When you show your support for a small business, you are also supporting the local community. Spending your money with them helps to stimulate the local economy. Shopping at local businesses ensures that you will have storefronts alive in your neighborhood.
Small business owners rely on regular as well as sporadic customers to not only help them earn a profit but also to get the word to others through word of mouth. What also helps is leaving a positive review. Part of what accelerates this is the personalized customer service we have come to associate with our favorite small businesses.
Small businesses have the freedom to fill smaller niches with less common and more innovative products. This innovation sparks creativity and new ways to sell products and services.
The BeyGOOD Foundation
BeyGOOD is a public charity foundation founded by Beyonce Knowles-Carter. Their work helps organizations, institutions, and people work to transform their communities into places of well-being, economic prosperity, generosity, and justice.
BeyGOOD focuses on economic equity by supporting marginalized and under resourced programs, committed to serving people through education scholarships, and access to resources for advancing entrepreneurship and small business sustainability. One example of their generosity is extending small business grant opportunities to support small business.
Beyonce said of her foundation, “From scholarships to the water crisis in Burundi, to helping families during Hurricane Harvey in my hometown, Houston, it has been beyond fulfilling to be of service.”
From our own personal experience, we can say with certainty the assistance we received from the BeyGOOD Foundation through one of their small business grants, we will be able to further drive business transformation in the NYC metro area. But what, you ask, is business transformation?
Business Process Transformation
We should probably begin our conversation about business transformation with one on business process transformation since the two are closely related. Business process transformation is a long-term change management process that is driven by the external pressure to adapt to new conditions and requirements and meet business goals.
Business process transformation can be looked at as a cycle of transformation, optimization, and control. For example, transformation involves organizations continuously aligning their business model with the operating model.
Business transformations are designed to boost overall performance through better customer satisfaction, operational cost savings, increased productivity for the workforce, and other key metrics. The most successful business transformations address most of an organization’s value creation opportunities.
Starting the business transformation process preemptively delivers greater long-term value than transforming reactively. Our focus at Universal Equations is not small business consulting, but we do find almost all business transformations are digital transformations because they require new investments in technology and tech-enabled processes.
Business Transformation often requires Digital Transformation
In recent years, the COVID-19 pandemic has brought new urgency to meeting digital transformation goals. Often the motivation is improving customer experience in this altered environment. This involves unlocking new value for customers, employees, and, in some cases, shareholders.
If your organization is looking for a digital transformation framework, MIT Sloan has a good one. Before your organization embarks on that digital transformation journey, however, there are a few things you should know.
Digital transformation is the integration of digital technology into all areas of business, fundamentally changing how you operate and deliver value to customers. It is also a cultural transformation that requires organizations to continually challenge the status quo, experiment, and get comfortable with failure.
One of the capabilities needed to move the needle on digital transformation within your organization is the ability to craft a clear digital transformation strategy. This strategy will include areas like business operations realignment. This includes things like building sustainability across engineering, manufacturing, and supply chain functions.
Given the growing importance of artificial intelligence (AI) in generating business insights, any digital transformation should also be an AI transformation.
Contact us for more information on business transformation.