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Mindsets to Lead Business Transformation

Dec 10, 2020 | 11m

Gain Actionable Insights into:

  • Common misconceptions about business transformation 
  • How to motivate employees to take ownership and embrace change
  • Why you should invest in improving your soft skills

Clearly Define Your Objectives

Everyone in your team looks to you for direction and vision. You are the leader, the visionary. It is completely natural to feel pressure to excel in what you do because the success or failure of your company completely depends on how you lead your team. You have worked your way up the ladder to be a member of the elite C-suite, so how can you make the most of where you are and what you have?

If you already recognise that your company needs transformation, then you have already completed the first step of the process. Most of the time, the hardest part is admitting that something needs to be changed. So take heart. You’ve already taken the first step in the right direction.

Regardless of how established your company is, leading a transformation is going to challenge you. A complete transformation requires recalibration of your company’s technical systems, work culture and mindset, as well as interpersonal relationships. You may not know where to begin or how to inspire your team to be on board with your plan for transformation. That’s completely natural. You’re not alone.

After recognising that a transformation is necessary, start by clearly defining your objectives. Take a step back and analyse the current situation of your company. Determine what is working out well and what needs to be changed. Take some time to write down your thoughts so that you can see things in black and white.

The two main objectives for any business transformation are enhancing customer experience and gaining efficiency to improve the cost-to-income ratio.

Since your customers drive your business and yearly profit, you must invest in making sure that your customers are satisfied with your product or service and remain loyal to you. If you can establish loyal customers, you can almost guarantee a continued profit.

The second objective is to fine-tune and recalibrate technical systems within your company so that your employees can become more efficient. This may include creating a more data-driven decision-making process, introducing artificial intelligence and automation, building new employee platforms, and defining other processes and systems that will simplify your organisation. The more efficiently your company functions, the easier it is to invest more time and energy into more complicated aspects of your business. When your employees no longer have to engage in repetitive, mundane tasks, you free them up to tackle those activities which will actually move the needle for your business.

Once you have clearly defined these two main objectives and the direction you want your organisation to take, you must consider the path through which you can attain your goals. Based on your objectives, begin by designing new emerging business models that can direct you towards your vision.

Think about how you can orchestrate an ecosystem within your organisation that will drive growth. Look into establishing new partnerships that may be valuable in accelerating your path to transformation. You would hinder the growth of your company if you try to fix, change, and solve all of your problems on your own. Seek out new relationships that can support your growth and transformation.

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