Embed Size (px)
DESCRIPTION
A successful business is built on openness to change and challenging the status quo. Join our experts for this webinar and learn how they have benefited from implementing a business evolution strategy. As they discuss personal examples, you will also learn what steps you need to take to keep up with the trends. To watch this webinar and other Welch LLP webinars, check out our webinar library: http://www.welchllp.com/resource-centre/videos/webinars/
Citation preview
Welcome to Today’s Webinar
Questions
Ground Rules
• Attendees are in listen-only mode• This webinar is being recorded for future on-demand playback• Your participation represents acknowledgement that we are recording• Tweet questions & comments to: #WEvolve
Windows Mac Tablet
Presenters
Candace Enman, CPA, CAPresident, WelchGroup [email protected](613) 236-9191 x195Twitter: @welchgroupca.linkedin.com/in/candaceenman/
Bron Vasic, CPA, CA, CMCChairman, WelchGroup [email protected]: @bronvasicLinkedIn: http://linkd.in/1gRKbVM
• Definition: “Business Evolution”
o What does it entail?
• Why is it difficult?• Stages of Business
Evolution• Adapting to Change• Emerging Trends
What we will cover today
• Slow process of change• Does not occur in a straight, steady progression • Constant adaptation is the main feature of evolution• Preservation of whatever is working well• Challenges status quo• Changing to suit emerging trends
Definition: ‘Business Evolution’
• Commitment of Owner
• Products/services
• Processes / technology
• People / succession
What does it entail?
• Fear
• Skillset & Culture
• Road map
• Emotionally healthy
Why is it difficult?
Stages of Business Evolution
Why is adapting important?
Intentional process to challenge where you are:– Response to change– Managing change– Defining success
Examples
Apple• 1998 - Introduction of the iMac
(easy to set up desktop & pretty)• 2001 – iPod released• 2003 – Apple launched iTunes store
(entry into digital music sales)• 2007 – iPhone released
(entry into smart phone market)• 2010 – iPad released
(jumpstarted the tablet category)
Examples
Nespresso• Boutiques• 24 hour call center• Apps for iPhone &
Blackberry• Website
Examples
Grand & Toy/Office Max• Retails stores – office supplies• April 23/14 – close the remaining
19 locations in Canada (3% of its sales)
• Solely internet-based retail service
Examples
RCA• #1 TV retailer• Expensive• Didn’t see value in positioning
TV’s to the masses• Along came Sony
Kodak• #1 in industry• Ignored digital trend
• 41% of people now buy products or services online
• 2/3 of Canadians have made an effort to buy local or
Canadian made products
• By 2031, 25% of Canadians (approx. 9 million people)
will be over 65 years old, compared to 14% today, so
the health awareness trend will only accelerate
• More consumers are looking for sustainable/‘green’
products & will pay more for ethically made products
Emerging trends
...how will you manage it?• " An entrepreneur searches for
change, responds to it and exploits opportunities. Innovation is a specific tool of an entrepreneur hence an effective entrepreneur converts a source into a resource.” – Peter Drucker (1964)
The only constant is change…
1. Embrace Evolution
2. Embrace Uncertainty and Challenge Status Quo
3. Express your Passion in What you Do
4. Build Enterprise & Personal Effectiveness
5. Bring in the Missing Ingredient – “Strategic Direction”
Be Better, Be Balanced
Q & A
Candace Enman, CPA, CAPresident, WelchGroup [email protected](613) 236-9191 x195Twitter: @welchgroupca.linkedin.com/in/candaceenman/
Bron Vasic, CPA, CA, CMCChairman, WelchGroup [email protected]: @bronvasicLinkedIn: http://linkd.in/1gRKbVM
