02 Jan CHANGE MANAGEMENT: REINVENTING YOUR BUSINESS STRATEGY
Change management is everything in 2021. After all, if 2020 was full of surprises, who’s to say what the coming year will bring in terms of new innovations and disruptions? As ever though, just because we can’t predict the future with 100% accuracy doesn’t mean that it has to be a showstopper for your business. While practicing the art of change management may seem strange and unfamiliar at first, just remember. It’s easier to embrace, and far simpler to get the hang of, than you might suspect, as our latest market research and business intelligence reveals.
Topic: How to Grow Your Profits When Business is Slow
Scenario: Business leaders need to find ways to offset the dip in sales, customer foot traffic, and revenues that COVID-19 has brought on.
Insight: When business is slow, you must look to a combo of cost-cutting and reinvestment to find ways to fuel growth. For example: Now’s the right time to outsource, automate, and look for cost-saving efficiencies in processes and procedures. Likewise, it’s also the right time to adopt technologies, tools, and workforce management strategies that can help you minimize cash outlay. Finally, saving money might help you temporarily boost your balance sheet, but you also need to reinvest it – e.g. in pioneering new lines of business, upskilling your workforce, or adapting existing solutions in novel ways – to ensure future growth.
Topic: Changing Your Business Strategy: Essential Questions to Ask Yourself
Scenario: Changes in operating reality, customer behavior, and spending habits are forcing management teams to rethink their business plans – and the products, services, and solutions they offer, as well as how they deliver them. And from a change management standpoint, that means asking yourself some hard questions.
Insight: You have to consider: How will everyday life change for your customers – and how will their spending habits shift? What new challenges and sources of competition are you likely to face? What business activities do you need to stop doing? How do you need to adapt my supply chain? Etc.