Do you need to transform, revitalise or re-structure your business?
Companies must adapt or die – this is a mantra that is so true (Kodak, Radio Shack, Blackberry, HMV to name a few), and companies need to constantly consider change – even when it doesn’t seem to be a major issue. There are often key critical business decisions that will drive success or failure, but – from a people point of view – we need to constantly push change and embrace innovation to succeed.
We outline 5 flags that inform a business that they need to consider change and re-organisation:
- Static or sliding revenue: This may be due to external business factors, but if not, this is a real sign of stagnation in the business
- Demographics: Have you had change in your senior and middle management teams within the last 3 years? If not – why not? A strong business will have natural fluidity within its senior teams, it allows organisations to bring in different thinking, diversity and challenge of the status quo – is that happening?
- Employee retention/attrition: Are you losing a significant percentage of employees – why? What is the feedback from the exit interviews – read between the lines! If they are leaving because of their manager, or because of fundamental issues within the business then you need to consider change – quickly
- Risk analysis and skills inventory: Have you looked at the risk of losing critical employees (both technical and managerial), and also do you know what your critical skills are? By doing these exercises you will understand if you have the right expertise and people, and also if they are at risk of leaving -then you can plan and consider actions
- Gap Analysis: Have you looked at your strategic Manpower planning and analysed what is needed in 3-5 years’ time to sustain and grow your business compared to your current structure?
The best companies constantly change and value innovation – so take time out to do a business change analysis exercise – it may make a huge difference to your business success – no matter what level of change and/or organisational redesign you opt for.
Voltedge Management supports its clients through all types of change, looking at minor re-structuring to major organisational transformation and design. We’d love to talk to you about how we can assist, call Ingrid on 01 5252914 or email firstname.lastname@example.org to speak to an expert.