26 Jul Business Transformation Secrets People Won’t Tell You
It’s no secret that retail is a hard slog. Why? Everyone says retail has high fixed expenses, high working capital intensity, unreliable clients, and low entry barriers, therefore it’s not surprising that it’s so expensive and difficult. But it’s okay because I’m not here to aggravate your pain. Instead I will share some secrets that other successful businesses won’t tell you especially about transformation.
Have you ever wondered why some businesses out there are so successful? So famous? So strong? Imagine, if we can have a teeny tiny bit of their glory to be implemented in our business, sounds exciting right? Let me tell you, your business can flourish just like them. But how? The secret and key here is, RENEW.
That’s right! You heard it loud and clear. RENEW YOUR BUSINESS. This is where businesses need to transform from time to time to be on top of the world and succeed no matter what happens. Fasten your seatbelt and join me in this rollercoaster ride of information!
Business Transformation Secrets People Won’t Tell You One
- The Pain Of Your Business
- What Is Renewing Your Business?
- Why Need To Renew?
1. THE PAIN OF YOUR BUSINESS
As retail undergoes rapid transformation as a result of technological advancement, new challenges arise constantly. This trend is expected to continue through the end of this year and I hope it will be a wake-up call for retailers to think about transformation, so you’ll be aware of the major challenges you may face in the near future. The question here is, what will happen if you don’t transform your business? Now, let’s see whether these problems sound familiar to you or not.
- Low walk in rate to your store
- Your sales are dropping, whereas your competitors are doing well
- Your customers have shifted to online platforms
- Not sure what’s wrong with your business operations
- Your staff are not motivated to change
- Your business is not fast enough to fulfill customers’ order
- Don’t know how to digitalize your business
- Slow in getting relevant sales or operational data
- Too much paperwork
- Poor ROI on digital marketing efforts
By listing down these common problems faced by businesses out there, I hope you can now identify what are some of the problems that are causing you agony and figure out what we can do about it, okay?
2. WHAT IS RENEWING YOUR BUSINESS?
Quick question. When your business comes across a hurdle, what do you do? Do you stay there and do nothing or do you take action to solve it? I hope your answer is the latter since staying quiet and complacent is going to kill your business, for sure. Talking about actions, what kind of action should we take then? This is where renewing is the ultimate action to save your business. What we mean by “business renewal” nowadays is not just any improvement, but rather a shift in mindsets and putting people first to bring about real change in the workplace. If your business isn’t using its full potential, it’s time to take a fresh look at what you’re currently doing and how you could improve it.
Have you ever found yourself in a situation where you’ve spent a lot of money on technology but your employees aren’t interested in using it? As an alternative, they insisted on doing all of the work themselves. This is where digital transformation necessitates the acquisition of new technical skills. The need for a digital mindset explains why employees must be motivated to use their skills to create new opportunities. There will be difficult decisions and growing pains along the way because it won’t be an easy process for most. This means your team needs a healthy dose of curiosity and openness, which in turn fosters adaptability and creative thinking in your members. In addition, you and your team must first alter your perspective on failure. How your company’s culture views failure will have a significant impact on your ability to successfully transition to a product mindset. Failure isn’t always a bad thing, of course. Some failures have negative consequences, while others are catastrophic. However, there is a type of failure that you should seek, which is the opportunity to learn. Make a conscious effort to ask yourself if the idea or task you’re working on has failed or if it’s just part of the process of learning.
3. WHY NEED TO RENEW?
The most important of this renewal is why? As you can see, even the cutting-edge “gig economy” brands emerging from Silicon Valley can benefit from business renewal. As a result, the business needs to undergo a radical shift and the organization’s way of working must be restructured accordingly. As our markets expand on a daily basis, it is imperative that we place a high value on the effectiveness and efficiency of our systems and the employees who use them. Even though it may be daunting to start over from scratch when reviewing systems implemented decades ago, we risk falling behind in the pack with a diminishing market share if we do not.
A successful business renewal plan can help your organization’s people and their work experience long-term positive change through improved leadership, strategy, and culture. Do not implement a strategy and then put it on hold for another decade when thinking about business renewal. Be on the lookout for when your employees approach you with budget requests for software updates or with proposals for a complete overhaul of your company’s processing technology. Don’t be afraid to experiment with new ideas that could change the way your company does business and set a precedent for others to follow.
However, simply renewing your company’s contract is insufficient. Renew, Reignite, and Replicate (3R) are the three components of any successful formula for transformation. To discover even more, check out our upcoming piece soon. In the meantime, visit our website for more information on available programs that can boost your business today!
Written By Syuhada Rozihas,
SHRA Corporate Trainer
Syuhada Rozihas is a Corporate Trainer at SH Retail Academy who is passionate about making a difference for herself and those around her. She has trained more than 1,000 sales professionals, executives and managers in the areas of retail sales. Meanwhile, in her free time, she enjoys hiking and running to keep her in shape, as well as baking for her loved ones. You can find her on LinkedIn.
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