What needs to change to achieve a successful business transformation
A successful business transformation leads to improved cashflow but not enough companies do it right or get it right, says corporate business strategist, Sandra Morrell.
Morrell says organisations that recognise the need for change, get the best results.
“Businesses won’t grow without an analysis of its people, processes and technology,” she says.
Today, the entrepreneur and business strategist, specialises transforming companies and making ‘making good businesses better.’
“I identify what needs to change and show them what to do differently,” she says.
“The ability to problem solve and respond to change is essential to any organisation if it is to survive and shine in a crisis.”
Over the last five years, Morrell has been instrumental in not only helping the global events company she co-founded survive the pandemic but meeting the requirements to qualify for a public listing on the New York Stock Exchange, earlier this year.
She says the key to any company success is cashflow.
“Cashflow is always king and queen and essential to the success or failure of a company”.
When analysing the performance of a company, Morrell says staff, operations and culture are the main components that need addressing if a company is to grow and expand.
She says it’s not just processes and technology, but people and organisational culture that often need to change.
Morrell has also drawn business lessons out of her personal circumstances, having overcome breast cancer and navigated the break-down of her marriage.
“It’s a cliché, but it’s true that there are lessons to be learned in everything in life. I used those key moments in my life to strengthen my resolve to make a difference in business.”
5 considerations when helping a business grow:
- Fight for what you believe in– Be prepared, do you research and back yourself with financial figures and well-researched analysis. The best advice comes from informed decisions
- Map out a path forward to achieve your outcome– Get back to basics and break the overwhelming list of things to do down to bite sized chunks. Most business owners find it difficult to think about how they can improve because they’re too busy dealing with the day-to-day stuff.
- Look at the core of the business– Work out what needs to change to achieve operational improvements and do it. If the company is stagnating or there’s a cashflow problem, find out why and get help.
- Positive attitude – Just as it took courage and positive thoughts to overcome breast cancer, staying positive, even when setbacks arise, is key to moving forward. Understand what you can control in the business. Don’t let the situation control you.
- Self-care– Energy is contagious so surround yourself with ‘can do’ people. When making tough decisions, it’s important to surround yourselfwith positive and supportive people. Morrell said during her cancer treatment, she deliberately closed the circle around her to help maintain a positive focus.
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Sandra Morrell is on the Board of Directors at Genius Group Ltd – a global edtech and education company. She is the former Chief Operating Officer of Entrepreneur Resorts Ltd and held the CEO role of the Entrepreneurs Institute. Current projects include a global impact fund, Ed Tech & Green Technology. In May she rang the closing bell at the NYSE after successfully listing the Genius Group.
