Key Fundamentals of Transforming Business with the Evolving Ecosystem
CEO, Worldwide Media
Headquartered in Mumbai, Worldwide Media is one of India’s largest publisher of magazines like Femina, Filmfare, Hello, Top Gear, Femina-Hindi, What to Wear, Grazia and Lonely Planet.
With the changing times comes the need to adapt & evolve; continued & successful existence of businesses is ensured by one key aspect: transformation. But what does it really mean? Is it all about adapting newer practices to stay in-tune with the times or is it about simply expanding the business? Transformation is about having a larger perspective of how to go about incorporating changes radically rather than force-fitting practices and eventually not succeeding. While the unceasing questions arise, it also becomes imperative to address what a successful transformation really looks like. There are certain underlying principles that strengthen the forward-looking process and in turn, contribute towards achieving the desired outcome strategically.
Authenticating the Need to Transform
While it is good to keep abreast with the new developments and also incorporate or follow those, the key here is to identify whether one really needs to inculcate these new practices. It is essential to understand that a cookie-cutter approach is passé. Whether there is a huge demand for the trend and whether it will strengthen the inventory are few of the key factors to be considered before plunging into revolutionizing your business. A well-thought out approach comprising of three key call-to-action elements sums-up the best way to evaluate the need for transforming business:
• Study the demand
• Calculate the risk
• Devise the strategy
Identifying Your Strength
An established brand having its strength defined in its respective industry would also want to keep an open eye towards new trends and policies. A successful business is the one that has the ability to connect, influence and lead with its brands under the changing circumstances. Adapting a new technology or a widely accepted reform
should propel your business in new directions by combining your strengths to its utmost capability and integrating it with the trend. This in turn enhances the overall business persona, resulting in the company providing an appealing package comprising the best of the two (old & new) to the stakeholder. For instance, at Worldwide Media, we have successfully transformed our positioning to a leading content player by combining the strength of our print brands with the power of digital and delivering an increased value to all the stakeholders.
" A smart leader will always have a proactive approach towards adopting and following the key fundamentals of building a valuable business for all the parties concerned"
Investing in Resources & Staying Relevant
Many businesses fail to understand that they need to invest in their primary asset: the workforce. Without knowing the rules of the game, one cannot win. Likewise, in order to have a strong manpower operate in tandem with the changing trends to drive the transformation, it is necessary to invest in their training. This equips the workforce with the right insights and understanding of how to utilize the learnings combined with their strengths to the optimum levels in order to drive the business. Such practices are prevalent in many large conglomerates, which as a result have grown by leaps & bounds towards their primary goals and continue to successfully built their vision.
Embracing change is a key driver of growth; and this makes it even more imperative for all the internal stakeholders to be aware and accepting of the new practices and transformation. Flexible work environment and being open to adapting challenges and newer environments is crucial for the organization to renew, expand and succeed. This is where the top management can play a vital role by providing an assurance of productivity, growth and new learnings in the path together and achieving the end result efficiently. As it is rightly said, ‘Great leaders have a goal to maintain, they don’t lead for the fun of it, they lead to make a difference’.
Standing-out & Setting an Example
What matters at the end is for how long the transformation can be sustained, while integrating your traditional strength. After having established a certain degree of relevance in the newer domain, it is essential to set a benchmark that would differentiate your business value in the market. New methods and technologies will definitely be adopted by everyone to maintain that synergy with the evolving ecosystem. However, having an authentic and unique strategy in place affirms the brand’s distinctive status among the stakeholders and builds an increased level of trust and dependability.
The positioning of the organization, shareholder values and employee satisfaction all stand at the crux of a successful entity whether the change happens or not. A smart leader will always have a proactive approach towards adopting and following the key fundamentals of building a valuable business for all the parties concerned.