Embracing Business Evolution - Building Enterprise Effectiveness
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A successful business is built on openness to change and challenging the status quo. Join our experts for this webinar and learn how they have benefited from implementing a business evolution strategy. As they discuss personal examples, you will also learn what steps you need to take to keep up with the trends. To watch this webinar and other Welch LLP webinars, check out our webinar library: http://www.welchllp.com/resource-centre/videos/webinars/
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Embracing Business Evolution - Building Enterprise Effectiveness
- 1. Welcome to Today’s Webinar
- 2. Questions Ground Rules • Attendees are in listen-only mode • This webinar is being recorded for future on-demand playback • Your participation represents acknowledgement that we are recording • Tweet questions & comments to: #WEvolve Windows Mac Tablet
- 3. Presenters Candace Enman, CPA, CA President, WelchGroup Consulting cenman@w-group.com www.w-group.com (613) 236-9191 x195 Twitter: @welchgroup ca.linkedin.com/in/candaceenman/ Bron Vasic, CPA, CA, CMC Chairman, WelchGroup Consulting bvasic@w-group.com 613-809-0358 www.w-group.com Twitter: @bronvasic LinkedIn: http://linkd.in/1gRKbVM
- 4. • Definition: “Business Evolution” o What does it entail? • Why is it difficult? • Stages of Business Evolution • Adapting to Change • Emerging Trends What we will cover today
- 5. • Slow process of change • Does not occur in a straight, steady progression • Constant adaptation is the main feature of evolution • Preservation of whatever is working well • Challenges status quo • Changing to suit emerging trends Definition: ‘Business Evolution’
- 6. • Commitment of Owner • Products/services • Processes / technology • People / succession What does it entail?
- 7. • Fear • Skillset & Culture • Road map • Emotionally healthy Why is it difficult?
- 8. Stages of Business Evolution
- 9. Why is adapting important? Intentional process to challenge where you are: – Response to change – Managing change – Defining success
- 10. Examples Apple • 1998 - Introduction of the iMac (easy to set up desktop & pretty) • 2001 – iPod released • 2003 – Apple launched iTunes store (entry into digital music sales) • 2007 – iPhone released (entry into smart phone market) • 2010 – iPad released (jumpstarted the tablet category)
- 11. Examples Nespresso • Boutiques • 24 hour call center • Apps for iPhone & Blackberry • Website
- 12. Examples Grand & Toy/Office Max • Retails stores – office supplies • April 23/14 – close the remaining 19 locations in Canada (3% of its sales) • Solely internet-based retail service
- 13. Examples RCA • #1 TV retailer • Expensive • Didn‟t see value in positioning TV‟s to the masses • Along came Sony Kodak • #1 in industry • Ignored digital trend
- 14. • 41% of people now buy products or services online • 2/3 of Canadians have made an effort to buy local or Canadian made products • By 2031, 25% of Canadians (approx. 9 million people) will be over 65 years old, compared to 14% today, so the health awareness trend will only accelerate • More consumers are looking for sustainable/„green‟ products & will pay more for ethically made products Emerging trends
- 15. ...how will you manage it? • " An entrepreneur searches for change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resource.” – Peter Drucker (1964) The only constant is change…
- 16. 1. Embrace Evolution 2. Embrace Uncertainty and Challenge Status Quo 3. Express your Passion in What you Do 4. Build Enterprise & Personal Effectiveness 5. Bring in the Missing Ingredient – “Strategic Direction” Be Better, Be Balanced
- 17. Q & A Candace Enman, CPA, CA President, WelchGroup Consulting cenman@w-group.com www.w-group.com (613) 236-9191 x195 Twitter: @welchgroup ca.linkedin.com/in/candaceenman/ Bron Vasic, CPA, CA, CMC Chairman, WelchGroup Consulting bvasic@w-group.com 613-809-0358 www.w-group.com Twitter: @bronvasic LinkedIn: http://linkd.in/1gRKbVM
Editor's Notes
- Darryl
- BronVasicFor over 30 years, Bron Vasic has been providing business leaders with the leadership and management knowledge to help them find a better way to balance their business challenges. Bron’s background as a Certified Management Consultant and accountant helps Bron bring a unique process where entrepreneurs learn how to create a business strategy and framework that provides a better balance of their passion and talents. Bron has been helping businesses create a better business model for success. Helping the leaders focus on their strengths and creating appropriate strategic focus for the business. Candace Enmanis a President focused on improving the value in small and medium sized enterprises, by ensuring that their profits are both sustainable and transferable. With over 15 years of financial and management experience, Candace has played key roles in all aspects of growing a business. Candace runs a successful Chairman’s View and Contract CFO practice that helps business owners think and act strategically in their companies. Specifically they assist owners in managing their growth objectives as well as preparing their business for an upcoming transition.
