Is re-engineering something your business need to do?
We’ve all seen the breweries and distilleries providing hand santiser during the pandemic and the designer clothing brands making scrubs and masks for the NHS, the formula 1 teams making ventilators. That’s what reengineering is in the brief.
It doesn’t need to be a short term thing; you can re-engineer your business if you need to improve profitability, efficiency, qualify or productivity and many other factors.
Reviewing for reengineering
Reengineering is simply the process of reviewing the ways in which you are doing business and considering how to improve things. The primary goals of reengineering should result in increased company profits, improved competitive advantage in the marketplace and enhanced image in your sector.
You’ll need to look closely at your strengths and weaknesses, and ask those difficult questions so your make changes for the good of the company.
The reengineering process identifies where in your business things are creating costs without any return. This highlights to you where the management team needs to make necessary adjustments.
Reengineering for fighting debt and improving profit margins
Many global giants have undertaken reengineering programmes when they have hit a severe financial crisis. It’s enabled them to fight back to profitability and viability as a business. They then adopt a rolling program of reengineering to ensure the business continually reviews and improves.
Recognising that you need to reengineer might have been highlighted by the pandemic which has created a tough operating environment. Starting the process now could help you thrive over the coming years.