26 Jul Why Do Businesses Have To Transform Before It’s Too Late?
To stay relevant to the market, it is common that many businesses go through several transformations across the year, especially when business operations have been fully recovered as we enter the endemic stage. Nevertheless, it is natural that resistance to change occurs among your businesses when they have to move out of their comfort zone and get used to the new way of doing things.
Why Do Businesses Have To Transform Before It’s Too Late?
- Business KPIs Falling Behind
- Significant Business Landscape Changes
- Identified But Missed Opportunities
1. BUSINESS KPIS FALLING BEHIND
First thing first, when business key performance indicators are falling, it would be a sign that your organization needs a transformation. Especially if the business sales profit could not cover the operating cost , products and services quality standards did not meet average consumers standard and high numbers of customer complaints are raised, these are all red lights for the business that something needs to be transformed. If businesses persist in their existing work processes, they might risk being substituted by other business that could better serve the consumers. This phenomena can be commonly seen especially in the fast-changing retail sectors. One of the main pain points of retailers even after the border is opened is lower walk-in rate. If we do not transform to online business, not doing digital marketing, not coming up with different promotion initiatives, not offering fast response or fast delivery services and not having seamless shopping experience, high chance is we will be forgotten by consumers and being eliminated in the market.
2. SIGNIFICANT BUSINESS LANDSCAPE CHANGES
In the retail sector, one thing you might realize is many of the major retail businesses have begun to move to online platforms. If other retail industry players still refuse to hop on the trend to digitize their business, they will soon be dominated by these retail business giants. One of the business landscape change examples is the shift of consumers’ behaviors from buying offline to ordering online,picking up offline. This phenomena actually has been accelerated during the pandemic times. At that critical time, consumers had been forced to browse products and do their shop online as it was the only way to minimize human contact. If businesses did not provide online order services, they would immediately be excluded by the consumers. On the other hand, those businesses which undergo the new retail transformation and provide online ordering services will indeed be considered as more attractive for the consumers.
3. IDENTIFIED BUT MISSED OPPURTUNITIES
Nevertheless, identified but missed opportunities could also be a big nuisance that indicates business needs to be transformed. When the employees put too much focus on their daily manual work processes, they might miss out many opportunities to improve their work productivity, hence hindering them in achieving their full potential. For example, employees might be too engaged in fulfilling the timeline of the task while compromising the quality of the work. Inversely, employees with perfectionism might suffer in fulfilling the task at the stipulated timeline. When smart business leaders identify these work struggles among their employees, they would introduce technology or solutions that support, encourage and enable employees to act on these opportunities that help them grow and increase their work productivity. However, if business leaders choose to not transform their business, their staff might suffer from handling tedious low level tasks that eat up long working hours yet contributing low values to the business development.
All in all, these are the key indicators that show that businesses need to begin to transform their business. Want to have successful new retail transformation? You must know about this 3R success formula – Renew, Reignite and Replicate. More details on this 3R formula will be explained in our next article.
While waiting for our next article, if you are feeling that no business can escape from transformation, but don’t know where to start? Fret not! You can start by visiting our website for more information on available programs that can boost your business today!
Written by Lim Ee Hau,
SHRA Corporate Trainer
Ee hau is a member of the SHRA trainer team. He has a psychology background and he is passionate in assisting individuals to achieve their life goal. He loves to connect with people by initiating insightful conversation. He enjoys swimming and you can catch him bouldering in the gym during his free time.