Reinventing Your Company for Your New Reality
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Reinventing Your Company For The New Reality Making it Better Than it Has Ever Been Presented By Joel Strom SEI – 7 Group Scottsdale AZ March 20, 2010
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Every company is facing its own new reality brought on by a perfect storm of factors including the economy, technology advances, and social culure changes. This presentations describes how businesses can take advantage of the new reality to reinvent themselves and make the company better than its ever been.
Transcript of Reinventing Your Company for Your New Reality
Reinventing Your Company For The New Reality
Making it Better Than it Has Ever Been
Presented ByJoel Strom
SEI – 7 GroupScottsdale AZMarch 20, 2010
WASHINGTON (MarketWatch) -- Federal Reserve Chairman Ben Bernanke said Tuesday that the recession has ended, at least based on the numbers.
That was a few months ago!
Associated Press 3/2/10 – Mixed reports Monday on manufacturing, construction, and personal income and spending…the recovery remains fragile…Manufacturing output expanded in Feb …fell short of economists’ expectations…
Construction spending fell for a third straight month in January…
The weak income growth could depress spending in the months ahead and weigh down the economy’s rebound…
The bulk of the upturn in manufacturing is behind us…many manufacturers are seeing hopeful trends
UNCERTAINTY RULES
The only certainty---Its different than it was
It will keep changingThere are new realities
New Realities bring New Opportunities
To Out-performTo Out-growTo Out-profit
To be better than ever
Taking advantage of your New RealityMay require
Reinventing Your Company
Adapt or Die◦The key to continuing to be a great
company (or becoming a great company) is adapting to your new reality
◦The key to going out of business (quickly or slowly) is to not accept your new reality
Economy Technology
Cultural
A Perfect Storm
Economy Technology
Cultural
The recession and the economy◦Changed the number of customers◦Changed who your customers are ◦Changed the resources of your
customers◦Changed the customers’ ability to
finance the things they cannot pay cash for
Technology◦Changing how we communicate◦Changing how we market◦Changing the way we live◦Changing how we produce and sell things◦Making it difficult to be on the cutting
edge and stay ahead of everyone else
Culture◦Changing what customers buy◦Changing how customers buy◦Changing where customers buy◦Lower prices have become the
expectation◦Saving vs. spending
Your New Reality is Your’sThere isn’t just one New Reality
Every industry and every company within that industry is facing their unique new
reality
So what can you do to take advantage of YOUR New
Reality and be better than you have ever been?
And beat the competition
First you need to know what your new reality is - so
Step 1Define YOUR new realityHow has your market changed
Are your customers recalibratingWhat are your customers buying (or not)
How are your customers buyingHow have customer expectations changed
Then--Think about what’s next
Then you need to know your own company – so
Step 2Assess YOUR company
Your competenciesYour strengthsYour resources
Your economic engineYour operating model
Your Reality Your Company
YourReinvention
Strategy
Step 3Reinvent for YOUR new reality
Connect the dots from Your New Reality to Your Company
Reinvention for Growth
Reinvention for Operational Excellence
Reinvention for Growth
Connect the dots From what the market wants todayTo what you provide and how you
provide it
Changing the view
4 Options for Your New RealityGrowth Strategy
New reality growth strategy Four options for growth
New reality growth strategy Four options for growth
New reality growth strategy Four options for growth
New reality growth strategy Four options for growth
A good bet for what’s next1. Continuing change in your market2. Continuous price pressures3. New sources of competition4. Continuing need for strong managed
growth5. Continuing need for improving the bottom
line
Reinvention for Operational Excellence
Connect the dots From what’s happening today and from what‘s
next To your operating model
No matter what YOUR new reality –11 Musts for Operational Reinvention
New reality operating strategy11 Musts for operational reinvention
1. Flexible, lean, and efficient2. Action oriented - Practice the 60% rule3. Trust your gut4. Innovation mentality5. Give them what they don’t know they
want6. Differentiation– everything is a commodity7. Leverage resources8. The best people - still 9. Create a great organization – strengthen
your culture10. Celebrate the opportunities - No Victim
mentality11. Focus on bottom line growth
THIS IS A TIME OF OPPORTUNITY!
To make it better than it has ever been
Download my presentation:www.slideshare.netwww.joelstrom.com
Joel StromJoel Strom Growth ManagementRenaissance Executive Forums4747 N 7th Street Suite 145Phoenix AZ [email protected]
This presentation and all related processes ©2010 Joel Strom Ltd
Reinventing Your Company For Your New Reality
Making it Better Than it Has Ever Been
Presented ByJoel Strom
SEI – 7 GroupScottsdale AZMarch 20, 2010
