It’s time to simplify

There are a lot of reasons to simplify but why don't companies do it? Because it's hard work. It takes time, money, effort and a lot of change. It's never too late to start and I suggest you make 2021 the year.

Companies have grown too complicated and it results in:

•  Customer dissatisfaction
•  Errors in reporting
•  Lack of good commercial decisions
•  Higher costs
•  Poor management of cash

•  Higher prices
•  Longer lead times to deliver
•  Lack of problem management
•  No accountability
•  Too many people

Companies need to simplify to:

•  More effective
•  Improve the timeliness of data for decision making
•  Improve your competitive advantage

•  Be more price competitive
•  Improve customer experience
•  More efficient

Key considerations to simplify;

•    Less executives

•    Clearer accountability for process and outcomes at the Executive level and clear delegations

•    Black belts to undertake process reviews from end to end and identify areas of waste and the key metrics to focus on to drive process improvement

•    Streamline systems and transition everything to the cloud

•    Determine your outsource strategy - what you want to own v outsource

•    Vendor consolidation to drive savings

•    Create one centralised data hub where all reporting and information is stored as the source of truth

Create some momentum in the organisation to simplify - give the executives and leaders the challenge of identifying areas that the company can simplify and put a program of work together to drive change and promote continuous improvement. Be structured and be clear on mandate. Remember, what gets measured gets done.

“It’s like doing a spring clean of your cupboards - there is some therapeutic and liberating about it and you find the piece to the puzzle that’s been missing. Imagine how you’ll feel when you simplify your organisation - there will never be the perfect time - so decide today to start the process of simplification.”

Looking to simplify the structure and set-up of your organisation? Let us help.

If you need assistance, please reach out to Whiteark as we have extensive experience in simplification programs focused on improving the financial performance of companies, we would be happy to help. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au

How to build the right culture in your company?

Most people assume building the right culture within a company is simple, but the reality is, it’s quite difficult and very few do this well.

Being a start-up or smaller company makes it easier to manage, influence and build the desired culture but as companies grow and evolve it is important that you hold the right culture, and ensure it is driven from the top down.

Let's explore factors that drive culture in organisations:

Recruitment.
Companies recruit based on whether the candidate is the right fit for the company’s culture.

Performance.
Are employees rewarded for practicing the right behaviours, that align with the culture of the organisation.

Values.
Most companies have values that are core to their operations. These are usually displayed on their website, the walls in their office and screensavers to remind their community of what their foundations are built around. Many companies have values but very few actually live them; this needs to be driven from the top. Do your executives live/display the company’s values?

Leadership.
The leadership in the organisation sets the tone, and ultimately that culture of an organisation.

We all want to work for a company with the right culture. While there are some things we can control – culture is the responsibility of the leadership team to drive.

“If you change your mindset, you have the ability to change your whole world.”

— Damien Thomas

4 key things to consider when influencing culture:

1. Leadership team - right people, right behaviours and help build out the culture in organisation.

2. Reward performance/behaviour aligned with culture and values.

3. Continuously remind/train employees on what is expected of them from the time they join

4. Ensure there is an outcome if employees are not aligned to expectations

As a leader in a company you must set the right culture and foster it. A positive culture is the biggest driver of productivity in any organization and people spend a lot of time working, so it is important to create an enjoyable workplace environment.  

You can have the best business strategy in the world but if your culture is rotten you won't be successful in the long-term.

“Alone, we can do so little; together we can do so much.”

— Helen Keller

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Looking to create a lasting culture and rally the team in your organisation? Let us help.

Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au

Does it take a crisis for change to occur quickly?

Sitting around the table at Christmas everyone talked about how quickly their companies responded to Covid-19. People were shocked and surprised and impressed all at once.

In general companies are slow to make a change but when faced with a crisis they were able to respond differently, quickly, decisively and achieve an outcome. Why does it take a crisis to make a change this quickly? In recent conversations on this topic with my network, many people believe that's just how it is and nothing you can do to fix it -- but I'm not convinced that is right and would love to explore this further.

