Designing business and services
Turning around from irrelevance by re-inventing the core
Home Improvement Solutions is a subsidiary of Home-Fix, a DIY retail giant in Singapore. It has not achieved profitability in the past 5 years and has been surviving on cash flow infused by Home-Fix. Previous attempts of resurrections have been made with management changes, but met with disappointing results. With the newly-appointed Business Development Manager at helm, we were determined to achieve profitability and growth through a new approach.
Spending 5 months working together to implement Business Innovation Design, we first audited the current state of the business, and understanding the product-market fit using user-centred design process. User research and trends analysis are conducted to uncover behavioural and future insights which fuels the creation of new concepts in the forms of new products, services, processes, policies - prototyped, validated, and implemented with customers in iterations.
Innovation informs growth strategy which shapes future innovation in the form of value ecosystem and roadmap. Redefined strategy shapes future marketing, brand, sales, financial, and human resources plans into a series of execution steps and launch plan with new management systems. The cycle of Business Innovation Design repeats itself to achieve outward growth spiral.
As the result of implementing BID, Home Improvement Solutions created an ecosystem of products and services within a 3-year innovation roadmap, armed with go-to-market strategy and implementation plan. It is also projected that break-even and profitability will be achieved within one year, while being on its pathway to become a S$15 million company within 5 years with an annual 45% growth from a S$200K annual loss.
While we achieved bottom line results, we also helped to transform our client into an innovation champion shaping his perspective on how to create, deliver, and maintain continuous innovation that leads to growth.