Tips & Tricks for Business Transformation

Shownotes

Tune in to today’s episode and listen to our guest, Todd Bidwell, as he spills his thoughts on navigating the challenges of a company undergoing a financial, operational, or strategic transformation. He also discusses the importance of communicating your goals and strategies to all team members and the need for individuals to be passionate about the mission of the company. Todd also emphasizes the importance of hiring smart people who are willing to learn and grow in their careers.

About the Guest

Todd is a 30+ year Finance Executive with a demonstrated history of working in the defense, retail, hospitality, and FinTech space. He has a diversified background running global finance organizations in manufacturing/supply chain, services, software development, information technology, and R&D. When not working, Todd enjoys spending time with his wife on the ski slopes in the winter or hanging out in their backyard by the pool in the summer months.

Connect with Todd Bidwell

Key Takeaways

• Assess what gaps exist in your company’s current operations then develop a plan to address these gaps and execute them.
• Timebound execution is key, with regular measurements to ensure progress is being made. Communication is key to ensuring everyone understands the transformation and their role in it.
• Don’t be afraid to lean in and make mistakes, learn from them and move on.
• Don’t lose sight of the customer and make sure they are satisfied.
• Understand that transformation is never going to be perfect, but it’s important to get to the right level.

Quote

“Diversity of talent is key. You don’t want people that think the same. You don’t want people that look the same. You don’t want people to talk the same and walk the same. You need that diversity. Otherwise, you end up you miss out on so much.”

– Todd Bidwell

Highlights from the Episode

Can you throw some light on your experience running business units within defense contracting?

It is intense and complicated. A lot of precision is required. The biggest challenge is that there is not a lot of room for error, and the goal is to do what is asked exactly. In addition, the importance of knowing how to charge accordingly is emphasized. Despite the many challenges, Todd enjoyed his time here and misses it.

When it comes to business transformation, where does one start? What do you think about translating a broad business strategic initiative into unit-level goals?

In business transformation, one starts by assessing what kind of transformation they are undertaking. There are three basic types of transformation- financial, operational, and strategic. All three are mutually exclusive, with each requiring different levels of investment and commitment. Each transformation also has benchmarks that need to be met for it to be successful.

Is there the most challenging one or most fun for a company to go through when it comes to business transformation?

The most challenging business transformation is probably the strategic one, where a company must reinvent its business model into something different. Financial transformations are usually the easiest to execute, as companies can reduce costs by leveraging fewer third-party vendors or by reducing the amount of labor employed. When it comes to business transformation, over-communication is key.

When you think about rebuilding a team, what kind of individuals do you look for? Are there particular traits or attitudes that are highly valued?

When you think about rebuilding a team, look for passionate and driven individuals who are intelligent and humble. Find those who are not afraid to lean in and learn from their mistakes. It is critical that the team has character and is diverse. At the same time, leaders must keep in mind that they are responsible for everything that happens under their command.

Can you talk about streamlining operations whether it’s due to a transformation or rebuilding a team?

Companies need to stay focused on customer needs to successfully undertake digital transformations. People, processes, and technology have been around for a long time, and it is important to understand what is being transformed to make sure it is the right thing to do. If a transformation is not focused on the customer, it will be unsuccessful.

What are some of the major hurdles or pitfalls that leaders should be aware of before they embark on a transformational journey?

Leaders must make sure that they are sticking with the type of transformation they are undertaking, having clear objectives and a plan to achieve them, and communicating effectively. Lastly, leaders must not overcomplicate things. It is never going to be perfect.

Is there a book, blog, newsletter, website, or video that you would recommend to our listeners?

• The University of Texas at Austin 2014 Commencement Address – Admiral William H. McRaven

Shout-Outs

Frank Natoli – Chief Operating Officer at Springs Window Fashions

Devon Watson – EVP, Global Head of Banking Division & Chief Marketing Officer at Diebold Nixdorf