Speed is a differentiator for companies:

•    Speed to market competitive advantage

•    Speed on process drives efficiency and productivity

•    Speed to deliver product or service

•    Speed to pivot when something goes wrong

So if speed is so important why don't companies focus on what is slowing them down and focus on increasing speed. There seems like a lot of benefits of speed.

The Four Factors…

Below are 4 key factors that slow companies down. Do any of these resonate for your company?

1.         Process, policies and red tape.

Companies implement processes, policies and standards to ensure consistent application of outcomes across the company. This can create barriers for speed to get things done.

2.         Unclear accountabilities.

It's not clear who is responsible or accountable for the activity. Many meetings but no one takes responsibility.

3.         Unclear delegation.

It's not clear who can make the decision or it needs executive approval and therefore this is a formal process that takes time (6-8 weeks).

4.         Leadership team unable to make a decision.

They go around in circles on the pros and cons before making a decision - sometimes a decision is ever made. Making no decision is worse than making the wrong decisions.

I don't believe there needs to be a crisis to speed up businesses.

Survival and competitive positioning rely on speed and therefore every company needs to consider how they increase their speed. Consider what is slowing your company down and what changes are required to speed it up and the benefits.

Reflect, reset and charge -- take charge in leading your company to increase the speed across all aspects. What are you waiting for? Time is money!!

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Looking to reset your own strategic priorities and make some change in your organisation? Let us help.

Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au

Change isn’t easy, our guide to successfully navigate change

Change is not easy.  There are so many leadership books around change. Leading people through change, the change curve etc stories to tell people, videos to get people engaged and management courses on how to navigate it but change is a strange thing…

There is a natural resistant to change – more often than not people will put up a wall in relation to change – there are so many reasons not to change, to not do thing differently but above all else change takes effort and courageous and most people don’t want to make the extra effort or be courageous enough.

This explains why 70% of organisations fail to executive change.  They have the plan and strategy and it all makes sense but can’t make the change.  This is a major issue, cost and reason for poor financial / commercial outcomes for businesses, so what is the secret?

Strong leadership that explains the why and takes people on the journey to deliver.  A mandate to make change in the organisation is required from the senior leaders / shareholders otherwise it will fail.  Having strong leaders that understand the why and how and work with the team in the trenches to drive champion celebrate and push the change. 

It’s not easy  - it takes tenacity and persistent to continue to make changes to the organisation.  If you are doing it right there will be resistant and push back and barriers for you to keep going – you then know you are on the right track.  Find some people that support the change and can help champion with you to provide support.

Looking Back…

Looking back it’s the time in my career when I have overcome and adversity and made change despite the naysayers that I am most proud of the outcome.  Delivering outcomes for businesses is what I love – making a different to commercial model and financial outcomes is my number 1 passion.  There is such an opportunity to make a difference for businesses especially post COVID but having the courage to do this is critical.

What are the key things you should consider when making change:

• Having support at the senior level for the change

• Being clear on the why and communicating this

• Getting people to see the greater good of the work that needs to get done

• Track and measure the outcome

• Hold people to account

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Looking to reset your own strategic priorities and make some change in your organisation? Let us help.

Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au

Advice for resetting strategic priorities

From a recent poll on LinkedIn, 50% of people responded that resetting strategic priorities was a key focus area for 2021.  It makes sense, 2020 was a very different year to what people had planned. Companies pivoted, reacted, and made decisions that were focused on survival.  Survival mode was the ultimate focus; do we have enough cash in the bank? Can we manage through this period of uncertainty and upheaval and survive to see the new world?

Everyone is excited to see the back of 2020 and focus on the new 2021. We are not back to normal and never will be, but it’s a chance for a clean slate, a chance to reset and a chance for companies to transition from survival to revival.  Resetting your strategic priorities is paramount and will ensure that you set your business up for success. Your employees are looking for leadership, vision, and a roadmap for the future. We have provided 5 key tips to resetting your strategic priorities.

