On Business with Stacy Towles

What Is Business Transformation?

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The term Business Transformation is complex and represents multiple interrelated ideas. In this episode, I offer a definition of business transformation and an explanation of each of those interrelated ideas. Topics include change management, corporate strategy, process optimization, organizational culture, technology, valuation, impact, and profitability.

In today's episode

  • Business Transformation is the process of fundamentally changing the strategy, processes, culture, and technology of an entire business or business unit, to achieve measurable improvements in valuation, impact, or profitability.
  • First, fundamental change. When something undergoes a fundamental change, it means an essential component has been altered.
  • Next comes strategy. Strategy refers to the set of plans, actions, and goals that outline how a business will compete in a particular market, or markets, with its products or services. Basically, how the organization creates value. Common examples of business strategy include cost leadership, differentiation, and market focus.
  • Processes, culture, and technology should each be set up to support the strategy. Processes are what employees do day after day to keep the business running.
  • Culture is a set of prevailing attitudes and manners in which staff treat customers and one another. 
  • Technology requires you to assess if you are using available tools in the most appropriate way (aligned to your strategy) to capture the most value.
  • Finally, our definition of business transformation requires measurable improvements. Undergoing change or transformation without anticipating and tracking the impact of those actions can be frustrating and a total waste of time.

    • Key takeaway

    Aligning your organization to a common definition is the first step in capitalizing on all the potential goodness a large-scale transformation effort offers. Be sure to address every component of this definition. 


    Take Action 

    Ready to transform? I help companies like yours get more efficient, attract investors, and reinvest their capital to create long-lasting value. Visit https://amplifygs.com/Home 

    Stacy Towles is the founding partner at Amplify Growth Strategies, a business advisory firm specializing in helping small business owners expand or exit on their terms.


    Connect with me

    LinkedIn: https://LinkedIn.com/in/stacytowles

    Twitter: https://Twitter.com/stacytowles

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    On Business with Stacy TowlesBy Stacy Towles