Business Transformation – Your Path to Success
Business Transformation is achieved by aligning people, processes and technology with strategy and vision to achieve significant change.
Successful businesses are in a constant state of transformation.
The Benefits of Business Transformation
Transforming your business can deliver many benefits, including the following:
- Higher margins
- Increased sales
- Increased market share
- Higher productivity
- Greater focus
- Efficient and streamlined operations
- Increased customer satisfaction
- Staff retention
- Clear KPIs and results
- Reduced overheads
- Improved profitability
- Lower cost of capital
- Increased shareholder returns.
So why wouldn’t you?
The first step in a transformation strategy is to review the business holistically to identify improvements and set the path for future success.
Some questions to ask:
- Where is the business currently at in its life cycle?
- Is the vision still relevant today to deliver future success?
- What is working well?
- What needs to change?
- How do you rate against your competitors?
- What do you need to refine or change to ensure your market edge and to stay ahead of your competitors, today and in the future?
- Are your staff high performers, capable of taking your business forward to future successes?
The outcome of a strategic review is a targeted business plan to deliver significant, sustainable improvements to the business in a short to medium timeframe.
A strategic review is often best performed by external experts with strong operational experience who can give an independent, unbiased assessment of the business.
Business Transformation is not about ‘tweaking’, it’s about new frontiers and tackling the hard decisions about change that are required.
Change initiated from internal staff is unlikely to be effective as the hard decisions can span across the organisation and all staff, from top to bottom. Individual biases can be an issue when significant change decisions need to be made and internal politics can often get in the way.
People represent the key component of successful business transformation with people issues representing a fair percentage of all business issues.
It is therefore important to create a performance culture as the impact of people in your business underpins every solution. This needs to happen at all levels in the organisation, particularly leadership roles.
‘Transformational leaders are required to motivate employees to do more than what was originally expected of them’¹ . This is essential for successful business transformation.
Future Proof Success
How willing are you to reinvent yourself, your team and your business?
As a business owner, director or CEO, you can’t afford not to review your business as it is the only path to transform it into a future proof success story.
Barbara Ould was a former Client Director in the Melbourne office of Vantage Performance, Australia’s leading business transformation and turnaround management firm – solving complex problems for businesses experiencing major change.
¹MacGregor Burns, James (1978) Leadership, Harper & Row, New York.