The rise of new technology and evolution of modern times are driving a significant change in the way people do business. Business as we know it is changing, and advances in communication and information technology are currently setting the pace. To keep up, companies must learn how to constantly deal with change in order to meet the needs of their customers.
Here are 5 secrets of successful business transformations that will help you improve your business’ performance, cut costs during the transition, and prepare for financial crisis.
1. A Clear Blueprint for the Future
Transitions can put a lot of stress on your company; without a clear structure, you could risk failing or creating a problem you may not be able to solve later. It’s incredibly important to create an actionable plan so you can anticipate and prepare for the future with your business. Here are some questions to guide you before you create a blueprint for success:
What is your goal or vision for this business transformation? Is it necessary?
Can your organization’s financial state handle the transformation?
Think about your customers. Will this transformation benefit them positively?
Identifying and planning for the future can prevent large-scale problems that will put a strain on your company’s finances. Most companies that succeed in meeting their transformational goals are those who created a clear system of approach.
2. Good Guidance and Brilliant Leadership
Another significant factor that could dictate your business’ transformation success is the presence of a great mentor who will help you avoid common pitfalls in the process.
Since transformations are usually risky, it is vitally important to have someone smart and capable in a leadership role. With great leadership, your company can improve in its short and long term performance. There are roles only a senior leader can perform, and this person can have a significant impact in the transformation’s result.
Just like in sports, a positive senior leader in business can boost team spirit and keep everyone motivated. When everybody can see a leader who is invested in the company’s success, they will be more participative in the process. Similarly, a leader that is stuck in the past and can’t deploy change or is afraid to take risk can hinder a successful business transformation. It can even cost you more in the long run.
3. A Committed Team
Not everyone will feel excited about change and transformations, especially if a company has functioned the same way for years. If you can’t change their minds at first, there are ways to help your team understand and turn their doubts into commitments. As a business owner or manager of a team, you can help your employees by giving them the valuable insight they need.
- What would they have to go through during the transformation?
- What are their options if they don’t want to participate?
- What skills do they need in the new system? Should you provide training?
It will be tough to take out some of your best people, but if they can’t cooperate with you and the rest of the organization, it’s better to cut them out before they become a problem. A company is only entirely effective if everyone knows how to play as a team. Business transformations are often difficult for people, but with the right approach, they can create a positive result that will change your organization.
As a leader, you can make this transformation easy by embodying the values you want your team to have. You can also help employees personally by offering individual trainings, engaging meetings, and fun team-building sessions that will instill optimism in the group.
4. Putting the Customers’ Needs First
Customers and clients are the life blood of any business, big or small. If your business transformation’s goal is to provide better customer satisfaction, you’re on the right path to success. Be sure to take a look at the large picture when meeting the needs of your customers.
- Look for solutions, not trends.
- Anticipate their needs.
- Know what triggers customer purchases, instead of focusing only on prices.
Idea, vision, and even company culture will not matter if your customers aren’t happy,
according to John Joseph, president and co-founder of Data Gravity. “The true measure of success lies with the only people who really determine your company’s future: your customers.”
5. Leveraging Technology Wisely
Since the inception of the internet, businesses are no longer dependent on its local customers for survival. Every business today can and should create global audiences for its services.
Businesses that can’t embrace change and modernity are easily dying down and being replaced. The next 5 to 10 years will be a critical time as various leaps in technological advancements pose dangerous threats in many kinds of business.
For example, the cable industry is slowly being replaced with online streaming services such as Netflix and Hulu. The hotel industry is gaining a new strong competition with the rise of room sharing alternative sites like AirBnb and Travelmbob. Car dealerships are also being threatened by online game changers such as Carvana and Beepi.
More and more people are becoming technologically-dependent; businesses must be updated with the recent technological innovations to provide the needs of the majority. With an ever-growing market, people appreciate fast, quality, and dependable products now more than ever. Technology is your best bet to help you reach these goals cost efficiently without wasting valuable time.
Conclusion
Managing a successful business transformation is similar to building a jigsaw puzzle. You must study each piece and put it back so that it fits perfectly to the image you’re trying to build. With a blueprint, a good leader, a committed team, a customer-centric approach, and the right use of technology, you will be able to create a solid approach for the future and reach the enormous potential your business has.