5 Key Tips to Reset your Strategic Priorities

#1
Understand your customer and consumer behaviours

How has COVID changed the behaviour of your customer and consumers?  The purpose of your business is to deliver a product or service to a customer/consumer.  Understanding trends of their behaviours, expectations, wants and needs is critical.  We’ve published a range of articles on the impact of Covid, from reports to industry trends and tips on how to adapt and embrace agility - to get your hands on them, simple search our Thought Leadership articles for ‘Covid’ or click here to explore.

#2
Develop a roadmap focused on targeting the customer and consumer expectations

• A new product/offering

• A new go-to-market model

• A new pricing model

• A new service model

• A new operating model

Move quickly to get the best place in the market.  What do your customers and consumers expect, want, and need and how are you going to pivot your model to give this to them? If you are not sure, do some tests and trials to understand the reaction to some options and what gains the most traction. Explore more here.

#3
Find money to invest

This is the time to invest. If resetting your priorities is critical to ensure your business is successful, then you need to stop other things and find the money to invest for your desired future state.

Cash has been tight for businesses so you need to reassess your priorities and review all expenditure. Just because you have always spent money on something doesn’t mean it’s a good investment. It’s time to look at all expenditure and assess what is required to run the business and what can be repurposed to invest in the future.  The businesses that make this change/pivot will be the most successful. Find out more by watching our ZBB Video on YouTube or reading the Whiteark Zero Based Budgeting Guide here.

#4
Invest in your people

There are two main considerations:

• Do you need additional capability in your business with your change in approach/strategy?

• How do you retain your top talent with development opportunities within the business? Know your talent and maximise the value that the business gets from the talent.

There is a war on talent and it’s a good time to secure exceptional talent for your business. You need to understand your capability gaps and focus on getting the right people in the business to be the subject matter experts. It’s imperative that you focus on recruiting the right talent that you will need for the future, not just what you need today.

Companies spend money on recruitment but don’t invest enough money on development opportunities for their people.  This doesn’t mean formal training but internal development opportunities to work in different areas, work on projects and gain new experiences. It’s time to invest in your top talent to ensure you get the best out of them. Want to explore more? Read our article on The war on talent.

#5
Measure the metrics that matter

It’s true that what gets measured gets done.  Take time to understand the metrics that are aligned with the company’s strategic priorities – lead indicators are critical to ensure that the company is on track.  One scorecard that measures the top 10 metrics that are aligned to the strategic priorities is critical to monitoring your success. You also need to have clear ownership, roles and responsibilities for each metric. Want to explore more? Read our article on What gets measured gets done.

Resetting your Strategic priorities is critical to set your business up for success in 2021. 

Take time to reflect on what is working and what needs to change.  The 5 key focus areas above is a good structure to consider when updating your strategic priorities.

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Looking to reset your own strategic priorities? Let us help.

Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au

The New War For Talent - Get Ready in 2021

Are you ready for the new war on talent?  Does your company have the capability it requires for the new post COVID world? Are you actively searching for the capability your business is missing.  If not, why not?

2020 brought:

• Headcount freezers

• Salary reductions

• Low or no bonus payments

• Lack of job security

• High unemployment rate

• Increase in gig economy employees

Through 2020 companies have pivoting on strategy, priorities, reset targets and navigated the new uncertain environment that we now live in.

In light of these changes companies need to critically assess the capability of the business / teams to ensure that the organisation is set up for success in this new post COVID world.

As a leader making difficult people decisions is the hardest and most important part of your role.  Looking at the overall capability of the team / business versus what is required to deliver on the strategy and priorities and hiring the right person / right level is critical. 

If you lead a business or team have you reassessed the capability required for your new priorities and have you ensured the team is set up for success. It’s critical that you identify these areas early and ensure that you utilise a good recruitment firm that understands your business, your culture and understand what you need to be successful.

