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SME Transformation Package
What’s the watchword for corporate in today’s world? Yes, it’s “business transformation”, for good reason. As of now, the rising of digital technologies is changing the face of business. In fact, the tech innovation accelerates the pace of transformation in organizations, especially small and medium-sized enterprises (SMEs).
What is Business Transformation?
As the name goes, business transformation describes changes in the current business model that helps to support and innovate new business strategies. Many businesses see the transformation as the key driver that is crucial for a sustainable position and future growth. In addition, many agree that having a strong innovative capacity within the culture of the business can be make-or-break of a transformation process.
Why Does Business Needs Transformation?
We all know that there is a constant need to steer a course through the changes in the economy. As a matter of fact, business transformation is about making fundamental changes to how business is managed and operated in order to help cope with constant changes in market environment. In other words, every business will certainly undergo the process of change management simply because things change all around them.
Furthermore, the factor of competition [in business] has created a constant pressure for company to keep up with, or stay ahead of, the competitors. In other words, the urge to remain competitive in today’s business environment is driving companies to constantly change the way they management and operation strategies.
In addition, the fast-changing Information Technologies have not only increased the efficiency and effectiveness of a business, they are also one of the key drivers of innovation in generating new business models. Therefore, more and more enterprises put in the effort to adapt to the ever-changing business environment with more diverse ways.
How to Begin Your Business Transformation?
For any enterprise or business, a successful business transformation campaign will bring out great benefits like better strategic clarity, re-energized leadership, enhanced operational efficiency and effectiveness, and greater financial performance.
Yet, how to initiate the business transformation plan?
Here are some essential steps for you to execute your business transformation plan.
Step 1: Assess the current state of your business
Begin your business transformation plan with an understanding of the current strategy (for example business valuation, financial due diligence and etc.) so that you’ll be well-positioned to respond and adapt to changes.
Step 2: Establish the right strategy
Once you get a clearer picture of your business as well as the objective of the business transformation, your next step is to establish the right strategy for your business transformation.
What can 3E Accounting do for you?
3E Accounting now is ready to help in your business transformation in terms of financial analytics.
In addition, the financial analytics enable you to have a clearer picture regarding:
- How much your business worth?
- How is your business performance compared to the industry?
- How to re-design your business model?
As such, your business transformation plan will be closely related to the following key criteria:
- Business performance
- Risk levels
- Shareholder value
Many agree that one-on-one coaching is a strategic intervention that drives performance. You can opt for the one-on-one coaching sessions when comes to implementation of your action plan. Our professional team will guide you through the implementation of your action plan.
Talk to us today to find out more about business transformation as well as ways to do it.