CREATE GENUINELY NEW BUSINESS
An exploration strategy is focused on exploring new possibilities, discovering unknown markets, and seizing radical business opportunities. The goal is to completely transform the organization and take a fundamentally different direction.
The core purpose of an exploration strategy lies in priming the organization for forthcoming expansion and triumph through the revelation and harnessing of untapped prospects. By instilling a culture of innovation and venturing into uncharted territories, an organization stands poised to distinguish itself from competitors and bestow value upon both its customers and stakeholders.
In this context, the meticulous selection of an adept change management approach is of paramount significance. Not only does it pave the way for seamless implementation, but it also plays a pivotal role in mitigating potential resistance, fostering employee engagement, and aligning the entire organization toward the new direction. The ‘how of change’ acts as a bridge, ensuring that the exploratory ambitions are not only conceived but also materialized in a harmonious and effective manner./span>
Transformational change management
For an exploration strategy, transformational change management is the most suitable approach. Transformational change management involves profound, radical transformations of an organization. It focuses on redefining the mission, vision, values, and corporate culture to foster a culture of innovation. It encourages employees to embrace new ways of working and adapt flexibly to changing circumstances. By choosing this type of change management, an organization can reinvent itself and successfully adapt to evolving market conditions.
Transitional change management
However, transformational change management can be a lengthy and intensive process, disrupting the entire organization. It can also be overwhelming for employees and the organization as a whole, especially if there is no clearly defined vision or direction for the transformation. In an exploration strategy, there is often a lot of uncertainty, and it is crucial to respond quickly to new opportunities and market changes.
In such cases, transitional change management provides more flexibility and agility. It enables the company to proactively respond to market changes and seize new growth opportunities. It also helps establish new structures and processes to foster innovation and explore new opportunities.
As ‘Business Creators’ our efforts are biased towards new ways of working and new business in new territories. Our work focuses on ideas for profitable growth, sustainable changes in the firm’s offerings, its target customers or how the firm organizes its business processes (flexibility).
From a BIC perspective we follow conglomerate diversification strategies and collaboration (the strategic spectrum) to accomplish your objectives. We help creating new products or services that are significantly different from the organization’s present products or services, extending corporate territories, gaining synergy etc.