A business transformation can make or break a company in today’s highly competitive world. Jason Downes, managing director of PowWowNow, shares his top tips on transforming your business.
According to Bloomberg, eight out of 10 entrepreneurs who start a business fail within the first 18 months; showing it’s never been more important to stand out from the crowd and ensure you constantly innovate. Although transformations can be a challenging task for the entire workforce, it’s an extremely rewarding process, bringing the team together to provide fresh solutions to your valued customers. To ensure the success of a transformation, there are a number of key strategic decisions that can be made, from having a clear end goal right through to investing in your staff.
Have a clear motivation
Having a distinct end goal is absolutely crucial and quite possibly the most important tip of them all. A business transformation can be, at times, an arduous and time-consuming task, and without a clear motive, it’s easy to lose sight of the end goal and what success looks like. When devising a transformation strategy, it’s important to be realistic about your timeframe and the expected outcome. You are not likely to see immediate results once your business has rebranded, so it’s crucial to really understand the impact of your work and plan accordingly.
Make sure everyone’s on board
Ultimately, it’ll be your staff who ensure the success of the transformation. If they fundamentally do not believe in the rebrand or redirection, the whole process is more likely to end in failure and you will not see the results you want. Your employees are what make your business, so it’s vital to make sure everyone is on board and fully understands why these changes are taking place. A business transformation can be a chaotic period for any organisation, which means that simple, effective communication becomes king. Investing in your company culture as well as adopting new technologies which streamline communication is crucial.
Overcome fear of failure
It’s human nature to be afraid of failure, particularly in the highly competitive business world we now live in. A business transformation is a huge task to undertake for both big and small firms, so it’s completely natural to fear failure. However, setting clear, concise, achievable goals is crucial for overcoming the fear of failure. As well as setting realistic goals, expand your horizon to include new learnings too. Ultimately, as a business leader, the best way to progress and achieve success is through learning.
It’s no secret that business roles involve a vast amount of negotiation and discussion. Whether it’s agreeing contracts, resolving issues or planning for growth, there are plenty of opportunities where compromise is absolutely crucial. This rings particularly true during a business transformation. Involving your team in the decision-making process is one key way of ensuring your employees are as invested in the rebrand as you are and is a great way to bring staff together to share ideas. Although this approach may seem like a lot of negative points being thrown at you, your team are likely to share an honest and informed critique of the transformation and may share points you’d never considered before as well.
Spread the word
Keeping your customers informed and up to date is also important when going through a business transformation, particularly once the rebrand is complete. Ultimately, you are making this change to benefit current and potential new customers so be sure to shout about it. Keeping them in the know is also a way to build and develop your community of loyal clients.
Overall, a business transformation can be an extremely exciting time for an organisation and its employees. It’s a chance to bring everyone together, brainstorm new ideas and plan for the future. However, a rebrand isn’t one-size-fits-all and should be tailored specifically to your company, with clear and achievable goals set. Ultimately, this transformation might just be what separates you from your competition.
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