Embrace Strategic Change to Give Your Business a Competitive Advantage
JANUARY 11, 2024 - JUDY WHALEN
This Month’s Topic: Strategic Change
Strategic Change is defined in this blog as a "purposeful and planned transformation." We will explore various aspects of Strategic Change throughout the month.
“The rate of change is not going to slow down anytime soon. If anything, competition in most industries will probably speed up even more in the next few decades.” ~ John P. Kotter
Embrace Strategic Change to Give Your Business a Competitive Advantage
In the previous post, I zeroed in on this definition of strategic change:
“Strategic change is a purposeful and planned transformation”
This definition appeals to me because strategic change is useful not only in your business, but also in your personal life, and your family life.
For now, let's focus on your business. Here are three reasons to embrace strategic change in your business.
Be More Competitive
Embracing strategic change in your business can help you stay ahead of your competition and be more competitive in the marketplace. Being open to strategic change helps you identify emerging trends that may impact your market. It helps you seize new opportunities before your competitors. Using a proactive approach to strategic change increases your chances for long-term success.
Be More Efficient
Another reason to embrace strategic change is because it focuses your efforts on improving your operational systems and efficiency. This improves productivity, reduces production costs, shortens the time to get new products to market or deliver projects in a shorter time, increases customer satisfaction, and results in more revenue, profit, employee satisfaction and retention, and the ability to be agile and explore more opportunities. Being proactive about strategic change reflects an underlying fundamental core value. See INSERT LINK to core value post.
Be More Innovative
A third reason to embrace strategic change is it enables you to be more innovative. Asking questions, brainstorming new ideas, challenging the “way we’ve always done business,” exploring new ways to deliver services or products and using scenario planning to consider different outcomes/impacts/trends provides the opportunity for creative thinking that can lead to new, innovative results. Just look at Tesla, Apple, Salesforce, Microsoft, Oracle, Alphabet, etc.
Build a Sustainable Culture
By embracing strategic change, you are creating a sustainable culture for your business. Culture is a huge topic beyond the scope of this post. You can read more about the importance of business culture at Insert LINK to previous post. Embracing a culture that values strategic change enables you to adapt to changing markets. It not only enables you to adapt, but it can also put you on the forefront of changing markets, so you innovate and change before your competitors, giving you a competitive edge. That is the essence and value of embracing strategic change.
Resources for You:
Hi! I'm Judy
I've been in business 30+ years serving business owners and nonprofit leaders. They hire me to guide them in developing growth strategies, gain clarity about their priorities, take consistent action, and measure their progress. I also offer Executive Coaching and online programs.
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