Transforming your company can be a daunting prospect. However, it’s a necessary step for growth. Change is constant for businesses, and if you are not ready for change then your business will be stuck and overtaken by its competitors.
The great thing is that there are plenty of steps you can take to sufficiently prepare for the change. No matter how big or small your company may be and no matter the industry you’re in, the principles of business growth remain the same.
Here are a few tips that can help you get ready for a business transformation:
Be Agile and Adaptable
Two valuable traits for anyone in any field, but most especially those who want to move up and forward, are agility and adaptability. In fact, these two qualities are important whether your business is new or has been in the industry for years. Agility and adaptability are also important in handling the effects of inflection points (which will be discussed below).
The problem is that not everyone is naturally agile and adaptable. The good thing is that these can be learned. With adequate support and coaching, you can inculcate agility and adaptability in your team. Consider working with an executive coach, who can also teach you and your employees other important skills such as leadership and project management.
Learn How to Spot Inflection Points
In business, there is what is called an inflection point. This is an event (or a series of events) that results in significant changes in the trajectory of a company’s progress. Essentially, an inflection point is a point of no return that results in either positive or negative outcomes.
In order to successfully navigate a business transformation, it’s crucial that you learn how to recognise inflection points. More importantly, you need to recognise the clues that indicate that there’s an incoming change. This allows you to easily change the way you think and act in order to adapt to the situation.
Do note that an inflection point can be caused by internal business decisions, external actions (such as that of a competitor), as well as unforeseen events. For the first two, the inflection point may be easier to predict. For the latter—an example of which is an economic crisis—the inflection point may not be identified until after things have settled.
Study the Industry
Research is another important component when transforming your business. In particular, you need to be familiar with current and future opportunities and challenges in the industry. It’s also essential to invest in corporate training so that everyone in your company can keep up with the knowledge and skills required to keep your company’s’ competitive edge.
This industry research can also help you and your team make better decisions. You don’t want to leave your company’s welfare on lucky guesses; instead, you want to make choices that are based on hard facts and evidence.
Pay Attention to Soft Skills
Soft skills relate to how a person approaches their work regardless of the industry they are in, as opposed to hard skills, which are technical and job-specific. Some of the key soft skills you want in your people include leadership, time management, teamwork, and flexibility. You want as many employees in your company to possess these skills so that everyone can grow together.
Nowadays, soft skills are also not limited to interpersonal skills. Some computer-based knowledge, such as AI and software skills, can also be considered to be under this category. Again, soft skills are non-industry-specific. With technology being ever-present in every workplace, you need to ensure that your people know to use technological tools.
Ensure Everyone’s Wellness
In order for any change in your business to be successful, everyone must be in the right frame of mind. Everyone must be ready and welcoming of the change. If someone seems to be a little resistant, don’t immediately assume that they want the same things as you. They may be undergoing something stressful or life-changing, and a revamp (which can admittedly be terrifying) might make them feel that they’re losing stability.
Thus, before you embark in any major business transformation, consider everyone’s wellness first. Ask them how they feel about potential changes, and why you’re considering them. Be open to ideas. Invest in your people so that they’ll have the necessary competencies. This can help them feel more positive about the impending change. As a result, you can also be more confident that you will achieve the change you want.
You also have to remember that company-wide transitions will take some time before they can be implemented successfully. Sometimes, it can even take years. You need to prepare yourself for the long haul, making adjustments as you go.
The key thing here is to not lose sight of the goal. There will definitely be things that will happen along the way that can make you and your people feel discouraged. However, with careful planning and the full support of your team, you’ll be ready to tackle any problems head-on.
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