2021 is the year of the ‘new war’ on talent.  There is talent in the marketplace that wouldn’t normally be there due to COVID, people are looking for new opportunities and change in priorities and it’s a really active market.  Don’t miss the opportunity to get the right talent for your business. 

Areas that are going to be hot in the market in 2021:

• Process reengineering – being able to process improvement efficiencies across the business to drive overall reduction in costs and better customer experience

• Transformation leads – to be able to help business execute changes to drive sustainable savings.  These are unicorns to find people that can execute transformation and ensure savings can be realised

• Data & analytics – do we really understand our customer, consumer trends and how this impacts their behaviour and using predictive analytics to drive operational and strategic decisions

• Cashflow management – process, cashflow forecasting and tactical and strategic levers to maximise cashflow and minimise working capital management

• Reporting – regular reporting and insights on key lead indicators to understand the performance of the company and ability to pivot where changes are required to be made

You are a leader of your organisation / team – make bold people decisions that drive the best outcome for your shareholders / members and ultimately your employees. Your decisions might not be popular but they should be strategic and focused on ensuring the organisation can maximise the outcome.

The biggest differentiator in any organisations results is the leadership team – right people, right structure and clarity on accountability between the key areas of the business.  An open culture where the leaders are encouraged to challenge each other and put ideas and thoughts that focus on the strategy of the organisation. When Private Equity companies buy companies they assess the investment teams considering the strength of the management team and providing structure and incentives to drive the best behaviour.  When a company is bought normally 65% of the leadership team are changed and CEO is removed in first 12 months.  Private Equity companies understand the value of the right leadership team and the sooner they get this sorted the sooner they can focus on maximising the business outcomes.

Many leadership books talk about lessons learnt and many say – I shouldn’t have wasted time to make changes to the team, I should have moved earlier and wanting to be popular leader made me not want to make the changes that were required and ultimately didn’t generate the respect of the people in my team. 

As a leader you have a massive responsibility to navigate and ensure the business is making the right business decisions – start with your people. If you haven’t got the right leadership team you can spend all the money in the world on transformation, system changes, processes etc but it won’t give you the outcome that is critical. 

Don’t miss out on good talent that your business needs.  2021 is the year to be bold in business which means getting your leadership team right and ensuring that capability gaps are fixed with the perfect hire.

Keen to know what you think on the challenge on talent...  Let us know on LinkedIn and tag us in discussions on #whiteark

2021 will bring:

• New strategy

• New priorities

• New operating model

It’s the time to assess the capability in your own organisation. What capability does your company need? What are you missing?

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Looking to capitalise on these trends and plan your own people strategy? Let us help.

Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au

Seven Days Until Christmas

The countdown is on, and we’re taking a look at 2020 and the year that was…

2020 has been a year of change. We are often resistant to change, but during a crisis we are forced to adapt as a matter of survival, we look for opportunities, and we are more susceptible to taking risk.

“If you don’t create change, change will create you.”

— unknown

It’s almost the end of another year, but not just any year, the year of COVID-19, one that won’t be forgotten.

2020 Snapshot

… the things no-one ever saw coming!

• Disruption across the globe

• Faced with uncertainty

• Resilience was tested

• Lockdown, face masks & hygiene front of mind

• Working from home was enforced

• Imposed restrictions on gatherings

• Travel bans & border closures

• Industries, businesses & individuals were all impacted by the Pandemic

• Rising unemployment

• Agility was forced

• Digital acceleration

• Changes to consumer behaviour, preferences & expectations

A crisis is a great catalyst for innovation, “if you don’t create change, change will create you”. Over the course of the last 6 months, Whiteark has been committed to providing you with thought leadership to assist with navigating this period of uncertainty. We look forward to sharing more content with you in 2021 as we recover from the impacts of Covid-19.

If you need a hand as you build your business back up again, get in touch with us for a no-obligation chat.

A Comprehensive Covid Report

A closer look at how industries have been affected by the pandemic that swept the world.

