If you want to grow faster, become more competitive or survive the numerous market risks, you will need to make changes.
Change is usually uncomfortable, expensive and nostalgically disruptive that you have to be prepared. Often it is better to change slowly but fast enough not to be rendered obsolete.
As an enterprise, it is urgent you critically evaluate your business, products, operations, marketing and ability to meet current and emerging customer expectation.
Last month during annual general meeting Co-operative Bank chief executive Gideon Muriuki revealed that the lender had hired management consulting firm McKinsey & Company to review its lending processes with the aim of reducing the risk of defaults.
He emphasised that McKinsey’s assignment is “to give a critical focus on credit risk management in the Covid-19 environment.”
We have a great lesson to learn from this case. Every business requires constant changes because we operate in a changing environment. This is true whether you are corporation like Co-operative Bank or a small shop operating from back street or even from home.
If you want to grow faster, become more competitive or survive the numerous market risks, you will need to make changes.
Change is usually uncomfortable, expensive and nostalgically disruptive that you have to be prepared. Often it is better to change slowly but fast enough not to be rendered obsolete.
As an enterprise, it is urgent you critically evaluate your business, products, operations, marketing and ability to meet current and emerging customer expectation.
This will enable you to craft or seek interventions that you need from where they can be found. This self-evaluation is a herculean task as it is difficulty to be objective and avoid the tendency to overestimate your potential and dwarf your weaknesses.
You may require to seek assistance of an independent objective external person
Underestimating the effect of digital disruption, Covid-19, loss of income and subsequent changing lifestyle on your customers can be suicidal.
In view of this you need to look at yourself critically on all key areas.
First, evaluate how prepared or effective is your enterprise in terms of giving customers what they need at the moment. If for example your customers are preferring to order online, are you able to effectively meet their expectations?
Second, establish your real competitors. You could easily be looking at your obvious competitors and forget the disruptive technologies that is churning out numerous options and changing customer buying habits.
Third, evaluate your own strength as a leader. Are you capable of competing in current environment or you need to acquire some skills and competencies?
Fourth, establish whether products are still relevant and meeting changing customer needs. Avoid being emotionally attached to old products your enterprises backbone for years but are losing steam.
Finally examine how you market and sell your products. In business it is said nothing happens until something is sold.
Evaluate the skillset your sales team needs. Pay attention to key areas like time management, the ability to gain trust and understand of customer needs within the scope of product and industry knowledge.
Your ability to develop a very efficient sales and marketing strategy that is effective in a tight economy where customers are spoilt for choice is your greatest asset.
Due to changing technology, lifestyle and customer preferences it is important you scrutinise your products with surgeon’s precision to ensure you are investing in products that people will need in near future. This will keep you abreast of your competitors.
Mr Kiunga is a business trainer and the author of ‘The Art of Entrepreneurship: Strategies to Succeed in a Competitive Market’. [email protected]
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