Businesses need to keep evolving to stay successful and we can support you as you consider how to deal with changes in your markets, customers and operations.
We can assess what the market and other businesses are doing, as well as identify the pressure points so your business transformation plan makes a real difference.
A business transformation plan makes a real positive difference. The result will be your business adapts and grows more quickly, ensuring continued success.
CONTROL OF YOUR FINANCES
If the business is in difficulty, it’s essential you have full control of your finances. Control means having robust systems telling the financial story and forecasting ahead. It’s also looking at your costs and making sure the money is being spent effectively, assessing any investment required to grow the business and where that investment will come from. It also includes looking at how quickly you are getting paid or how quickly you are paying other people.
BUILDING BETTER PERFORMANCE
You must ensure that issues within the business operations are identified and resolved. Whether this means managing your supply chain better, looking at productivity or required efficiencies, you need to pinpoint problems and areas of opportunity. Benchmarking performance can be a useful measure, as well as learning from others. Effective short-term strategies to improve operational performance will transform your business for the long term.
INNOVATION AND DISRUPTION
Innovating in business is essential and should be a constant focus. Disruption is an inevitable consequence of innovation and shouldn’t be avoided. The most successful business are constantly evaluating new technologies, market developments and customer behaviours and planning how to address these. Innovative disruption may mean investing in new assets or choosing to sell or close parts of the business to invest in new areas. Allocating time to consider how changes will affect your operations is essential and is fast becoming best practice in the most effective businesses.
All businesses have opportunities to grow market share by ensuring their products and services have the edge. This can be difficult but you should ask what makes your products or services stand out from the competition. Customers buy on a range of factors, but product and service quality is critical. You should know where your strengths are and build on these, as well as identifying possible weaknesses which have to be addressed.
MANAGING YOUR BUSINESS ASSETS
Your business has a number of assets; physical, financial, brands, intellectual property. These need to be managed so the business performs to its full potential. The assets you have may not be the right ones, or the complete set. You may need to think about investing in fresh assets, or selling or closing others to invest in disruptive innovation. The most successful businesses look at their assets, what value they add and how can create future value.
CULTURAL CHANGE AND ENGAGEMENT
Increasingly, business owners and their executive teams are taking positive steps to shift these ratios. It is arguably vital in attracting and retaining the best people, as many are looking for more than just an interesting job. This is about ensuring an attachment to a sense of purpose greater than the individual and the generic business objectives. We describe this as the Purpose Beyond Profit which focuses on leadership and staff engagement to drive improvements across the business.