Source: IbisWorld. Note: This is based on Stage 4 Restrictions.

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Recently, we asked our followers what they wanted. What would be truly helpful to them in these unprecedented times, and the answer? Industry specific breakdowns.

We all know that every sector has been affected in one way or another, there's heaps of generalised statements floating around that provide helpful overviews. But what people were after was a more specific breakdown of exactly what the impact would be to their area of operations and ideas around how they could pivot, adapt and thrive as we move forward into the new world normal.

So, here it is. A comprehensive deep dive into 18 different industries - we hope you enjoy the read.

What's in the report?

Setting the Scene
Impact: How exposed is your industry?
Impact Analysis: Exposure Definitions

Industry Deep Dives
Accommodation & Food Services
Arts & Recreation Services
Education & Training
Manufacturing
Professional, Scientific & Technical Services
Retail Trade
Mining
Construction
Health Care & Social Assistance
Transport Postal & Warehousing
Administrative & Support Services
Public Administration & Safety
Agriculture, Forestry & Fishing
Wholesale Trade
Electricity, Gas, Water & Waste Services
Finance
Information Media & Telecommunications
Rental, Hiring & Real Estate Services
Bonus Article: The Importance Of Innovation

Transforming your B2B Sales Team

B2B buying behaviour has become even more unpredictable with Covid-19 and as a result driving customer retention challenges for many organisations who have traditionally leveraged the sales function to manage high value accounts. A multinational client shared with us that their frontline sales teams were now working remotely as their ability to generate face to face meetings with their clients had become near impossible.  

Whilst this trend has been disrupting field sales for many years it has almost definitely been brought to a head and compounded by the pandemic this past year.

Our data and research suggests’ that today’s buyer wants to engage with suppliers through digital channels at least initially. To meet this omnichannel experience for the buyer sales functions will need to leverage new skills and learn to execute the new technologies at their disposal.

The future of sales has been permanently transformed and as a consequence companies that want to be relevant in a sales economy tomorrow need to ensure that their sales processes are bookended and supported by a ‘digital’ engagement will all customers.

Research* suggests that B2B customers are leveraging digital channels for information and guidance prior to engaging sales representatives. In many cases respondents suggested post acquiring the knowledge they needed to make their buying decision they opted away from any engagement at all with the sales rep.

Furthermore, as buyers move more towards digital platforms to help them navigate their decision making process, they are rewarding those companies that have invested in seamless omni channel experiences, hence from a selling perspective ensuring technology is underpinning the sales process has become more critical than ever in terms of revenue protection.

Despite the enormous rhetoric around data and its importance over the last decade research* also suggests that most sales led companies fail to leverage data and AI capabilities to capture customer and buyer behaviour hence enhancing the risk at a relationship level between the sales representative and the customer.

“Sales companies that plan to succeed moving forward must move their cultures towards being the leaders of the selling process as opposed to being the leaders of sellers. ”

That requires a shift in the strategy and focus away from sales professionals as the primary and predominant channel to market and a move towards digital sales channels that are supported by personal human engagement at the appropriate moment for the buyer. In this new world sellers’ decision making will be driven by data, analytics and AI, not on intuition and experience.

A key shift for organisations seeking to transform their sales functions will be their ability to pivot to a model whereby they can be ready to engage a customer in whatever channel they are seeking to be served whilst in parallel having an ability to execute effective selling.

Sales leaders have an opportunity as we move into this next chapter of selling to help navigate their organisations by creating a roadmap that is focused on aligning to their capabilities around customer buying behaviour.

Simple considerations for transformational roadmaps might include:

Position your salesforces as the facilitators of education in the buying cycle

In a world where it’s never been harder for the sales teams to engage and influence buying decisions sales needs to be focused on helping customers feel more confident in their assessment of data and ultimately their buying decisions.

Focus on increasing the digital capability of your sales team

By focusing on up-skilling your sales teams and increasing their digital competence, you will be able to enable your sales team to sell more effectively across various digital channels and in turn be able to be more visible and present to the customer and their buying pattern.

