When times are troubled and uncertain, businesses need to evolve and remain competitive. Developing a change strategy process can be overwhelming but it does not need to be complicated.
Here are four basic steps to the change strategy process:
In my experience, most entrepreneurs believe they are pretty good at step one: setting aside time to review the situation. However, this is often done in a frenzied state during sleepless nights and churning of the same thoughts endlessly rather than the bringing of fresh wisdom in moments of calm. The difference in calm is our quality of thinking is greatly improved and makes space for fresh understanding to surface.
Reconnecting with our personal and business vision will re-energise a belief in purpose. It will polish your motivation and re-connect you with the “Why” of your chosen life path. Without this we cannot lead a business with conviction, so time spent here is valuable.
Step three – gathering of data and insights – is the one that is most frequently missed, as business leaders rush to make decisions “on a hunch”, personal intuition or team insight. Decisions made with insufficient factual insight are likely to have a hit-and-miss outcome – yet when faced with a crisis what we need more than anything is certainty that our plans will deliver the right results.
So, take time to gather your insights properly – do desktop research to find trends, call competitors to ask how their business is going, use LinkedIn, Facebook and other tools to identify how customers are behaving. Conduct mini surveys or purchase trend reports to give you the information you need. It might help to use a simple tool to construct your thinking, such as the Porter’s 5 forces model.
And then, following the 40/70 rule decide on the action you will take, test it adjust it and drive it forward. Our role as business leaders is to manage risk and make wise choices that are bold but not foolish, insights-driven but not analysed to death.
In a fast-moving world, we need to move fast enough to stay abreast of changes, but not so fast that we crash and burn. Taking time to properly assess our situation, review our options and then test, review and revise our strategy, re-test and adjust before going big has proven to work in times like these.
It’s with this strategy that the new Bizly site was born, as a dynamic solution for small business. Bizly is in its early test and learn phase with an exciting growth path ahead of it. Good luck Bizly!
About the Author
Catherine Wijnberg is the CEO of Fetola and a serial entrepreneur.
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