- CandaceBronand I are excited to be here today because we’re passionate about helping companies evolve. Whether that is working on their business’ growth strategy, finding and understanding what and where the business lifecycle is at, preparing it for transition, acting as sounding boards for business change and of course mentoring them through their business evolution.Today we’re going to talk about:What is Business Evolution.Why change is difficult for businesses to embraceThe 4 stages of business evolutionWhy it’s important to adapt to changeAnd finally we’ll wrap up with some examples of companies that have mastered business evolution as well as emerging trends that businesses should consider .
- Bron CandaceDefinition of EvolutionSlow process of change from one form or level to a better or higher one, or that brings into being a superior or new order. Evolution does not occur in a straight, steady progression but is marked by false starts and dead ends, randomleaps in different directions, and longperiods of no fruitful activity. And, contrary to the popular belief, constant adaptation is the main feature of evolution. By far the most dominant evolutionary phenomenon is the preservation of whatever is working well."Interesting definition basically says that you should:Embrace a culture of change in your businessProtect what is working well & implement a continuous process to improve what is notSometimes it’s within our control and other times notExamplePost Office – market need changed once the internet/email was introduced – they were forced to changeWhat good businesses doThey challenge status quo – There are always better ways – research and adapt, sometimes you simply need to tweak somethingUnderstand the definition of insanity (doing the same thing and expecting different results)How can we use technology to our advantage? E.g. Using computers for the first time, social media, webcasts, etc.How do we provide a better experience to our customers? E.g. customer service, hours of operations, interaction Are their alternate delivery options of our products and services? E.g. look at the way people buy things (on line shopping vs traditional stores)Ex. Greely Sand & Gravel – adopting e-commerce moving business from more commercial to retail; looking at their business model; biggest impact is cashApply change to suit emerging trendsUnderstand the marketKnow what your competition is doingThink strategically – what can you do to better your businessEx. Retail clothing store in the US with a small store front with sample items only on the rack (central warehousing)Take responsible risks in order to be innovativeKnow their will be failures along the way but the risks they take are calculatedUnderstand that if their business is not growing then they are in a decline4. They are engaged and intentional in a constant strategic review process of risk management assessmentThere are no sacred cowsRisk management assessment tools a apted
- Bron CandaceBusiness evolution is about building blocks – layering one brick at a time.In involves taking a step back and regularly & objectively assessing the business which requires:Commitment from the ownerOwner is often times the biggest obstacle (only half in) – for all the reasons we’ve spoken aboutNeed to ask themselvesWhat are the consequences of not changing? (Ex Ottawa Compressor Services)Where do you want the business to go?Role of the business owner is to think “what is next”Products/ServicesWhat value are your customers getting? Are you delivering on what they want?Processes/TechnologyIs your business sustainable – documented processesCould it be operating more effectively?(Ex Secur – service business who adopted technology to automate their workorders/accounting)People/SuccessionDo you have the right team in place – need different skill set as the business evolves
- CandaceBronFearPeople fear change – the unknown. They question “if it is not broken why fix it”? But they need to think about change differently. For example, you’re not the same person you were even a few years ago. And you may have noticed that your business is not the same as it was when it started as well. Things are always changing. You will hear people say that it isn’t the way that it used to be. But what in the world is the same as it was? Embrace the notion that you need to evolve, embrace evolution as you build your business. A good business practice is to always be thinking strategically. Skillset - It’s difficult because you may not have created a culture that embraces change. One that challenges its employees to seek out opportunities to evolve the business. But it’s the one thing that is inherent in all of us, and it’s just something we need to foster (i.e. great leaders, but all of us are change agents).No concrete Road MapBusinesses may simply not know how to change. What they should focus on first, when to adapt certain trends, etc.Emotional healthyAbility to let go of the thing that you created – not being attached to your business Be in the right frame of mind to embrace change/evolutionHaving crucial conversations with your employees/advisorsChange management