Reconsider your GTM channels so as they embrace more digital engagement points

Moving towards a customer centric channel approach will force your organisation to stop being so focused on your own products and will allow you to leverage your customer lifecycle or value stream to determine the right time to engage a customer based on their need or problem relative to the buying cycle. This shift towards the buyer is fundamental and requires you to focus operational efforts on ensuring all commercial channels are integrated around the customer needs not yours. Taking note and acknowledging customer engagement preferences for digital, sales and self-service channels will allow you to reprogram your efforts around the customer.  

Leverage your technology assets to drive customer engagement

Ensure you are using whatever levels of technology to support as much automation of the customer journey as possible. For example, using AI to execute basic sales tasks such as preparation and insights, to detect buying signals and predict business outcomes will be useful for both your sales teams and your customers will be one.

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Never in our lifetime has the importance of revenue generation and profitability been greater yet failing to accept that technology and readily available data has driven the power to the astute buyer in the old sales process.

The new era of selling means that there can be no separation between your sales teams, technology, marketing communications, data and analytics and all of the operational functions that sit in between.

It’s time to transform to the new approach to selling where every move is driven by how well you leverage AI to command the entire sales process and all of those who serve it.

With change comes opportunity and be clear the possibilities are enormous; but will only benefit those sales leaders who are bold and progressive enough take action now and transform their sales functions.

Moving towards agile workflows and channels that can engage their customers wherever they want, whenever they want will only drive a great connection to the new millennial buyer and in turn a great share of wallet for your company.

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Looking to capitalise on these trends and plan your own sales strategy? Let us help.

Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au

*Source: Gartner B2B Buying survey 2018

Global Trends to emerge post Covid-19

We take a closer look at the trends affecting countries across the world as we emerge form the changes caused by Covid-19.

1. Connected Work

Connected work scenarios will drive the need for cloud everything. New subscription-based models will see growth in demand for unified communications as a service offerings.

2. ‘Lights-Out’ Operations

Autonomous “lights out” operations will drive demand for remote asset management solutions, and service providers will focus on data management strategies and data-driven business models.

3. Connected Living

An increased adoption of contactless surfaces post-pandemic will drive home automation and security markets.

4. Technology Advancements

Pandemic preparedness will speed up AI deployment and accelerate the pace of AI innovation.

5. Supply Chain Optimisation

Seamless integration of end-to-end digital supply chains will increase traceability, sustainability, and transparency within the supply chain ecosystem.

6. Human Augmentation

The adoption rate of customer behaviour analytics by enterprises will grow by 20% for the period 2019-2025.

7. Smart Cities

Increased spending on technology by smart cities will lead to a surge in the adoption of digital tools like crowd analytics, and increased focus on developing digital platforms and apps for citizens.

8. Digital Health

Digital health driven by telemedicine and robotic care will become the new standard of care delivery. Will require an increase in the number of service and technology providers.

9. Geo-Political

To protect themselves from economic fallout due to COVID, global organisations are coming together to restore geo-political and economic balance.

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Looking to capitalise on these trends and ensure your business is poised for success? Let us help.

Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au

SOURCE: Frost & Sullivan 9 Critical Trends Reshaping all Industries Post-COVID, 2020

Taking Care of Sales

The hot topic for 2020 has been COVID and in particular what businesses should be doing to transform to this well-articulated new normal. At Whiteark we’ve been thinking specifically about the impact this unique year has had on B2B selling and specifically what your organisation may want to be considering ensuring your sales team is set up to be successful over this coming year.

“Employees come first. If you take care of your employees, they will take care of their clients.”

— Richard Branson

In a year where the conventional approach to B2B selling has been rewritten and now the new normal seems to be emails followed by zoom meetings and if you’re lucky another zoom meeting, how can we help our sales teams better serve their clients?

