Even a strong, striving business may need to go through a growth transformation. A growth transformation is when a business takes a step back to re-evaluate their current business models and strategies. Most companies will use a new executive management team during the transformation because they can be more objective.
At the time this may seem like the worst thing ever, but at the end of the process if it works, you will be happy you put yourself and your business through such an ordeal.
An article on Inc.com discussed four elements that take place during a transformation.
- Position the Balance Sheet for Growth
- Build the Elements of a Competitive Offering
- Scale the Business
- Grow Profits and Value
As with any major transformation time is the best remedy. Change can be hard, but it can also turn your business into what you always imagined it to be.
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