Successful and sustainable scaling can only occur if your business is taking full advantage of emerging trends across the business world.
The plight of bricks and mortar high street businesses and others that don’t take advantage of new opportunities serves as a stark warning to others. Nobody wants to be the next Kodak, Blockbuster or ToysRUs.
So how should business leaders set about modernising their business?
1. Understand the world around you
Be aware of industry trends and disruptive technologies in your marketplace. Do your research so your organisation understands changes in how customers are expecting to access and consume your products and services. What does your customer journey look like?
2. Identify opportunities and threats
Data and technology advancement are creating opportunities and threats for existing businesses at an unprecedented rate. What are your peers offering? What are your customers expecting? What trends from other industries can be applied to your business?
3. Visualise the future
What does your business need to look like in five or ten years’ time? What will your customer experience look like? Leaders need to be able to articulate this vision so that all your team can buy into the future and the journey.
4. Establish your change team
Every modernisation team needs to be able to develop a strategy, prototype ideas and bring about change in an agile manner. Change leaders need to be able to take responsibility for achieving change and winning hearts and minds along the way.
5. Reorganise how your organisation works
Effective modernisation will involve changing culture, structure, operating procedures and approaches to customers. By its very nature, this affects every facet of how your organisation works. How will you educate your teams? How will you create agile, multi-disciplinary teams? How will you realign jobs and reward?
6. Develop your workplace culture
The modernisation journey doesn’t have an end-point. Our objective is to create an organisation that can adapt to changing market conditions and customer expectations. Attitudes and abilities will evolve to match your new normal and your teams will become fully empowered.
For a strategic review of your business and its modernisation potential or for help along the journey, please get in touch with Melius.