The Step Change Blog

We’ve just come out of Roy Morgan’s State of the Nation, focusing on consumer financial behaviour in Australia, and we wanted to bash out our very own ‘quick and dirty’ update on the key insights as we saw them.

Being a Lean organisation means being able to maximise the value customers are willing to pay for while eliminating waste. Leaders are finding more value in it as it’s all about doing more with less, focusing on continuous improvement, minimising waste, and training your staff to improve the work through problem-solving.

So if you aim to create more value for your customers with your limited resources, read on.

Our CEO, Ashton Bishop, reveals what businesses can do to find their next step change, and how to implement the Big 6 Challenges for business growth in this 7-minute Marketing the Invisible podcast with Tom Poland.

In the age of disruption, businesses may find themselves questioning whether strategy matters in a world of constant change. But in a time where silos are crumbling to disruptive trends and industries are shifting to accommodate new technologies, strategy matters now more than ever.

We see this happen in businesses: The senior team would go away for a two-day offsite retreat to develop a strategic plan. And when all is said and done, they would come back with a plan or a goal devoid of strategy.

A four-billion dollar merger is underway between two of the country’s media player giants, Nine Entertainment and Fairfax Media. The new company name after the merger is Nine, and it is set to become Australia’s formidable integrated media player.

With two giants combining forces to create one formidable integrated media player, there is one worthy question that begs an answer.

In the language of strategy, we often say, “There’s a need for strategy because time, dollars, and focus are scarce and limited resources.” A strong business strategy is the application of these resources for maximum leverage.

But in developing a solid business strategy, you first need to check that you’re actually doing strategy and not something else entirely — like business planning.

Today’s customers and prospects know exactly what they want and go online to find it. To market your business in this new age, you need more than just the right message to stand out and drive customer loyalty. You need to do more than just create the right offer.

In the midst of constant discontinuity, only one thing is certain: technology will disrupt every aspect of our lives and drive how business is done in the coming years. For CMOs, it is crucial to know and understand what these technologies are and how they are disrupting the way we do business today.

If you have thought about venturing into a new market to expand your reach, promote brand awareness, or increase revenue, there are few key points you need to consider first. And it’s not as simple as you may think.

In today’s crowded marketplace, the need to stand out from the competition is crucial. But more importantly, in order to win, Financial Services companies need to look into existing challenges that may be stopping them from achieving true differentiation in their industry.

Every year, we work with a hundred clients everywhere and anywhere, from Wellington to Toronto, and in one of our strategic sessions, Step Change chief Ashton Bishop was given a challenge: Out of all the strategy work that the team has done at Step Change, how can we add the most value in 5 minutes? Here’s his response to the 5-minute challenge with his five tips on strategy.  

No matter how far-reaching a leader’s vision may be, the reality is that transforming organisations is a difficult and arduous task. Many businesses today are so deeply rooted in operational efficiency and stability that they continue to struggle with how to effectively manage and sustain change.

If great strategic thinkers like Anita Roddick, Jean Nidetch, and Mother Teresa would run your business, how would they transform your customers into raving fans?

Are you working unpaid overtime and struggling to see the value of this for yourself or for your organisation? We are interested to understand the positives and negatives of unpaid overtime, for individuals and organisations. Help us shed light into the matter by taking this survey. This is open to everyone working in Australia.

One of the many challenges businesses face today more than ever is connecting with their audiences, whether it's their customers or employees.

What may be a significant policy update that can lead to positive change, if delivered in the wrong tone or framed in the wrong way, could end up being received poorly by the team.

Sustainable competitive advantages are becoming harder to find and harder to maintain. There are really only 2 ways that you can define these. What are they?

Many organisations today are under pressure in the relentless race of being ahead of the curve.

Whether it’s needing to enter new markets, achieve a sales breakthrough, expand margins, or deliver high-quality and low-cost products, businesses need to have an innovation imperative if they want to get ahead and stay relevant.

We recently surveyed 133 CEOs, Directors of Marketing and Sales, and CMOs to find out where companies are likely to invest for growth. 

We found that most young executives are aiming to increase investment across the board more than older executives. We also found it interesting that smaller cities like Adelaide are more adventurous in terms of virtual reality or augmented reality than Sydney or Melbourne.

The highlight of our survey reveals the key areas where business leaders plan to invest to grow their businesses this year.

So you’ve produced a great video explainer that will help your target audience easily understand what it is that you do. You’ve thought about where to strategically embed it on your website to gain traction. You had it pinned on top of your social media account. You shared the link to your team.

Now all that’s left to do is track its success.

But how do you know your message is getting across? What key metrics should you be looking at?

The Chief Financial Officer is a key player in any organisation and is someone you need to successfully engage with if you want to create positive change in an organisation. A CFO can be your biggest ally — or your greatest nemesis.

There are many different ways to launch a new brand, and any one of them can jumpstart your products from scratch. But it helps to take inspiration from some of the world’s greatest strategists because, after all, their success has been tried and tested.

Growing a business is hard in the best of times. However, in the worst of times, such as the conditions found during a recession, growing a business is next to impossible unless the right strategy is developed.

A prime example is the modern-day Great Recession where more than 170,000 small businesses closed their doors between 2008 and 2010, according to the US Census Bureau.

While the loss of over three million small-business jobs was catastrophic for many individuals, there is an opportunity to learn lessons in an effort to remain prepared should a future lengthy recession occur.

Big data has been described as the “new oil” as far as business assets go. However, a better analogy might be the Wild West. It is fairly easy for any business to now leverage BI and data to make decisions; however, the “how” still isn’t clear, and neither is the application. 

According to KPMG, when the strategy is data-driven, it helps to make sense of structured and unstructured data and applies that knowledge to a wide range of business functions. The result is that there is no more guess work, and results can become more predictable. Far more predictable than conventional forecasting techniques based on static historical financial reports.

A month ago, we had the pleasure of hosting Business Technology Futurist and Innovation Expert Craig Rispin, who gave us a glimpse of what the future holds. For instance, did you know that in 2028…

Do you know when and how disruption is coming to you?

On the Admatic stage delivering his recent keynote titled “Disruption³”, Jeff Cooper, shares the top disruptive trends that may be affecting businesses and the strategies to deal with disruption. 

Trends are emerging on our horizon, and they’re impacting businesses. In fact, some of them could be under your radar — and you just didn’t know it.

Technological advancements and societal shifts are influencing people’s buying behaviours, and ignoring this fact only means you’re giving your competitor the upper hand.

With only the final few seats available, we want to give you the opportunity to tackle disruption head on by assembling your ultimate advisory board.

If you had to make a list of some of the most powerful brands in history, online retail giant Amazon would undoubtedly be right at the top. According to one recent study, the company saw $2.371 billion in net income in 2016 on the back of $136 billion in net sales — and that’s just in the United States. The company is also growing at a rate of about 27% year-over-year and currently employs more than 341,000 people. All of this is to say that the fact that Amazon has decided to make its long-awaited move into Australia should come as a surprise to absolutely nobody. 

Why does your business exist? What are you out to do?

These questions seem easy to answer. But working with different businesses all over Australia for almost a decade now, we’ve observed that not all businesses are aligned with their organisation’s purpose.