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Business Transformation vs Business Growth

If your business needs to return to growth there are two main options – the first is what we’ll call the business growth intervention and the second is the business transformation option. So what’s the difference?

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Business Growth Interventions (or Business Change Management)

Business growth interventions (or business change management) is the more straightforward approach because the actions are working largely with what you’ve already got – it’s the business equivalent of an overdue service on your car. It might actually take a lot of work, involve a large number of your staff and feel like a very big change to your business, but these business growth actions are largely about fixing what’s there. Your business isn’t broken, it’s just not performing as well as it could and needs some attention.

If you had been thinking that the Growth Accelerator programme might have been a good idea for your business before it ended (click here for our Growth Accelerator news post) or you want to find out why your business is not performing as it was, then this is the first set of solutions we’d be looking at. These solutions are focused on improving your execution and delivery.

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Business Transformation

Business transformation is a more radical intervention. Typical business transformation projects range from mergers and acquisitions through business process outsourcing, to significant reorientation for changing markets or new sustainability goals. Unlike business process re-engineering, which is very focused on redesigning specific business processes, business transformation takes a much wider approach looking at your overall business and your markets.

Business Transformation – Ambition

So, Business Transformation doesn’t just limit itself to a few discrete, well-defined changes, but instead builds a set of initiatives which are often interdependent or intersecting. More importantly, the overall goal of a business transformation is not simply to change how the business is performing — but to refocus and reinvent the business. The aim is a new or different business model making your business better suited to a new environment and a new future.

An example of knowingly starting a business transformation process would come from, say, realising you need a more sustainable business model. You would define a number of major “must-do” goals such as increasing revenue from current products/services, creating a leaner business, shifting from internal supply to external, etc. then look at what you need to make that happen. Such business transformations will normally need to establish and embed a new culture in your staff reinforced with a revised performance management approach.

In a business transformation process your managers must also learn and apply transformational leadership skills. So you need to make sure they can apply a more flexible and dynamic coordination of resources and deliver better collaboration & communication throughout the business (removing “silo” thinking). Managers will need help in choosing priorities during this process and stopping the lower-value activities.

Business Transformation – Support

If you are thinking about business transformation or it becomes the essential next step to regeneration you need the support and guidance of an experienced team to assist and guide you through it all. Mistral Associates is the team you can trust – we will carefully assess and define your needs, options and any limitations before beginning the process. We will then act as an integral support function to your business team taking you through your options and helping you with implementation. We are experienced with the dynamic needs of transformation programmes and how an ongoing dialogue with your managers and staff is essential to successful delivery.

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Talk to our specialist advisors on 0114 3993985 today for your free and confidential first discussion about Business Growth or Business Transformation tailored to your business, or click here: Contact Mistral Associates

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