Alex Bigland transformation, business transformation, Business change...
In 2004, when Shell was facing a serious oil reserve crisis that was crippling their share price, they responded with a massive overhaul of their global structure and processes. While difficult in the short term, it was worthwhile in the long term.
In 2012, the Qatar state-owned telecom company Qtel moved its strategy from acquisition of new brands to integration and the creation of a mega brand. In 2016, Instagram introduced ‘stories’ – a complete copycat of Snapchat’s platform.
What do these companies have in common? They recognised when their business needed to transform in order to excel – and then acted accordingly.
So, how do you know when your company needs to change? A lot of it boils down to instinct and experience; skills that simply can’t be taught. But, there are also certain signs you can look out for, signs that indicate your business could benefit from a major shake-up.
Here are five major signs your business needs a transformation:
- Employee morale is at an all-time low
Maybe there have been some redundancies recently. Maybe bonuses were not paid out this year. Or, maybe there have been a few new hires and the team dynamic is all askew. Whatever the reason, if employee engagement has fallen off a cliff and you find yourself staring at an office of silent, dejected, and disgruntled looking employees, it’s time to act.
- There has been a change in management
Has your company merged with another company? Do you have a new CEO? The most common pitfall that occurs during a leadership transition is a disassociation with all levels of the company. New leaders get so caught up in communicating proposals to senior staff that they forget to include all employees. Get the whole team on board and remember that a change in management is an optimum time to instigate bigger change.
- Company technology is inadequate
We live in the digital age. If your software isn’t up to scratch it will hold you back. If not now, soon invest in new technology and make sure the whole team knows how to use it.
- Competition is rising
Are your competitors snapping at your heels? What are they doing that’s so inventive, revolutionary, zeitgeisty? Are there disruptors entering your industry and stalking a march on the marketplace? How can you turn your temporary defeat into a brand-new shiny strategy?
- Revenue is declining
This is probably one of the most obvious signs your company is in need of a proverbial kick. Something is not working. What is it and how can you change and improve? Address the underlying causes and the profit line should take an upward turn.