Updated: Jul 3
A transformation is a large-scale change in a business. It is an evolution of the products or services that a business offers, or the technology that supports the business, or even the industry in which the business operates. This change demands a certain amount of investment and time. To ensure a positive return on investment, it helps to ensure the foundation for the change is solidified. In my experience, there are three prerequisites to a successful transformation. These confirm that the business will invest in solving the right problem, at the right time, and with the right approach.
Watch the video below to learn about the prerequisites. Continue reading below the video for immediate next steps to evaluate these prerequisites for your business.
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To summarize, there are three prerequisites to a successful transformation:
A clear picture of the current state for the business,
Knowing the current stakeholder groups, their needs and value propositions, and
Knowing the motivators for the transformation – the overall objective.
Getting Started with a Post-COVID Transformation
COVID-19 has brought on unexpected and drastic changes. The businesses will benefit by taking a moment to evaluate changes in the customer behaviour, confirm what is working, what is not working, and what is keeping their teams up at night. I am sharing couple of templates below which the teams can leverage for this analysis. These are also a starting point in defining the current state of a business.
A reminder that the templates on their own do not provide solutions to business challenges. They are tools that can enable collaboration across the teams. When applied well, the templates below can provide opportunity for the teams to articulate, challenge and validate the key factors that impact the business. Ultimately, they can provide a place to consolidate knowledge across the company to identify potential problem-areas and objectives.
SWOT analysis: is a consolidation of the strengths, weaknesses, opportunities and threats that impact a business. The goal of this analysis is to create a holistic awareness of the factors affecting the key business decisions. This can help a business evaluate whether a new initiative or an idea will thrive, or met with threats. It can also support creation of robust strategies that leverage strengths and opportunities to overcome the weaknesses and threats. Download the SWOT analysis template.
Porter's five forces analysis: helps businesses pin-point factors affecting their competitive position in the industry. It helps businesses evolve their approach to compete more effectively in their industry and realize the potential profits, while avoiding blind-spots. Download Porter's five forces analysis template.
In the next episode of the 'Post-COVID Transformations' series, I will share how to continue evaluating the current state and conduct a holistic stakeholder analysis to identify specific areas of change. Subscribe here for the future episodes.
We can help establish and implement your post-COVID transformation. Let's connect and discuss your specific challenges and needs.