bring in foreign currency and contribute to the economy. It’s about having the right mindset and being open to new possibilities.”

By focussing on these areas, Sri Lankan businesses can navigate challenges and seize opportunities for growth. A commitment to skills development, the right use of technology and a strong mindset will build resilience to achieve sustainable growth in an evolving economic landscape.

The interviewee is the Managing Director of Hayleys Aventura.