Wednesday 28 November 2018

Understand signs what indicates, your company may needs changes

down trend graph

down trend graph


No business goes that way for the rest of his life. There must be changes or adjustments as market conditions, customer demands and technological changes. In some cases, sometimes not only minor adjustments, but major changes that involve directional alterations, model changes and business strategies, in order for the company to survive.

The question is, what are the signs your company already needs to make this big change? The answer: can happen anytime, for any reason. When your intuition or hunch tells you it's time to make big strategic changes for your company's good.

In addition to business intuition you can rely on, there are at least 3 things that can be used as a benchmark when you should start considering major changes to the company:

Growth slows significantly and loses competitiveness

Every business has its ups and downs in growth and profits. No matter in what industry you are in, if your company's graphics are constantly declining, especially compare to other companies in your industry. It may be time to re-evaluate what you are doing.

"No one wants to admit that their organization can not keep up with market trends," said Seeta Hariharan, general manager and group head of Tata Consultancy Services' Digital Software & Solutions Group. "However, there are early warning signs that should be a sign of change, as your business growth lags behind your competitors."

The smaller competitors you ignore begin to outrank you

As the business grows, you may start to feel comfortable. Or, the new startup looks less threatening, as it may be too small to compete with you. But satisfaction is dangerous if you underestimate the young companies.

"When you start to see smaller competitors showing signs of movement. It seems very easy to get rid of them," said Don Brown, president and CEO of Interactive Intelligence. A provider of cloud software and services for businesses. "But what often happens is: You turn around, and a competitor that you think is trivial is your heavy opponent. Even and suddenly you are at a disadvantage," he continued.

Your customer is not as satisfied as before

Keeping the customer close is a good way to measure the health of your business. Comments on social media and their feedback are indicators you can hold. If their positive comments start to diminish, it could mean your customers no longer see your business as providing a high value experience, and it's time to start thinking about change.

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