Transforming a business has its obstacles, and these are particularly so when dealing with a third-generation family business in a traditional industry like construction. However, adapt and change we must.
Panta has recently gone through a successful business transformation from the inside out.
Katrina Attard, CEO at Panta gives some insight on the key points which helped Panta drive change successfully launching a new team, an updated brand identity and stronger financials, gearing the company for 2021 and beyond.
Katrina breaks down five things a business needs to do to embrace change:
- Accepting that the statement ‘‘the way we’ve always done things’’ as the first and biggest hurdle to overcome. According to Ben Zimmerman’s article in 2019, Forbes Councils Member, Forbes Magazine, “The most Dangerous Phrase In Business” is in fact, “We’ve always done it this way” Although this is almost always said with good intentions, it can stop your company and your employees from reaching their full potential. When you do something the same way, day in day out, it stops you from thinking, and acting, outside the box. It is only when embracing change as the new culture, that Panta really maximised its full potential.
- Build a culture of ownership at the center of your management team. Panta management acknowledged this by giving employees more responsibility and authority, and in turn, employees and the workforce are more motivated to work, to solve issues and come up with solutions. Once the team is empowered, employees will feel like they have a say and a stake within the company, in turn living a culture of ownership.
- Place yourself in the shoes of your stakeholders – be it your customers, suppliers or business affiliates. By doing so, you’re more likely to understand them and their needs. You can’t always have a win-win situation, but you can always come to an amicable and advantageous solution. It’s also important to set a good example as a leader. Your stakeholders won’t respect you, if you don’t lead by example. If you need help, ask for it, your stakeholders will respect you more for it, as well as taking responsibility for your actions. By doing so, and putting yourself in their shoes, you are more likely to forge long term relationships.
- Broaden your vision, dream big then break it down to short term tasks. Dreaming big is all well and good, but in reality, the long-term goals need to be realistic and achievable. It is important to break them down, monitor how far you’ve come in that time frame, and set another goal to reach. Once you’ve done this, take a look at what you’ve already achieved, tweak along the way if need be, but set your eye on the prize. Rome wasn’t built in a day, and neither will your goals be achieved.
- No time for hesitation in embracing change – Run with it! The more you wait, the less likely you are to embrace it. Once you do decide to change, go for it. Acknowledge that change is actually happening, ask questions and prepare as best you can. Most importantly celebrate small wins. Running with change is a big step, all wins, big and small should be celebrated, they are all getting you closer to you end goal, and this is exactly what Panta has done and will continue to do when faced with change, planned or unplanned.