Your Business Transformation in 2021: Re-Imagining Your Organization for Profitable Growth
I don’t know about you, but given the events of last year, taking time to reflect and “look back” might sound excruciating. I find it like searching for my car at the airport in a rainstorm after a 6-hour flight. As I started to plan for 2021, I started to feel excited – but also get some butterflies in my stomach. But if you do look back to 2020, you will find bright spots of companies and leaders who, in the thick of epic change, chaos and loss, somehow achieved monumental growth. And more importantly, set the stage for standout performance in the years to come. These are companies like Clorox, Target, Zoom, Peloton and DoorDash who have all thrived during the pandemic.
If you dig deeper, you will not only be inspired by some significant financial wins and outcomes, but you will also gain an appreciation for the common thread we see repeatedly – mindset.
Leaders and their teams who in challenging times take monumental leaps forward have cultivated an organizational mindset that keeps the windshield clear enough to see the road signs of opportunity, and re-imagine one’s organization. These mindset-ready organizations can see clearly, are willing to look at different business models and quickly adapt to changing consumer behavior. They also go on offense to identify and achieve big and monumental growth opportunities.
Re-Imagining Your Organization Spectrum
Building Your Growth Mindset to Re-Imagine Your Organization
Now you might think that cultivating organizational mindset is the result of founders and CEO’s with “the knack” who have magically nailed the mysterious art of persuasion. Actually, as we discussed in our last post, transforming your organization and building an organizational mindset is a learned discipline and more of a science. Below is a cadence of actual steps leaders can take to build their team’s mindset and set the stage for growth.
Steps to Champion Your Team’s Mindset and Setting the Stage for Growth
Step 1: Create Your Transformation Team
- Build a team of executives with a confident and innovative mindset.
- Share and align on the magnitude of the disruption ahead.
- Share best practices and workshop with your senior team.
- Establish a plan for action.
Step 2: Deep Dive on Key Recovery Areas (Repeat As Shift Happens)
- Develop a detailed action plan with milestones and trigger points for more important focus areas (e.g., facilities, personnel and key initiatives).
Step 3: Understand and Internalize Shifts in Customer/Consumer/Employee Behavior
- Gather and analyze consumer and employee data, and truly show interest in understanding shifts in preferences and behaviors.
- Begin to think about how the organization can change to meet the shifts (brainstorm innovations).
- Define areas to disinvest and areas to invest in based on new patterns of behavior.
- Begin to think about how the business model could change to become more relevant and competitive.
Step 4: Create Scenarios for Growth
- Understand where you will disinvest and invest (and the costs).
- Lead an assessment of company exposure and stress test the P&L (e.g., scenario analysis across revenue, cost, cash and operations).
- Outline actions triggered by scenarios.
Step 5: Go on Offense
- Develop a strategy to prepare for shifts in behavior.
- Identify growth opportunities and recovery plans.
- Define how you can build your Organization to Build Back Bolder.
- Visualize your big bets
Imagining and Identifying New and BIG Growth Opportunities
Now, with the foundation in place, we want to introduce you to our new method for imagining and identifying the big and new opportunities for growth. This process helps your team systematically identify changes to customer, consumer and employee preferences, and then from there map out and prioritize new opportunities for growth.
Going on the Offense Exercise: Re-Imagining Your Organization
The Discipline of Transformation Series – What’s Next?
Thank you for reading and engaging with the second of a five-part series for leaders hunting for transformational growth. Now that you have begun to re-imagine your organization for growth, stay tuned for our next transformation post where we will lay out the precise tools for:
- The Discipline of Making Investments to Re-Imagine Your Business:
“Exploring big investment opportunities to address new customer needs and behaviors, including how to size the prize and the mindset shifts required for success”
Please Share & We Are Here If You Need Us
In closing, it is amidst chaos and rapid change that new opportunities to serve customers and consumers emerge. To reach those opportunities we must cultivate the mindset to put ourselves in the position to re-imagine the future and identify new, BIG, growth opportunities. The next step is to then go out and make these growth opportunities REALITY.
We encourage you to share these tools with your leadership team and your peers. We also encourage you to share these back to us for feedback and guidance.
All my best,
Founder – Collaborative Consulting
Other posts in the Business Transformation series:
- 1: Your Business Transformation in 2021: Build Back Better
- 3: Your Business Transformation in 2021: The Discipline of Making Investments to Re-Imagine Your Business
- 4: Your Business Transformation in 2021: Defining Your Business Scenarios and Strategic Investments
- 5: Your Business Transformation in 2021: Impact Lab: Turning Big Ideas Into Real Businesses