Ten triggers that tell whether your business needs to transform

Posted on June 01, 2016 by Paul O'Dea

Be_a_hero.jpgSavvy leaders have a knack of detecting when their business is about to hit a speed bump. They have inbuilt early warning systems. Like pilots in a cockpit, they know when it’s time to change course.

Get the transformation timing right and you are a hero!

Get the timing wrong and your business is fatally damaged.However getting the timing right for most of us is a challenge. It needs discussion and debate. We find the following diagnostic serves as a good early warning system:

  1. How likely is it that your customers would stop doing business with you if they could?
  2. What disruptive technology could dramatically change the cost-value relationship?
  3. How likely is it that emerging technologies would make it easier to solve your customer’s needs?
  4. How well do you understand what your customers really value?
  5. What measures are new customers using to measure value?
  6. What barriers to entry to your sector are being lowered?
  7. How likely are customers to bring your services in-house?
  8. Have other companies started following new business models?
  9. How fast is your rate of change internally versus the rate of change in your industry?
  10. Is your leadership team sufficiently connected and capable of interpreting the signals to lead the charge?

Why not discuss this with your management team? We find it sparks debate and helps create the case for change.

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Posted in: Business Growth Transformation