The B2B sales process has never needed to be more agile than it needs to be today. We are experiencing the constant introduction of new products and services in market as a result of digital software and technology that are challenging even the very best of value propositions in the marketplace.

We are hearing first-hand that even the very best sales organisations are upgrading their sales processes so as they can stay ahead of their competitors. As we move into the Christmas break many companies are planning their 2021 kick off activities with a view to energising their sales teams to meet the demands of the next cycle.

In a market where control is clearly geared towards the buyer, sales must respond to this power shift by ensuring they are able to meet the increased demands of this new process. High levels of personalisation are no longer appropriate for a select few customers who meet a given criteria, it will become a baseline expectation that every customer has some degree of account-based personalisation to meet their specific needs and problems.

Covid has driven the emergence of working from home and many buyers and decision makers will demand access to information that they will expect to be able to review and assess in their own time without a meeting face to face. They’ll use emails and video meetings to manage the selling process and only the greatest equipped salespeople will be able to match this game change.

Buyers will also be leveraging more than ever their peer groups for recommendations, referrals, and reviews of the sales proposals without any engagement or influence from the salesperson. The days where we could get by on ‘the buyer - seller’ relationship will now be tested, and we will need to help redefine the traditional sales tool kit to ensure our sales process maintains its integrity. Customers will now have access to information and will know a lot more about your company and its product, as well as your people than you might expect. They will be looking for partners that are authentic and genuine as a mere starting point before they hand over their trust.

Whilst the process might have shifted as a result of this unusual year the reality is that the sales process has always been underpinned by trust and the real focus for 2021 needs to be fuelled by continuous training and development.

In our opinion, it’s never been more important that the sales team has to be ready to change their game to win the trust and credibility of the new buyer. The bar for sales competence must be once again raised and those organisations that are able to measure and track sales skills, characteristics and abilities via specific dashboards and metrics will be able to use this data to ensure the needs of the customer are met.

Sales teams who have very clearly defined metrics will be most likely to succeed. Hence, sales management will be reliant on sales operations and support functions like never before as well as working with and ensuring their utilisation of technology is driving their sales process. Customers will want to be engaged on their terms and as such every channel will be equally critical to the success of the next sales campaign.

Whilst the sales - client relationships will still be critical, technology and use of emails, EDM, social will become critical tools in the sales communication cycle. Social selling is on the upward trend for sure, with businesses and employees following and commenting on LinkedIn about their companies and their brands. Therefore, engagement in these channels will be critical to sales outcomes and the content that your sales team is generating on this channel will need to be in alignment marketing as well as whatever was leveraged in email, SMS and whatever other channels you are engaging.

In any case as we embark on the new normal for our sales team, it is imperative to accept that everything matters. Remembering that there’s no such thing as ‘this is how we’ve always done it’ approach that will work in every situation all the time so working with the teams in an account-based methodology where ‘every’ customer matters will be critical to your 2021 sales strategy.

This coming year, the organisations that will win will be those who case best align their sales talent to their technology, broader support teams and work together as one to solve the problems of their potential buyers.

Driven by customer insight, behaviour and technology, the trend is moving towards account-based selling and digital transformation.

There’s never been a better time to take stock, conduct an honest self-assessment and to identify the elements that will lift your sales team to meet the needs of tomorrow.

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Looking to capitalise on these trends and plan your own sales strategy? Let us help.

Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au

Resetting Your Customer Experience For Post Covid

We are nearing the end of 2020… the year that changed the world with months in lockdown, travel bans, restrictions on gatherings, working from home enforcements and rising unemployment. No one saw these things coming.

For vulnerable consumers and the customer teams that serve them, Covid-19 has forced companies to rethink what customer care means to ensure they are addressing their customer needs.

A customer’s interaction with a company can have an immediate and lasting effect on their sense of trust and loyalty. During a time of crisis, it is essential that businesses deliver service and experiences that meet customers new needs with empathy, care, and concern. It is important to use real-time data to understand shifts in consumer behaviour so businesses can quickly pivot innovating redesign journeys to align with constantly changing customer preferences.

