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
