Seven Strategic Phases For Business Transformation to make you think and act like a proven leaderApr 23, 2023
What Is Business Transformation?
No business remains constant; the only thing constant in businesses is change and transformation. As a business owner, if you take the right steps or action, your business will transform for the better.
A business needs to transform to keep up with changes in the market and competition. Instead of waiting for the change to come to you, business owners should prepare for the changes. This means they should highlight all the aspects that need transformation and look for the best ways to do that.
IT strategies enable the business to use the latest technology. They highlight all the growth areas and provide technological tools and solutions for a better future for the business.
What Are The 7 Strategic Phases For Business Transformation?
For a business to transform completely, it needs to go through 7 strategic phases. Let's take a closer look at these strategic phases.
1. Drivers For Change
In this phase, you need to determine what needs to be changed. What aspects of your business have pushed the need for change? To move to the next phase, you need to clearly define the answers. This can include aspects such as improving efficiency or increasing the value of the business. It is important to note that the drivers of change can be internal and external.
2. Assess Your Present Situation
The second phase of business transformation is to understand where you are. Where does your business stand? If you are unable to assess your present situation, how will you know which direction you need to move in?
3. Brainstorm Your Goals
For every business transformation, you need clearly defined goals. You need to have a vision of your business's goals. This can include any solution to the problems you may have outlined in the previous stage. The problems you have will influence what your goals should look like.
4. What Needs To Be Done
Once you determine the goals, the next thing on the agenda is to decide what you can do to achieve the said goals. You need to make a list of all the deliverables so you can start working on them.
5. Turning Expectations into Deliverables
After determining deliverables, you need to strategize a plan that can turn those expectations into tangible deliverables that will aid your business transformation.
6. Measuring Progress
How do you know that you are on the right track? Measuring your progress will help you determine whether you are doing the right thing and if that is making any changes. There can be different paradigms to judge the success of your efforts, and individual stakeholders can have distinct meanings of success. So you must measure your progress through different scales such as money inflow, customer satisfaction, and so on.
7. Sustaining Progress
Now that you have got the boat moving, you need to look for ways to sustain all your progress.
These 7 strategic phases are evident in every business that goes through a transformation. Moreover, the cycle continues, and businesses continue to transform.
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