Business Transformation is Gold
Thanks to the pace of market-driven distractions- the business transformation has become the norm, not the exception. Disruption creates stress on an organization’s capacity to adapt and thrive. They also leave susceptible to competitors for whom agility is a core competency. It’s also a cultural change that requires organizations to continually challenge the status quo, experiment, and get comfortable with everyday changes. This means making fundamental changes to how businesses operate and how they deliver value to customers.
Where is your business success? In today’s global marketplace, there is a seemingly endless number of businesses to meet virtually every need imaginable. While there are many profitable organizations worldwide, many others start out struggling and fizzle out quickly. Despite extensive planning, incredible passion, and the most grandiose dreams of business ownership, most businesses simply do not survive the competition when there are no workable business strategies in place. Business transformation allows for businesses to continuously be looking at how to achieve better results not only for their own corporation but for the world.
Business Transformation should not only be delivering value, but also to accelerate the metabolic rate of decision making and execution within the company for continued excellence…
Not much time to watch your dream finally realized, then quickly fade away into oblivion. So, what do the minority of successful business owners know that others don’t?
Something sets them apart from the rest, but what exactly is that “something”? Those are interesting questions, and the answers are crucial for anyone with the vision and goal to get to the top. You will need to build what I call transformational fitness: the ability to adapt and thrive in a fast-changing environment.
Have a Crystal Clear Vision
Transformational fitness helps organizations quickly assess a change, adapt to it, and leverage it to deliver greater business value. Have a vision, a solid business strategy, of where you want your company to be in 1 month, 1 year, and several years down the road. While that is a start, simply having a vision is not enough, no matter how awesome you think it may be.
To build business transformation, companies must combine a clear view and understanding of external disruptors- market trends, technology, government regulations with a focus on organizational design. If your vision is crystal clear to you, but foggy to your potential customers, you have accomplished little if anything. Everyone from employees and partners all the way down to customers must see the same vision. Make it simple. Everyone who “touches” your business needs to know what you stand for, why you are different, and why they should choose you above the competition.
In addition, many successful companies tie their vision to tactical goals. Once achieved, they give rewards, recognition, and additional compensation to employees. This strengthens their commitment to the organization and their desire to help their company succeed, which strengthens the company from within.
Commitment to Transform with Speed
All the CEOs had a clear picture of the threat or opportunity facing their business. Some were obvious to management for instance higher costs versus peers, high debt levels at a time when growth was slowing, declines in the price for their products.
Develop Structural Solutions to Common Problems
If you are a business leader, you are probably thinking about radical change. New industrial platforms, geopolitical shifts, global competition, and changing consumer demand are reshaping your world. Meanwhile, you have your own aspirations for your company: to be a profitable innovator, to seize opportunities, to lead, and dominate your industry. You also probably want to clear away the deadwood in your legacy system: practices, structures, technologies, and cultural habits that hold your company back.
You need to understand that the current mode of working would not lead to the intended transformation outcomes. In the other words, the methods used to achieve historical success were insufficient to reach a higher level of performance. It is vital to have a clear structure within your organization. While this may sound obvious, you may be surprised at how many companies are lacking in this fundamental building block to success. Be proactive, so when a problem arises you will have already have thought through business strategies to solve it. Systematically attacking reoccurring errors and finding probable solutions will help in two ways: your employees will know how to work through the system and thus be and more satisfied with their work, and when problems get solved quicker it leaves more time for actual work.
Make it Visual
When you consider some of the global businesses that have seen rapid growth in the past decade, many of these are following disruptive models rely on the gig economy and turn the way we traditionally considered running a business on its head.
The brain behind these organizations is a new generation of forward-thinking, boundary-breaking entrepreneurs who don’t care about the rule book and just focus on growth and innovation. From day one, they introduced business transformation strategies for growth that can be flexible and savvy enough to streamline processes and prioritize technological innovations to ensure any changes could be made easily.
To get to that top-level is to take advantage of the many aspects of the human brain. Don’t just write a boring document, paint a picture to explain key issues; change numbers into graphics, and other engaging visuals. This will not only help in envisioning errors, and troubleshooting potential solutions, it will demonstrate the areas in which you are already doing well. It is much easier to see a pattern or trend – whether positive or negative- when you set out data in a graph or line, or even a picture, so having visual aid can help in spotting a problem or failure within your organization before it is too late.
Empower Your Employees and They Will Empower You
Your greatest asset is your human capital, or put more simply, your employees. Train them well. Treat them with dignity, respect, and appreciation and they are likely to give the same to you (and your business). Motivate them, acknowledge their successes. Tactfully address their shortcomings and you will create a powerful workforce that is committed to your success. Your employees can make you or break you. They can sing the praises of your business or slander it. They know your business, so they are the ideal people to come up with new and improved workflow processes, address innovative ways to address customer complaints and strengthen your brand.
Involve everyone in the business transformation, not just senior leaders. There is a lot of intellectual value in the organization that the CEOs have been leaving untapped all along. This continuous improvement engine changes the games for companies. New concepts are evolving into a more socially driven concept, where open communication processes generate ideas, stimulate innovation, and provide transparency in teams across functions and with stakeholders. Above all else, value your human capital and work alongside them to realize the success you seek.
Is your Business Optimized for Agility?
Business transformation isn’t just a 21st-century buzzword, it’s a strategy that all CEOs globally need to embrace.
Why? Competition is increasing all the time. It takes agile leadership to be vigilant about upcoming changes and how they will impact current plans. It also takes organizational agility to adapt to new changes and find ways to implement them with timely decision making.
Successful transformation may be relatively rare but they do exist- and yours can succeed as well. A transformation is a major shift in an organization’s capabilities and identity so that it can deliver valuable results relevant to its purpose. It does not necessarily involve a single major initiative. The company can develop ongoing mastery change in which adaptability feels natural to leaders and employees. No matter how much changes in customer expectations around products and services, business transformation when taken in proper and correct steps leads to new business models, new revenue streams.
Updates to COVID-19
COVID crisis has rapidly re-shaped both the “what” and the “how” of companies’ transformation agendas. The biggest shifts are towards streaming, online fitness, and food. Both home cooking and online grocery shopping have definitely been much popular with consumers as compared to pre-crisis. Cashless transactions are also gaining steam. Improving customer experience has become a crucial goal. Organizations must match the pace of change, fall behind, or lead the pack. Bold action must be actively supported by out of the box experimentation and pathfinding. Seamless customer experience is the most discriminating factor for how a business will perform.