Does Your Business Need a New Direction? Start Here
Business News Daily
This article talks about the need for companies to adapt to keep growing in view of the changing market conditions, consumer demands and technology changes. Seeta Hariharan, GM & Head TCS’ Digital Software & Solutions Group discusses some useful tips for implementing significant changes for business growth.
Excerpts from the article:
No business ever stays exactly the same throughout its lifetime. As market conditions, customer demands and technology change, companies need to adapt to stay relevant and keep growing.But sometimes, continuing along the same trajectory with a few minor tweaks isn't enough. In certain cases, a company may need to completely switch directions and revamp its business model in order to survive. Implementing a significant change to your business is a difficult and important decision, so you shouldn't make it lightly. Here are some telltale signs you might need a new direction, and a few key questions to help you determine your next move.
Time for a change?
The decision to change course can happen at any time, for any reason — even if it's just a gut feeling that it's best for your company. But if you're on the fence about it, these three red flags could indicate you're better off making the switch.
Growth is slowing significantly.
Every business goes through ups and downs in growth and profits. No matter what industry you're in, you're subject to the market cycle, and it's normal to experience slower periods throughout the year. But if your charts are on a continual downward trend — especially compared to others in your industry — it might be time to re-evaluate what you're doing.
"No one wants to admit that their organization can't keep pace with market trends," said Seeta Hariharan, general manager and group head of Tata Consultancy Services' Digital Software & Solutions Group. "However, [there are] early warning signs that serve as harbingers of change, [such as your] business growth lagging more than ... your competitors'."
The smaller competitors you ignored are starting to surpass you. When your business moves beyond the startup phase, you may start to feel comfortable with your growth trajectory. Other, newer startups don't seem like too much of a threat, as they may be too small to compete with you. But that complacency can hurt you if you don't take those younger companies seriously.