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Process of Business Rejuvenation

As we prepare for what will hopefully be a long period of economic growth, there is no better time than the present to start implementing processes to rejuvenate your business... Full article

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Management Monday | May 14th, 2012 - Del Smith

The worst economic downturn since the Great Depression created a significant, albeit appropriate, response by most organizations as they entered a state of conservation and survival to weather the economic storm. Along with this change came a reengineering of business processes. Risk taking was minimized, strategic growth became a luxury, and innovation was all but halted. Few could ponder the concept of going from "Good to Great" when the economic situation seemed to dictate "Doing Good Just to Be Surviving."

But times are a-changing, and the perpetual cycle of economic growth seems to be near, if not already here. This period of growth requires organizations to again reengineer processes to take full advantage of this change.

Princeton Dictionary defines the word 'rejuvenation' as vitality being restored. So it seems fitting to describe this phenomenon as the process of business rejuvenation.

Re-implement strategic planning - The strategic planning process you used to do every three years probably took a back seat while you focused on day-to-day survival. Now is a good time to kick off the strategic planning process so that you and your team can start thinking more long term.
Review processes enacted over the last two years - Some process improvement initiatives may have been convenient ways to introduce greater controls and minimize costs. Business rejuvenation will likely require less controls and an investment. Take time to assess which process improvement initiatives fit with your new state of growth.
Seek an external change agent - The more successful your organization was at conservation and survival, the more difficult it may be to change to a state of business rejuvenation. An external change agent may be able to better jumpstart the process by introducing innovative approaches adopted by similar organizations.

As we prepare for what will hopefully be a long period of economic growth, there is no better time than the present to start implementing processes to rejuvenate your business.