Working day in and day out on your business, but still finding yourself stuck in a rut can become frustrating and demotivating. But when you seem to be running in a hamster wheel, experts encourage that you stop and review your business strategy. By evaluating the effectiveness of your strategies, you can completely breathe in some new life into your business and spur it onto a new growth trajectory.
However, introducing a new business approach will also require clear communication, correct identification of potential conflict areas, and converging the aspirations of your employees and other key stakeholders. Developing and managing progressive business changes has always been a challenging process. But some companies have managed to go through renewal and expansion and came out stronger. Here are a few tips and examples for how you can renew and expand your business.
Clarify and Realign Your Business Purpose
Sometimes it’s easy to get lost in the inertia of daily business processes and forget what you had initially set out to achieve with your business. If improperly managed, realigning your business to a saleable vision can be a long-winded and confusing process. But you can take a leaf from Qatar’s telecoms company, Qtel’s book. In 2005, the company embarked on an ambitious expansion drive. By 2012, they were the fastest-growing telecoms operator in the Muslim world, with over 17 companies operating under their banner. Each of these 17 companies continued to work as it had done pre-acquisition.
However, Qtel soon realized that they had initially intended to form a unified company that would create transformational change and not a set of subsidiary-like units. They, therefore, amalgamated the diverse companies into Ooredoo—one mega-brand. The change management team quickly identified what they wanted the brand to stand for. They set out to promote greater freedom of communication, as well as helping women and the rural community gain a voice. Their new trajectory resonated with the market, and their market share exploded within weeks.
Align your business to a clear purpose that is more than just earning revenue daily. Ruthlessly focus on implementing that vision, and you will get business renewal and expansion.
Burn Your Boats
When you contemplate or communicate your business renewal and expansion plans, there tend to be divergent views about the necessary changes. On side advises that the renewal process is risky and your current repetitive process is delivering safe and guaranteed results. Another perspective is that the renewal process can be delegated, just like other management processes like projects.
However, if the RBS groups’ story during the 2008 financial crisis is anything to go by, then renewal is most likely to be successful when there is a shared sense of urgency. When continuing on your current path is an option, then some of your employees may resist the necessary changes. After the 2008 financial crisis, the RBS Group received £45 in state aid. However, as part of the aid conditions from EU regulators, the company had to shed off its insurance business. It was either the insurance company was separated and sold or listed on the stock exchange, or the whole company could go under.
This was very much a case of operating from a burning platform. There was no backup plan, and management embraced the need to rise out of the crisis with controlled urgency. The process turned out to become a stellar example of organizational coherence, as all members of management worked with a singular purpose. In 18 months, they had separated every single strand of the business and created a rebranded, standalone organization. The Direct Line Group ended up being the largest and most successful IPO on the London Stock Exchange in 2012.
In 2012, the online poker industry witnessed an unprecedented drop in market share in the online gambling market. However, the sector has been able to renew itself to meet the loss of users in recent years. As can be seen from a quick look at the gaming houses on gamble.xyz, where industry leaders have had to come up with new game modes to stimulate players. Introducing the variants Omaha, 7 Card Stud, Ruzz and others, and various types of tournaments such as MMT and Knockout.
Running a business is almost always more challenging than it is made out to be. It is, therefore, understandable that business owners may be swamped by everyday processes and forget about the long-term visions for their business. Regaining your business compass, however, does not have to be a sightless and entirely uncharted territory. Other companies have been where you are now, and their renewal processes can offer a lot of breadcrumbs to lead you towards similar success and expansion with your own business.