- BronDiscuss the corporate lifecyclesTransition stages – a plateau followed by growth or stagnation Ensuring that you come out of the plateau successfully – plan for it with an intentional process – see next slide
- BronHow fast should we respond to change? Can it be too slow or too fast and what are the consequences? Is the right answer – somewhere in between – lots of people would argue yes that is the answer.How many changes should be made once - bigger a company is, the more difficult if finds itself being able to affect multiple changes at once. Dependencies between different departments and markets makes it hard to make sweeping changes without inadvertently impacting the business somewhere else. So the bigger the organization, the more uncertainty is introduced by major changesWhat is the unit for successful adaptation? - every organization is made up of people, each organization has its own personality. How big a part does corporate culture play in determining whether a company is able to adapt and how much is dependent on key individuals? Company finds that by organizing into small business units, each unit is more manageable and can become a center for profit and loss. Some units thrive and some die off. Treating each unit as an autonomous unit helps the overall company survive.
- BronInnovation as evolution
- CandaceCut out the middle man when they created the PODS and got consumer to order them online.
- CandaceGrand & Toy has closed many of its retail stores, especially in Ontario and suburban malls. The chain's stores are in urban areas and close to their core business customers. On 23 April 2014, OfficeMax Grand & Toy announced it would be shuttering its remaining 19 retail locations in Alberta, British Columbia, Manitoba, and Ontario to focus on its internet-based retailing service.[4][5]At the time, 3% of its sales were derived from its retail operations.[4]Grand & Toy is commonly misconceived by the public as being a retail school supply store. In recent years, the company has distanced itself from selling school supplies, to focus on selling products such as office supplies, office furniture, meeting supplies, computer supplies and professional services, such as web design, shipping, and human resources.[citation needed]
- BronThe market place is an interesting place – if you have thought of it then someone else has probably thought of it as wellThere is an window of opportunity, but it does not stay open foreverHence the intentional strategic review process we discussed earlier
- Candace BronIn 2012, 84% of the world’s population was connected to the Internet and each user had on average 2.6 Internet-capable devices including cell phones, laptops, or tablets.41% of people now buy products or services online70% of people trust consumer opinions that are posted onlineOver 50% of Canadians own a smartphone and use them as shopping companionsBy 2031, 25% of Canadians (approx. 9 million people) will be over 65 years old, compared to 14% today, so the health awareness trend will only accelerateOver 50% of global consumers take “green” factors into account when making purchasing decisionsNearly 1/3 of consumers are willing to pay a 15% premium on ethically made products2/3 of Canadians have made an effort to buy local or Canadian made products recently (Source: BDC’s Mapping Your Future Growth)
- BronToo many organizations think that getting the right tools are the answer without getting the foundational pieces in place first – analogy of buying a Ferrari and giving it to someone who does not have the training or the skill to drive it – will cause more issuesNot only do we have tools but we believe in getting these foundational pieces in place so you can be successful.
- BronHave a conversation with us. We have the tools to help your business evolve.Bring the passion out in what you do – we all have gifts lets use them to build effective enterprises
- Seed QuestionsWhat if you work in a business where the owners/management don’t want to change, what can an employee do?How do you get your team to buy into change? I know I have to change, but I don’t know what to do; where do I start?Do you generally see businesses evolving out of necessity or rather out of proactive innovation? If it’s out of necessity how successful are they?You talk about monitoring emerging trends, don’t you think that can be dangerous to follow what everyone is doing?What are some of the tools & processes Welch uses to help with Business Evolution?