There is no magic formula as to why one company succeeds, and another doesn’t. But suffice to say, solid leadership, good planning and an ability to adapt and change are essential.
In today’s fast-paced technology market, business leaders are faced with ‘sink or swim’ decisions all too often. Given my experience as CEO of Lifesize, an audio telecommunication company, I’d like to share a few tips on how to swim when your business is slipping into the depths.
Identify concrete objectivesBefore you begin your business’ transformation, be clear about your goals.
Ask yourself a few simple questions:
Moving forward with clarity is often one of the hardest parts of the process and committing to it fully is even harder. Salvage what you can from your current business and capitalise on those things to help accelerate growth.
When we initiated our turnaround, we had to narrow our product strategy to succeed in the long run. At the time, new technologies were disrupting the video conferencing market. But with this disruption also came opportunity. Video communication wasn’t just for early adopters anymore — it had gone mainstream. If we played our cards right, we could capitalise on the growing need for enterprise collaboration with a fresh delivery model — and we did. We now offer a cloud-based software solution combined with innovative HD camera and phone systems to make video conferencing seamless for users and IT Managers.
Experience the journey — together The highs and lows of business transformation are better navigated when everyone’s prepared for what lies ahead. Reinventing a company requires an intricate combination of resolution and sacrifice.
As you ready your team for a new era, solidify values for them to rally behind. For instance, in redefining our company culture, we sought input from teams across all functional areas and identified four core values:
The creation of core values helped everyone in the organisation understand what the company stood for and where the company was headed, and for those who weren’t interested, a chance to opt out.
Get customers obsessed from the core – and get everyone involvedMoving from an on-premises video conferencing solution to a Software-as-a-Service (SaaS) delivery model was an immense challenge. At the core of our reinvention was a desire to deliver the best product and service on the market to companies who wished to collaborate more effectively and affordably.
A prominent team in this transformation was our Customer Success department, who revolutionised the way we approach our customers. Starting with this team, we implemented strategic changes that allowed us to better hear and act upon our customers’ needs and feedback. These changes elevated the voice of the customer like never before in our organisation and allowed us to drive quality initiatives in the right direction.
To deliver best-in-class quality to our customers, we enlisted every part of our organisation – product development, customer service and support, human resources, marketing, and more. Every team member has a role to play in establishing partnerships with your customers, and ultimately contributing to your company’s long-term success.
Steady the course — fully and fearlesslyNo business can be successful without being flexible and adapting to the tech climate. Fear tends to lure you back to what’s familiar and safe, however, you need to get uncomfortable if you want to survive. For a business on the brink of extinction, that means managing serious complexity — perhaps it is adding new leadership, defining new company values, changing business processes or even exiting markets. For us, reinvention meant all of the above, as well as moving forward as an independent company.
I’ve found that reinventing a company is guaranteed to involve a tremendous test of faith and commitment. It was one of the most intense experiences of my professional career — exciting and challenging in equal measure.
My final point — don’t rush into it, and make sure you have truly thought through the roadmap to becoming successful. Take the time to understand your objectives, rally your team and continue to move forward without fear.
By Craig Malloy | Chief Executive Officer, Lifesize
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