5 principles for successful business transformation

It’s not enough for a business owner to aspire to simply keep operations afloat. To be the most relevant, companies must thrive and aim at always landing on top...
Thursday, April 21, 2022

The reason many businesses fail is that they do not change with the times. They tend to be too comfortable to implement new strategies, and this leads to falling behind the competition.

Business owners should look for ways to evolve and transform along with the unpredictable challenges that arise; this means being open to new ideas, technologies, and methods. Here are some principles for successful business transformation.

1.  Human-centered Design

People should always be at the heart of every engagement and decision. A business that is people-centric will always be able to better serve them, understand their needs and connect with them on a deeper level.

2. Co-creation

When team members work together, they each bring their own unique perspectives to the project. These different perspectives add color and quality to the project’s outcome. This also creates an enabling space to celebrate and champion diverse points of view.

3. Collaboration

While diverse perspectives are important, focusing on a common goal that each team member can strive towards is also an important factor. Company leaders should make project objectives clear for each contributor. Make sure to provide additional details so that each team member is on the same page. You can’t bring your dreams to reality if the objectives of each member aren’t fundamentally linked.

4. Embrace a Systems Perspective

Each established goal requires concrete and workable steps. It’s important to use your imagination to envision how the steps can be applied in the actual groundwork. This leads to the creation of systems, including processes, technologies, procedures, and even HR principles. What is important is that business transformation has an impact that is systemically felt throughout the company.

5. Storytelling and Visualization

The ability to communicate the business transformation goals in a manner that is both compelling and inspiring will help get everyone on board. It can be challenging to achieve anything if there isn’t a shared sense of purpose. If you can find ways to make your company’s story attractive and engaging, then you are more likely to motivate employees toward achieving success.

Following these principles can help increase the chances of successful business transformation. Implementing them will not only require a great deal of effort, but also an ongoing commitment from everyone involved. Remember to maintain transparency and provide clear communication during every step along the way. These measures will ensure that everyone understands exactly what needs to be done and why it needs to be accomplished.

Parker Lee

Parker Lee is the managing partner of Territory, a design consultancy, who has developed and led teams in transformation, design thinking, and business development for decades. Co-author of The Art of Opportunity, he has created and facilitated dozens of design and visual thinking engagements.

Share this post:

Explore more

Stay in the loop.