Like many others, business owners can find themselves and their operations in a bit of a rut. It’s possible for a business to be doing well but also failing to take advantage of opportunities for growth. It’s also possible that factors like economic shifts, politically motivated changes in public policy, and a number of other factors can further inhibit the potential to grow beyond the current level.
If you feel this is happening with your business, it’s time to think about re-engineering the operation and positioning it for future growth. That means turning a critical eye toward the current practices and seeing what needs to change. Business professionals like Nicholas Kyriacopoulos can attest to the fact that change is something that even the most profitable business needs. Here are some steps that will help you get started.
Take a Comprehensive Inventory of Where You Are Right Now
Every business move has to begin at the same point: where the operation is at right this minute. It doesn’t matter where you were a year ago or where you would like to be this time next year. In order to determine how to move forward, you must fully understand your assets, liabilities, resources, and capabilities.
This is not as easy as it may seem at first. As Nicholas Kyriacopoulos would point out, it’s not hard to overlook something that hasn’t played a big role in your success thus far. What you must keep in mind is that even the most minuscule asset could become a major factor in the company’s future. For that reason, don’t consider any of your resources to be less than worthy of inclusion in this inventory.
Analyze Business Processes With an Objective Eye
The business processes that are in place now are likely the result of basic business practices coupled with things you’ve learned over the years. Some of them may also be driven by industry standards and practices that relate to your company. That’s all well and good, but they can become so familiar that you overlook the need to take a critical look at them from time to time.
As one who has headed more than one successful business enterprise, Nicholas Kyriacopoulos can tell you that keeping things the same because that’s the way it was always done is a poor approach. Your goal is to look closely at every policy, procedure, and process to determine if it’s still providing the benefits that it did in the past. If not, that’s an area where some sort of change needs to be made.
Identify Resources That Would Improve Your Model of Internal Operation
Now that you have a better idea of what works and needs to remain in place versus what needs to change, you can begin identifying resources that should be added to your arsenal. In some instances, that may be updated equipment. It could be better software, or possibly it’s a change in how you manage customer relations, B2B relationships, or the strategies used for sales and marketing.
If you’re having trouble determining what resources to acquire, Nicholas Kyriacopoulos recommends bringing in a consultant to provide some ideas. A consultant who is well-versed in your industry and has the ability to understand the current corporate culture accurately is in the ideal position to make recommendations. While you still have the final say, the consultant’s input will prove invaluable.
Run Scenarios to Get an Idea of the How Changes Would Impact the Operation
With some plans for changes in place, it’s time to run some scenarios and see how they play out. This type of corporate-role playing takes into account your foundational client base, the sectors of the consumer market you want to expand into, and any other outside factors that might influence how you do things internally.
Why the role-playing? You want to get an idea of how those changes perform in those scenarios versus what you already have in place. Make a note of how they impact productivity, employee morale, and the net profits. When the change produces positive results in multiple areas, Nicholas Kyriacopoulos would agree that you have a winner.
Implement Changes That Improve The Company’s Ability to Compete
Now that you know what will position the business for growth, begin the implementation of those changes. Do take a bit of advice from Nicholas Kyriacopoulos and pay attention to how those changes are implemented. Doing so in a logical order helps to create less disruption while also reducing the time frame for benefits to emerge.
You may also want to develop a timeline that allows the implementations over a period of months. That further makes it easier to assimilate them and ensure your employees embrace them more readily.
Measure the Results Monthly, Quarterly, and Semi-Annually
Re-engineering a business is not a one-and-done effort. Even after all the changes are implemented, there’s the need to evaluate how they are performing. This is best done by utilizing a three-prong approach that calls for evaluating the impact on a monthly, quarterly, and semi-annual basis.
Why this approach. As Nicholas Kyriacopoulos points out, it provides the opportunity to identify challenges early on and monitor what effect they have over time. You also have the chance to change something that is not working out as projected before more damage is done.
If there’s one thing that Nicholas Kyriacopoulos can teach business owners, it’s that change is inevitable. Growth will require adjusting to new circumstances and being prepared to meet them as they arrive. Anticipating those new circumstances and being ready to manage them ensures that your proactive solution has a good chance of yielding the results that you want.