Below are customer experience practices that build resilience and prepare companies for success in the days after Covid-19.

Care

People need extra information and support to navigate during these unprecedented times.

To show that you care, REACH OUT and offer genuine support, not through marketing or blatant attempts to gain competitive advantage. These experiences are important for customers in the short term, and the impact will build positive, lasting relationships.

Meet your customers where they are

Your customers’ normal patterns of life have been put on hold, and as a result there has been a shift in demand patterns - customers need digital, at-home, and low-touch options. Digitisation has accelerated because of the coronavirus pandemic and digital-led experiences will continue to grow in popularity as we recover from the crisis. Businesses that act fast and innovate in their delivery model to help consumers navigate during the pandemic safely and effectively will establish a strong advantage.

Redesign operations to support the new world

It is to be expected that consumer preferences and business models will last longer than the crisis. Once covid-19 subsides, economic challenges will remain, so it is key for companies to deliver on customer experiences that are emerging as most important, whilst realising productivity efficiencies, to remain competitive.

A keyway to simultaneously improve your customer experience and business efficiencies is to increase digital self-service and to make smarter operational trade-offs, driven by what matters most to customers. Migrating customers to digital channels is often a successful way to boost savings and satisfaction.

Agility

Sustaining a strong customer experience during a crisis requires prompt research to interpret the changing dynamics and new pain points as well as agile innovation to address them. Businesses that can master that tactic will generate value for customers in high-priority areas in an environment of intensified competition.

Customer experience has taken on a new definition and dimension in the uncertain times of Covid-19. Companies who show care towards their customers, reinvent their customer journey and anticipate how customers will change their habits, will build deeper relationships that will continue beyond the crisis.

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Looking to redesign your own customer experience? Reach out.

Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people and customers just as much as financial outcomes.

We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au

The importance of innovation during a pandemic

According to McKinsey, organisations that have focused on innovation during the recovery of a crisis came back 30% stronger than companies who did not. Concentrating on the long term and planning for growth rather than survival will help gain a competitive advantage during the recovery.

The COVID-19 outbreak has impacted nearly every industry; and as the government begins to ease restrictions, companies are exploring ways to recover their losses. During the onset of COVID-19 organisations innovated rapidly with a short-term focus on continuing operations and employee safety. In the recovery phase, companies will require a considerable amount of strategic innovation (growth and change) rather than reactive innovation, to explore future opportunities centered around core business models.

It is key for organisations to innovate with a purpose to increase their likelihood of success for the long term. Companies should focus on growth and gaining an advantage over their competitors. The below framework will help with explore growth strategies.

Assess changing demands and needs of consumers

The recent pandemic has fundamentally changed the way most businesses operate, particularly because of the rapid adoption of digitisation. Companies need to understand the demands and needs of consumers by analysing the new patterns of spending. Once change has been identified, analyse what it means and its impact on your industry and business.

Consider ways to respond

Now that you understand the change in consumer spending patterns, explore ways in which your organisation is equipped to respond. This requires planning for the future, think about the pain points the changing consumer behaviour reveals and task your innovative experts with creating some new products or services to address these customer pain points.

Change your business model

Organisations need to accept that the way that their business operated prior to COVID-19 is history. It is important to identify ways in which your former business model has been permanently changed and then look at ways you can transform these models into new ones to make way for future growth.

Each industry and each company have their own unique challenges and opportunities to explore, so innovation will look different for everyone. One critical enabler to strategic innovation post COVID-19 is technology. Once you identify opportunities to pivot your business model, consider what technologies can help you get there - e-commerce, artificial intelligence, virtual realities, touchless technologies etc.

When considering your innovation strategy, remember to adapt to changing consumer wants, explore new opportunities, and allocate resources towards innovation.

Need to map your way forward through Covid19 and innovate from the inside out? Let us help.

Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations. Focused on delivering both commercial and financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au